The global hybrid solar panel market size was valued at USD 121.2 billion in 2020 and is projected to grow at a compound annual growth rate (CAGR) of 4.53% from 2021 to 2027. In the future, the global hybrid solar panel industry is likely to be driven by rising demand for renewable-based clean electricity and government policy tax refunds and incentives to install solar panels. Due to their large-scale demand for green energy, businesses and industries are among the largest hybrid solar panels users. Today, electrical energy is a basic requirement, and demand is growing all around the world.
Furthermore, the need for a clean energy source has grown in importance, and because solar energy is a renewable energy that is supported by the government’s ambitious green energy targets, it has become a massive attraction for investors. Over the last decade, countries such as China, India, Germany, and the United States have emerged as solar powerhouses, boosting solar energy production and boosting the global hybrid solar panel market. Conventional solar panels employ photovoltaic technology to generate electricity, while others use solar energy to generate thermal energy. Hybrid solar panels use the thermal energy of the sun’s beams in addition to producing electricity. Solar panels with hybrid technology are more efficient by their nature. Buildings, houses, industries, and other structures use less energy as a result of these panels. Hybrid solar panels are employed in smart constructions as well as desalination operations. It can also be utilized to cogenerate electrical and thermal power in agricultural operations. Over the forecast period, rising demand for solar thermal collectors from various commercial, residential, and industrial applications is expected to boost the global hybrid solar panel market growth.
A hybrid solar panel combines thermal and photovoltaic technologies in a single module; in front of normally mounted photovoltaic and thermal panels, the hybrid solar panel appears capable of simultaneously generating electricity and heat, owing to the hybrid solar panel’s capacity to utilize the complete spectrum of available light, as opposed to photovoltaic and thermal panels, which only catch UV and infrared light. Solar energy, both photovoltaic and thermal, is used at the same time. Hybrid solar panels are becoming increasingly popular in various sectors and applications due to their versatility, high level of innovation, and numerous advantages over conventional technology.
A major market driver for the global hybrid solar panel market is the growing demand for carbon-free energy sources worldwide. Solar energy is the most widely used alternative energy source since the government provides substantial incentives and tax credits for installing solar panels. The introduction of new technologies to improve production efficiency is expected to bring good market growth opportunities. Various businesses and educational institutions are investing in research and development to cut production costs and enhance productivity. Furthermore, fossil fuels are decreasing due to the widespread usage of resources such as crude oil and coal for power generation. As a result, there is more pollution in the environment. The power demand is likewise increasing as people’s living standards rise. Alternatives to fossil fuels required for power generation have developed due to increased demand for power and the depletion of natural resources, which is likely to boost the growth of the hybrid solar panel.
The global hybrid solar panel market is likely to be driven by supportive government regulations, initiatives to adopt solar thermal technologies instead of conventional technologies and future projects. Consumers are being encouraged to install solar photovoltaic panels as a source of energy by governments in several countries offering subsidies to customers who install solar panels. Solar panels generate both clean and renewable energy, reducing the quantity of electricity generated from fossil fuels. As a result, governments in various emerging regions are granting tax breaks and launching public awareness campaigns to encourage the installation of solar panels. For example, India’s Ministry of New and Renewable Energy (MNRE) supports installing solar PV systems through the Jawaharlal Nehru National Solar Mission.
Growing demand for renewable-based clean electricity, combined with government policy tax rebates and incentives to install solar panels, propelled the hybrid solar panel market in the pre-Covid-19 period. Due to their large-scale demand for green energy, commercial and industrial businesses are among the largest users of hybrid solar panels. Additionally, economies of scale installation balance any loss in panel efficiency in many sectors, making hybrid solar systems profitable for large-scale power generation.
The Covid-19 outbreak is expected to hit the supply chain for the hybrid solar panel market. Manufacturers are expected to face labor shortages, material supply limitations, and slow international trade, which will harm the export market due to the epidemic. Projects that are delayed as a result of supply chain issues will further hinder the market’s growth. Furthermore, the world was hit hard by the COVID-19 breakout, which led the government to implement either a full or partial lockdown, causing the hybrid solar panel manufacturing business to be hampered in the first half of 2020. The majority of 2020 projects have already received financial approvals in 2019. The lockdown, however, hampered development and limited the availability of hybrid solar panels, causing project delays, resulting in a decline in the hybrid solar panel market.
