According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the hybrid solar, wind and energy storage market is expected to surpass $1.5 billion by 2024. Introduction of several targets and norms to promote the adoption of sustainable energy across the commercial buildings will fuel the hybrid solar, wind and energy storage market growth.
Growing industry service across urban areas with an objective to achieve energy efficiency will further complement the business outlook. In 2014, the European Union introduced EU “20-20-20” target with an objective to reduce GHG emissions to 20% by increasing renewable energy share in the total energy mix by 2020.
Developing funding from private and public institutions including International Finance Corporation, Asian and African Development Bank toward the electrification across the isolated and off-grid areas will propel the hybrid solar, wind and energy storage market.
According to International Energy Agency, $718 billion was invested toward electrification worldwide in 2016.
UK hybrid solar, wind and energy storage market share will witness growth owing to a positive outlook toward renewable energy economy structure by increasing their dependency on effective, reliable and sustainable power generation sources. Technological innovation in the design of renewable systems to enhance capacity use factor will further augment the industry growth.
Advancement in technology along with the introduction of targets and norms to minimize carbon emissions will drive the Australia hybrid solar, wind and energy storage market share. In 2017, Vestas introduced a utility-scale project that has the ability to generate 15 MW of solar, 43.2 MW of wind energy and 2 MW of battery storage.
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 and energy storage market. In 2017, General Electric joint ventured with Juhi Energy to build 4.6 MW of community-based hybrid project consisting of both wind and solar technologies across Minnesota.
The 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 tariffs are some of the incentives introduced by the government to promote adoption of clean energy systems. Rising concern to get a 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 and 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 $155 million to construct 160 MW project.
Eminent participants in hybrid solar, wind and energy storage market include Siemens Gamesa, UNITRON, Grupo Dragon, ReGen Powertech, General Electric, Goldwind, Suzlon, Blue Pacific Solar, Vestas, Vattenfall, Tesla, and Zenith Solar Systems.