#wind systems

The global hybrid solar wind systems market size is expected to reach USD 1.61 billion by 2027, registering a CAGR of 7.2% over the forecast period, according to a new report by Grand View Research, Inc. Positive outlook towards the renewable energy sector on account of growing demand for clean and sustainable energy is expected to remain a major growth-driving factor for the market.  

Wind and solar power are the most popular non-conventional source of energy owing to their abundance in availability, which has been a critical factor over the past few years. Global warming and climate change have been the causes of concerns over the past few decades. The Paris Agreement of 2015, where more than 180 governments of various countries pledged to work towards increasing energy efficiency and saving energy, has also played a major role in boosting the wind energy market growth. 

The declining cost of wind and solar energy is another significant factor driving the market. Technological innovation and advanced manufacturing trends, especially in the solar panels in China, has led to a steep decline in the installation cost. Furthermore, efficient blade designs, gearless wind turbines, and use of Artificial Intelligence (AI) for maintenance and surveillance have increased the penetration of these systems across the world. 

Moreover, growing number of pacts and initiatives, with respect to the adoption of hybrid wind and solar energy projects, are majorly contributing to the demand. Transitioning trend toward the use of products and services that cause least environmental damage is also expected to propel the market growth over the period of the forecast period.

Browse Full Report (Tables & Figures) @ https://www.grandviewresearch.com/industry-analysis/hybrid-solar-wind-systems-market

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