Hybrid Solar Panel Market Size, Share & Industry Analysis, By Type (Monocrystalline, Polycrystalline, Thin-Film), By Application (Residential, Commercial, Industrial, Utilities) and Regional Forecast, 2024-2032

Electrical energy is the basic need today, and its demand is increasing all over the world. Also, the need for a clean source for energy has gained importance, and as solar energy is renewable energy promoted by government's ambitious green energy targets, it has become a major attraction for investors. Over the last decade countries like China, India, Germany, and USA have come up as solar powerhouses and increased the production of electricity by solar energy which in turn has helped the hybrid solar panel market to grow.

Conventional solar panels use photovoltaic technology to produce electricity while some are used to produce thermal energy using solar energy. Hybrid solar panels not only produce electricity but also utilize the thermal energy of the solar rays. Hybrid solar panels increase the efficiency of solar panels. These panels reduce the energy consumption of buildings, houses, industries, etc. Hybrid solar panels are used in smart structures and also used in processes like desalination. It can also be used in agricultural farms to cogenerate electrical and thermal power.

On the basis of type, the hybrid solar panel market can be segmented into the monocrystalline, polycrystalline, and thin-film solar panel. Hybrid solar panels will be used to supply industrial hot air, indoor space heating and cooling, agricultural dehydration. Such panel can be used in conjunction with building heating, ventilation and air conditioning system for condenser desiccant, heat pump and heat pipes. The hybrid solar panel can be used with carbon-neutral technologies like earth air heat exchanger.

Hybrid solar panels are used to generate hot source for vapor absorption chillers which provide energy-efficient cooling of water which can be used for myriad applications. Such panels are used in building integrated photovoltaic systems. In the present era, hybrid solar panels are primarily used for domestic heating water. Advanced hybrid solar panels use nano-fluids to efficiently absorb thermal energy and transfer it to required fluid. Based on application, hybrid solar panels are divided into residential, commercial, industrial, and utilities.

The major market driver for the global hybrid solar panel market is the increasing demand for carbon-neutral energy source around the world. Solar energy is the most adopted amongst the available alternate source of energy as government offers heavy incentives and tax rebates over the installation of solar panels.

The key market restraint for the global hybrid solar panel market is the high cost of installation of the hybrid solar panels. Majority of hybrid solar panel technology except for water heating application is still in research, development & demonstration phase and hence it is not commercially viable.

Key Players Covered

Some of the major companies that are present in the Hybrid Solar Panel market are Conserval Engineering, VESTFROST, Stiebel Eltron, NIBE Energy Systems, SOLIMPEKS Energy, DualSun, Systovi, Kaneka Solar Energy, Swisswatt, and SUNERG Solar S.R.L.

Segmentation

Regional Analysis

As the developed and the developing countries are inclined towards the use of solar energy, the global hybrid solar panel market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. China stands as the largest producer of solar panels, both traditional and hybrid and also photovoltaic energy in the Asia Pacific region and even in the world. Germany is the largest solar energy producer in Europe followed by Italy, the United Kingdom, Spain, and others. The USA ranks first in North America and Chile in South America where other countries like Canada, Uruguay, Brazil, Mexico have also increased the production of solar energy at a reasonable rate. African continent receives most sunlight & African countries seem to have positive approach towards solar energy in recent time. South Africa is positioned first in production of solar energy in this region by far, followed by countries like Angola, Senegal, Egypt, etc. Research on nascent hybrid solar technology is going in Europe, USA, India, China, etc.

Key Industry Developments

• In May 2018, a team of Chinese engineers has developed a hybrid solar cell that can produce electricity using the traditional photovoltaic effect as well from rainfall. These cells use the triboelectric effect to harvest energy from the movement of raindrops from the surface. 


• In August 2018, Naked Energy has secured funding of 1.1 million pounds to expedite the launch of its solar thermal technology, Virtu and meet the fast-growing demand.