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.
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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
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- 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
- Ground Mounted
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
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.