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
Key
Development
·
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%.
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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
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Key Players Operating in the Market:
Major
players operating in the global hybrid solar panels market include:
·
ENDEF Solar Solutions
·
DanSolar Energi ApS
·
DualSun
·
ABORA ENERGY S.L.
·
Sunlink Solar Technologies.
·
Solimpeks
·
ET Solar New Energy Co., Ltd.
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