Post covid-19 era, increased environmental pollution and government incentives and tax refunds to install solar panels will propel the growth of the hybrid solar panel market. The demand for solar cells rises significantly due to increased rooftop installations, followed by increased architectural applications. Furthermore, the reduced water footprint of solar energy systems has boosted their demand in the power generation sector. The energy generation sector’s demand for parabolic reflectors and solar power towers will likely drive the hybrid solar panel market.
By technology, the global hybrid solar panel market is segmented into thin film, monocrystalline, and polycrystalline. Due to its small shape, high durability, and production from flexible and lightweight materials, the thin-film sector held a significant market share in 2020. Thin-film solar hybrid panels are widely used in commercial and utility-scale projects due to their low weight and ease of installation. Installation economies of scale compensate for Thin-film solar hybrid panels’ lower efficiency. Additionally, Due to the extended lifecycle of panels, low weight volume ratio, and low-cost manufacture of silicon semiconductors, the monocrystalline segment is expected to increase significantly throughout the forecast period.
By Application, the global hybrid solar panel market is categorized into residential, commercial. in 2020, the commercial segment held the maximum share in the application segment of the hybrid solar panel market. The rapid adoption of solar PV panels in corporate offices, hotels, and hospitals, combined with rising power demand from communication base stations and data centers, is predicted to drive demand for the product in the commercial sector. Furthermore, greater panel efficiency, increased energy yield, and module-level monitoring is important reasons pushing PV panels used in the hybrid solar panel market.
By Region, the global hybrid solar panel market is segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. The Asia Pacific had the highest share in the hybrid solar panel market due to big market participants and favorable government regulations that provide subsidies and financial incentives to solar projects, and all contribute to the hybrid solar panel market growth. In the Asia Pacific region, and even globally, China is the greatest producer of solar panels, both traditional and hybrid, and photovoltaic energy. Germany is Europe’s top solar energy generator, followed by Italy, the United Kingdom, Spain, and other countries. The United States leads North America, while Chile leads South America. Other countries such as Canada, Uruguay, Brazil, and Mexico have also grown solar energy production at a healthy rate.
The companies such as JinkoSolar, JA Solar, Canadian Solar, Hanwha Q-CELLS, Risen Energy, GCL-SI, First Solar, Trina Solar, LONGi Solar, Talesun, SunPower Corporation, ReneSola, Shenzhen Yingli New Energy Resources Co., Ltd. and others are the key players of the global hybrid solar panel market.
|Market Size Value in 2020||USD 121.2 million|
|The revenue forecast in 2027||USD 180.23 Billion|
|Growth Rate||CAGR of 4.53% from 2020 to 2027|
|Forecast period||2021 – 2027|
|Region covered||North America, Europe, South America, Asia-Pacific, and Middle East & Africa|
|Key companies Profiled||JinkoSolar, JA Solar, Canadian Solar, Hanwha Q-CELLS, Risen Energy, GCL-SI,|
First Solar, Trina Solar, LONGi Solar, Talesun, SunPower Corporation, ReneSola,
Shenzhen Yingli New Energy Resources Co., Ltd.
The size of the Hybrid solar panel market, USD 121.2 Billion in 2020, will reach USD 180.23 Billion by 2027.
The growth rate of the Hybrid solar panel market is 4.53% during the forecast period.
Growing demand for carbon-neutral energy sources, Rising government initiatives are the growth drivers of the Hybrid solar panel market.
The companies such as JinkoSolar, JA Solar, Canadian Solar, Hanwha Q-CELLS, Risen Energy, GCL-SI, First Solar, Trina Solar, LONGi Solar, Talesun, SunPower Corporation, ReneSola, Shenzhen Yingli New Energy Resources Co., Ltd. and others are the key players of the hybrid solar panel market.
The Asia Pacific had the highest share in the hybrid solar panel market due to big market participants and favorable government regulations that provide subsidies and financial incentives to solar projects.