Hybrid Solar Panels Market: Introduction
- Demand for renewable energy sources is rising globally, as it is an alternate green energy source. It also helps reduce carbon emissions. Steady research in photovoltaic (PV) cells has led to a gradual decrease in the cost of solar panels. This has resulted in an increase in installation and investment in solar energy.
- Rise in research and development activities related to photovoltaic cells has led to the development of hybrid solar panels. Hybrid solar panel combines photovoltaic and thermal production in a single solar panel. This commonly achieved using separate solar panels.
- Hybrid solar panels produce electricity and hot water at the same time with high efficiency. The combination of both technologies allows better use of radiation, thus producing more energy per surface than both technologies separately.
- Hybrid solar panels can be installed on-grid or off-grid. Electricity can be stored in batteries and the excess energy can be supplied to the grid.
Key Drivers of Global Hybrid Solar Panels Market
- The hybrid solar panels market has been expanding owing to rise in population and increase in demand for energy across the globe. Hybrid solar panels help reduce pollution and dependence on electricity for heat generation.
- Rise in government initiatives regarding hybrid solar panels in rural areas is also anticipated to boost the demand for these panels in the near future
- In 2019, DualSun, a France-based manufacturer of durable and high performance solar panels, installed 60 PV panels, 40 DualSun Spring hybrid panels, and Heliopac water-to-water heat pump on a building in the country. The setup would produce 30 MWh of electricity and reduce the building’s energy consumption by 15%. The hot water produced by DualSun panels would be used for the building’s sanitary needs. The collective solar water heating system developed by DualSun and Heliopac would help lower energy consumption for the production of domestic hot water by more than 50%.
Europe to Hold Major Share of Global Hybrid Solar Panels Market
- Based on region, the global hybrid solar panels market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Europe dominated the global hybrid solar panels market in 2019, owing to significant investment in the renewable energy sector in the region. Countries in the region are striving to generate energy via solar panels in order to achieve the 2020 renewable energy target. The use of hybrid solar panels is also expected to improve the air quality and reduce greenhouse gases produced during electricity generation.
- North America is likely to account for vital share of the global hybrid solar panels market during the forecast period. The region is well developed and is investing in various sources of renewable energy.
- Asia Pacific is anticipated to be a highly attractive region of the global hybrid solar panels market during the forecast period, owing to rise in globalization and urbanization. Investments in the renewable energy sector are rising at a rapid pace in countries such as China, India, and Japan in Asia Pacific. This is anticipated to drive the market in the region.
- The market in Middle East & Africa is expected to expand at a healthy space during the forecast period. The region is focusing on developing its renewable energy sector.
- The market in Latin America is likely to be expand at a sluggish pace during the forecast period owing to low awareness about hybrid solar panels in the region
Key Players Operating in the Market:
Major players operating in the global hybrid solar panels market include:
- ENDEF Solar Solutions
- DanSolar Energi ApS
- ABORA ENERGY S.L.
- Sunlink Solar Technologies.
- ET Solar New Energy Co., Ltd.
Global Hybrid Solar Panels Market: Research Scope
Global Hybrid Solar Panels Market, by Module Type
Global Hybrid Solar Panels Market, by Mounting
Global Hybrid Solar Panels Market, by Installation
Global Hybrid Solar Panels Market, by Application
- Residential Buildings
- Educational Institutions
Global Hybrid Solar Panels Market, by End-user
Global Hybrid Solar Panels Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- Rest of Middle East & Africa