As cited by the research report titled ‘Global Hybrid Solar Wind Systems Market Size study, by Connectivity (On-Grid System, Stand-Alone System), by End-Use (Residential, Commercial, Industrial) and Regional Forecasts 2020-2027’, available with Market Study Report, global hybrid solar wind systems market was worth USD 925 million in 2019 and is projected to grow with a CAGR of 7.2% over 2020-2027 to account for USD 1613 million by the end of forecast period.
 

Increasing emphasis on generation and use of renewable energy, along with growing investments for amplification of smart grids are spurring the growth of global hybrid solar wind systems market.
 

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As per the International Renewable Energy Agency, the generation of renewable energy in Canada went up from 79,587 MW in 2009 to 100,193 MW in 2018. Likewise, the government source of Canada stated that the country’s wind energy generation capacity grew intensely from 351 MW in 2003 to 11,890 MW in 2016.
 

For the record, hybrid solar wind systems have integrated solar energy panel as well as windmill, and are often comprised of small wind turbine generators, solar panels, and storage system for producing and retrieving electricity. These systems have an ability to produce electricity throughout the year, which coupled with environment-friendly nature are generating lucrative prospects in the business scenario.
 

However, huge investments at the early stage as well as lack of awareness about the systems are the factors acting as restraints for the global hybrid solar wind systems market outlook.
 

Based on connectivity, worldwide hybrid solar wind systems market sphere is segmented into stand-alone system, and on grid system. Speaking of the end user spectrum, the marketplace is divided into residential, industrial, and commercial.
 

Geographically, Asia Pacific, Europe, North America, and Latin America are contributing towards overall hybrid solar wind systems industry share. Of these, Asia-pacific is likely to be a major growth hub for the market over 2020-2027, owing to increasing demand for renewable energy, presence of business giants in the region, and increasing number of smart grid projects.
 

Major companies in global hybrid solar wind systems industry include Gamesa Technology Corporation Inc., Grupo Dragón Inc., Polar Power Inc., Supernova Technologies Pvt. Ltd., Alternate Energy Company, Unitron Energy Systems Private Limited, Zenith Energy System, Blue Pacific Solar Products Inc., Alpha Windmills, and ReGen Powertech Private Limited.