Owing to an overwhelming surge in the understanding of the correlation between energy utilization and environmental outcomes, hybrid solar wind energy storage market has been witnessing a rather commendable growth over the recent years. In order to enhance the accessibility of electricity generated through renewable energy, prominent market players have been proactive in deploying extensive efforts across myriad geographies. This has emerged as one of the most pivotal factors to have contributed enormously toward expanding the hybrid solar wind energy storage industry share in the recent times.
U.S. Hybrid Solar Wind Energy Storage Market Size, By End Use, 2016 & 2024 (MW)
A testament to the aforementioned statements is the recent announcement made by General Electric, which has sent waves of anticipation across hybrid solar wind energy storage market. The US-headquartered conglomerate has declared that it plans to install the first-of-its-kind wind-solar hybrid system in Brazil by 2018. Apparently, the renowned firm has inked a collaboration deal with a few local companies to add 1 MW of solar capacity in the South American nation.
The firm further aims to supplement its WiSE (Wind integrated Solar Energy) equipments, which utilize the same converter for both solar and wind power generation, with cutting-edge tech competency provided by these firms. Apparently, this instance goes on to demonstrate the paradigm shift that is being brought about by innovation in the hybrid solar wind energy storage market trends.
A brief overview of the hybrid solar wind energy storage industry trends in India: Bold government initiatives and an ambitious quest to reach energy targets
With the energy domain of India anticipated to become renewable intensive in the immediate future, analysts expect the hybrid solar wind energy storage industry to gain an exceptional momentum in the nation.
According to NITI Aayog, the foremost policy think-tank of the Indian Government, the energy mix of India is likely to witness a sea change of sorts by 2040, with almost 50 percent of the electricity slated to be generated by solar and wind energy sources. Understandably, this would require a highly flexible energy infrastructure to operationalize various projects that are being built in the nation. Enumerated below are a few major instances which indicate the future growth trajectory of India hybrid solar wind energy storage market:
With the rising inclination toward realizing sustainable development, various governments across the globe have been investing heavily in harnessing the prowess of renewable energy sources. This has been an instrumental factor to propel the hybrid solar wind energy storage market share, which surpassed the billion-dollar frontier in 2016, as per reliable estimates. Subject to the rapid pace of technological innovations and the quest to achieve the goal of green economy, the hybrid solar wind energy storage industry is bound to traverse an exceptionally lucrative path over the forecast time frame.