Solar Bio-gas Hybrid Power System Market size is predicted to reach USD 335 Billion by the end of 2036, growing at a CAGR of 5% during the forecast period i.e., 2024-2036. In the year 2023, the industry size of solar bio-gas hybrid power system was over USD 50 Billion. With the goal of ensuring a sustainable future, a number of national and international policies have been devised, along with government incentives to minimize the use of fossil fuels. These are being put into practice as a result of recent initiatives to protect the environment from greenhouse gas emissions. The United Nations Framework Convention on Climate Change reports that in order to meet the objectives of the Paris Agreement-which aims to keep the average temperature worldwide below 2 degrees Celsius-many manufacturers are eager to transition to a new technology by putting an integrated power system model into place. It also strengthens the country's ability to adapt to the consequences of the changing climate and provides the path for better energy supply in the direction of a future that uses renewable energy.
Growing demand for clean energy has resulted from growing knowledge of and acceptance of sustainable development goals, which has opened up profitable business prospects in the solar bio-gas hybrid power system industry. The need for more affordable, renewable power production and distribution infrastructure is increased by the demand for better energy choices in both rural and urban areas. Therefore, it is projected that the overall market size would grow during the forecast period due to a surge in the adoption of sustainable energy.
Growth Drivers
Challenges
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Base Year |
2023 |
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Forecast Year |
2024 - 2036 |
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CAGR |
~5% |
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Base Year Market Size (2023) |
~USD 50 Billion |
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Forecast Year Market Size (2026) |
~USD 335 Billion |
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Regional Scope |
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Location (On-Grid, Off-Grid)
On the basis of location, the off-grid segment is anticipated to hold 60% share of the global solar bio-gas hybrid power system market by 2036. One of the more demanding markets for solar bio-gas hybrid power system deployment is off-grid sites, where major OEMs could find opportunity. Off-grid sites are places where people do not have access to power via a grid connection. The majority of off-grid sites are found in isolated locations, giving manufacturers the chance to increase their market share of solar bio-gas hybrid power systems in those particular locales. In the near future, this is anticipated to generate employment opportunities and help society and the economy in addition to supplying electricity to off-grid locations.
End-Use (Residential, Industrial, Commercial)
Solar bio-gas hybrid power system market from the residential segment is projected to hold the notable share of 30% during the projected period. The growth of this market can be attributed to the account of the increasing adoption of solar bio-gas hybrid power systems in the residential sector comprising heating and cooking in domestic applications. Biomass energy source serves as a significant energy source for numerous developing nations in Asia. This owing to the fact that these regions are home to households that totally rely on biomass energy sources such as compost, leaves, and agricultural wastes. According to the International Energy Agency report, in the year 2019 wide amount of electricity demand was accounted for from the residential sector which was around 27%.
Our In-Depth Analysis of the Global Market Includes the Following Segments:
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Component |
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Location |
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End-Use |
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APAC Market Forecast
The solar bio-gas hybrid power system market in the Asia Pacific region is poised to account for the largest revenue share of 33% by the end of 2036. The Asia Pacific region continues to experience constant development and biomass is a major source of energy for its people. To address the intermittent nature of renewable energy in this region, various methods are currently being developed for providing a continuous power supply from renewables such as large utility-sized battery storage or hybrid facilities. The Asia Pacific region is home to some of the fastest-growing economies in the world, and this leading to increasing demand for electricity. Solar bio-gas hybrid power systems can provide a reliable and sustainable source of electricity to meet this demand. In the Asia Pacific region, primary energy consumption was 277.6 terajoules in 2022, which represents an increase of around 2.1 % compared to last year. The number of units increased by almost 165 exajoules over the period considered, reaching a consumption peak in 2022.
European Market Statistics
The solar bio-gas hybrid power system market in the North American region is predicted to hold a substantial revenue share by the end of 2036. The market value of solar-biogas hybrid power generation systems in Europe is set to increase during the forecast period due to certain government regulations to reduce carbon emissions to achieve the goals set by the Paris Agreement for the next 30 years. It is expected to continue to increase further in the future. This is expected to boost the market growth of solar bio-gas hybrid power systems in the Europe region during the projected period.
Author Credits: Dhruv Bhatia
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