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Hybrid Solar Wind Energy Storage Market 2024: Share Forecasts, Regional Trends & Growth drivers

Author : Ronak Bora | Published Date : 2020-08-26 

Hybrid solar wind energy storage market size is expected to cross a capacity of 1GW by 2024. As initiatives for renewables adoption increase across myriad geographies, hybrid solar wind energy storage industry is expected to witness a tremendous surge in terms of volume and sales.

Mounting government support with regards to the adoption of renewable energy has majorly propelled hybrid solar wind energy storage market. Regulatory bodies across the globe have set strict deadlines to drastically diminish the amount of greenhouse gases and to create a sustainable environment for the future of the planet. This has resulted in such initiatives like the EU 20-20-20 established in 2014, aimed at reducing greenhouse gases, increasing the renewable energy, and improving energy efficiency, each by 20% by the year 2020. Other regional governments are also catching up quickly on the trend, augmenting hybrid solar wind energy storage industry. For instance, the Ministry of New and Renewable Energy of India is planning to build the world’s largest solar-wind hybrid mega project that will have a capacity of 160 MW, with the help of funding by the World Bank.

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Such large-scale projects not only validate the potential of renewable energy generation using hybrid systems but also the importance of energy storage. It thus goes without saying that the growth of hybrid renewable energy industry and hybrid solar wind energy storage market is directly proportional. The combination of two major renewable energies is slated to ensure a reliable and flexible source of energy as compared to standalone solutions. The storage system ensures resilient solution for providing energy even when faced with prolonged cloudy days with low wind speeds.

Rising awareness toward adoption of renewable technologies coupled with growing electricity demand primarily across the commercial and residential establishments will stimulate the U.S. hybrid solar wind energy storage market. In 2017, General Electric joint ventured with Juhi Energy to build 4.6MW of community-based hybrid project consisting of both wind and solar technologies across Minnesota.

Grid connected segment is predicted to witness growth owing to favorable government measures to promote the deployment of sustainable technologies. Carbon credit, net metering and feed in tariff are some of the incentives introduced by government to promote adoption of clean energy systems. Rising concern to get reliable and continuous supply of electricity to execute daily business operations effectively will further complement the business outlook.

Introduction of several norms pertaining to hybrid energy will positively influence the India hybrid solar wind energy storage market. In 2016, India introduced National Wind-Solar Hybrid Policy to achieve installations of 10 GW hybrid by 2022. The country also announced to invest USD 155 million to construct 160 MW project.

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Eminent participants in hybrid solar wind energy storage market includes Siemens Gamesa, UNITRON, Grupo Dragon, ReGen Powertech, General Electric, Goldwind, Suzlon, Blue Pacific Solar, Vestas, Vattenfall, Tesla and Zenith Solar Systems.

Table of Contents (ToC) of the report:

Chapter 4   Hybrid Solar Wind Energy Storage Market, By Product

4.1   Hybrid solar wind energy storage industry share by product, 2016 & 2024

4.2   Standalone

4.2.1    Global market from standalone, 2013 - 2024

4.2.2    Global market from standalone, by region, 2013 – 2024

4.3   Grid connected

4.3.1    Global market from grid connected, 2013 - 2024

4.3.2    Global market from grid connected, by region, 2013 – 2024

Chapter 5   Hybrid Solar Wind Energy Storage Market, By End Use

5.1   Hybrid solar wind energy storage industry share by end use, 2016 & 2024

5.2   Residential

5.2.1    Global market from residential, 2013 - 2024

5.2.2    Global market from residential, by region, 2013 – 2024

5.3   Commercial

5.3.1    Global market from commercial, 2013 - 2024

5.3.2    Global market from commercial, by region, 2013 – 2024

5.4   Utility/Industrial

5.4.1    Global market from utility/industrial, 2013 - 2024

5.4.2    Global market from utility/industrial, by region, 2013 – 2024

Browse complete Table of Contents (ToC) of this research report @ https://www.decresearch.com/toc/detail/hybrid-solar-wind-energy-storage-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for fractovia and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport. [email protected] | https://twitter.com/RonakBora26

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