Hybrid Solar Wind Market Size | Industry Report, 2024
Hybrid Solar Wind Market size is projected to expand at grow exponentially owing to increasing demand for clean fuel off grid electricity and continuous reduction in solar and wind energy cost will drive the hybrid solar wind market.
It is a small hybrid electric system combination of wind energy and solar electric (photovoltaic or PV), generating electricity on regular basis. These systems find its wide applications in rural areas, isolated location, off grid, road lighting, house lighting, landscape lighting, telecommunication system, fishing boat, yacht and other electronic monitoring systems. The system employs PV array, wind turbine, hybrid controller, battery bank, inverters, loads and other connector.
Wind and solar energy are clean fuel energy used for generation of electricity but can be restraint by fluctuation in sun rays and wind velocity. The combination of solar and wind results into stable, reliable and higher power output for residential and commercial purposes. Solar wind is combination of power inverter comprises of AC to DC transformer to provide charge to batteries through AC generators. Hybrid solar wind turbine generators make use of solar panels to collect light and convert it into energy. Power from wind turbine and solar panel is stored and filtered in battery bank to use as per required. The small wind mill combined with solar panels helps to generate electricity on both sunny and windy conditions.
In current scenario majority of energy demand is fulfilled by fossil fuels which results in high emission of pollutants whereas clean fuel renewable energy including biomass, wind, geothermal, and solar contributes very low or negligible. Majority of off grid population are depended on diesel generator for their daily demand of electricity which is costlier when compared to solar and wind. Wind and solar energy being the most mature and accepted sources have experienced significant growth in the last decade.
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Hybrid solar wind market system offers lowest possible cost values to maintain same intensity of deferred profit sharing plan (DPSP) in comparison with wind system and standalone solar. Favourable hybrid solar wind market price trend as compared to wind system or standalone solar PV is forecast to drive adoption in the coming years, particularly for rural electricity development.
Increasing demand for reliable and efficient clean energy electricity output, reducing price of solar and wind component, favourable government initiatives and strict policies and regulations to reduce carbon footprints are some of the drivers which will boost the demand for hybrid solar wind system during the forecast period.