Hybrid Solar Wind Market Size & Share 2016 - 2024
Market Size by Product (Standalone, Grid connected), End Use (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, & Forecast.
Report ID: GMI830
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Published Date: November 2016
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Report Format: PDF
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Authors:
Ankit Gupta, Abhishek Chopra
Hybrid Solar Wind Market Size
Hybrid Solar Wind Market size was over USD 700 million in 2015 with forecast of more than 8% from 2016 to 2024.
Increasing demand for clean fuel off grid electricity will boost the demand for global hybrid solar wind systems in the near terms. As of 2015, over 1 billion people across the globe, i.e. 17% of world population, has no or poor access to reliable electricity.
Strict government norms to reduce the greenhouse gas emission coupled with initiatives toward energy conservation will drive the hybrid solar wind market in future. Favorable initiatives to promote renewable energy will further compliment the industry growth. Financial support, tax rebate and other schemes to promote sustainable energy will drive hybrid solar wind market size growth during the forecast period.
Government of India has announced a capital subsidy of one Lakh per kW to encourage the installation of wind–solar systems. These incentives are limited to community users including a minimum 10% of the annual budget allocations to be used for R& D purposes. Budget of fifty crores has been allocated under the scheme for the development of the sector.
Decreasing solar and wind component cost coupled with increasing demand for clean fuel energy will further compliment the industry growth. The manufacturing costs of solar panels, wind turbine, wind blades, battery has witnessed a significant price drop since 2012 owing to technological advancement.
Hybrid Solar Wind Market Analysis
Standalone hybrid solar wind market size is likely to be reach over 2 GW by 2025 during forecast period owing to its cost effectiveness in remote area when compared with extension of grid connected power lines.
Grid connected products were valued above 300 MW in 2015. In term of revenue, is likely to be worth at over 10% by 2024 period. Feed in tariff, net metering and low installation cost are some of the advantages of grid connected system over standalone.
Residential end use applications are predicted to expand at the rate of over 14 % in future owing to electrification program in developing countries mainly focusing on decentralize generation. Commercial hybrid solar wind market size was valued above 367 MW in 2015.Increasing demand for uninterrupted power supply sector will drive this industry growth.
Industrial hybrid solar wind market size was estimated over USD 224 million in 2015 and in term of revenue, is likely to be worth at over 13%. Government regulations to reduce carbon footprints will increase the adoption of hybrid systems in future.
U.S. hybrid solar wind market size was valued at over 310 MW in 2015. Increasing emphasis on renewable energy, government incentives and measures toward energy conservation will favor the industry outlook. India hybrid solar wind market share is projected to witness substantial gains over 21% in term of Volume over forecast timeframe owing to the government initiatives to promote sustainable renewable energy resources.
MNRE has proposed draft policy to install solar wind system of 10 GW by 2022 which will favor the industry growth. Low cost financing for hybrid solar wind project are also introduced by the financial institution and Indian Renewable Energy Development Agency.
Nigeria is anticipated to witness a growth over 16%, in term of revenue by 2024. Increasing demand of electricity and large off grid population will propel the business growth over the forecast period.
Financial incentives for the integration of establishment renewable energy station will help to drive Australia hybrid solar wind market in future. which include solar and wind farms. Arena has allocated a USD 9.9 Million grant to build a 10 MW solar plant along Gullen Range Wind Farm. These initiatives will help to reduce the construction cost of solar farm by 20% of the total cost.
Hybrid Solar Wind Market Share
Major industry participants include
Hybrid Solar Wind Industry Background
Hybrid solar wind system is combination of windmill and solar energy panel. It also comprises of a battery, which is used to store the energy produced from both the sources. Thus, this system has increased reliability and improved efficiency as compared to the individual mode of generation. Increasing off grid electricity demand, growing concern regarding environment and depletion of fossil fuels, government initiatives is anticipated to be a key factor propelling the industry growth in future timeframe.
Research methodology, data sources & validation process
This report draws on a structured research process built around direct industry conversations, proprietary modelling, and rigorous cross-validation and not just desk research.
Our 6-step research process
1. Research design & analyst oversight
At GMI, our research methodology is built on a foundation of human expertise, rigorous validation, and complete transparency. Every insight, trend analysis, and forecast in our reports is developed by experienced analysts who understand the nuances of your market.
Our approach integrates extensive primary research through direct engagement with industry participants and experts, complemented by comprehensive secondary research from verified global sources. We apply quantified impact analysis to deliver dependable forecasts, while maintaining complete traceability from original data sources to final insights.
2. Primary research
Primary research forms the backbone of our methodology, contributing nearly 80% to overall insights. It involves direct engagement with industry participants to ensure accuracy and depth in analysis. Our structured interview program covers regional and global markets, with inputs from C-suite executives, directors, and subject matter experts. These interactions provide strategic, operational, and technical perspectives, enabling well-rounded insights and reliable market forecasts.
3. Data mining & market analysis
Data mining is a key part of our research process, contributing nearly 20% to the overall methodology. It involves analysing market structure, identifying industry trends, and assessing macroeconomic factors through revenue share analysis of major players. Relevant data is collected from both paid and unpaid sources to build a reliable database. This information is then integrated to support primary research and market sizing, with validation from key stakeholders such as distributors, manufacturers, and associations.
4. Market sizing
Our market sizing is built on a bottom-up approach, starting with company revenue data gathered directly through primary interviews, alongside production volume figures from manufacturers and installation or deployment statistics. These inputs are then pieced together across regional markets to arrive at a global estimate that stays grounded in actual industry activity.
5. Forecast model & key assumptions
Every forecast includes explicit documentation of:
✓ Key growth drivers and their assumed impact
✓ Restraining factors and mitigation scenarios
✓ Regulatory assumptions and policy change risk
✓ Technology adoption curve parameter
✓ Macroeconomic assumptions (GDP growth, inflation, currency)
✓ Competitive dynamics and market entry/exit expectations
6. Validation & quality assurance
The final stages involve human validation, where domain experts manually review filtered data to identify nuances and contextual errors that automated systems might miss. This expert review adds a critical layer of quality assurance, ensuring data aligns with research objectives and domain-specific standards.
Our triple-layer validation process ensures maximum data reliability:
✓ Statistical Validation
✓ Expert Validation
✓ Market Reality Check
Trust & credibility
Verified data sources
Trade publications
Security & defense sector journals and trade press
Industry databases
Proprietary and third-party market databases
Regulatory filings
Government procurement records and policy documents
Academic research
University studies and specialist institution reports
Company reports
Annual reports, investor presentations, and filings
Expert interviews
C-suite, procurement leads, and technical specialists
GMI archive
13,000+ published studies across 30+ industry verticals
Trade data
Import/export volumes, HS codes, and customs records
Parameters studied & evaluated
Every data point in this report is validated through primary interviews, true bottom-up modelling, and rigorous cross-checks. Read about our research process →