Press release
Hybrid Solar Wind Energy Storage Market Growth Analysis and key Players: General Electric, Vestas, Siemens Gamesa, Goldwind, Vattenfall, UNITRON, Suzlon, Tesla, Grupo Dragon, Blue Pacific Solar, Zenith Solar Systems, ReGen Powertech, Vattenfall AB, Suzlon
Hybrid Solar Wind Energy Storage Market
Global Hybrid Solar Wind Energy Storage Market to reach USD 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 energy storage market growth. Growing service industry across urban area with an objective to achieve energy efficiency will further complement the business outlook. In 2014, 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.
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Top Key Players: -
Key market players operating in the hybrid solar wind energy storage market comprise of General Electric, Vestas, Siemens Gamesa, Goldwind, Vattenfall, UNITRON, Suzlon, Tesla, Grupo Dragon, Blue Pacific Solar, Zenith Solar Systems, ReGen Powertech, Vattenfall AB, Suzlon Energy Limited and Alternate Energy Company.
Market share calculation in this report is not done based on companies covered in it. The calculation of hybrid solar wind energy storage market share is done based on a regional approach and countries covered. On request, additional companies can be covered as well as regional data for particular country / countries can be provided.
Regional Segmentations: -
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.
India market is anticipated to witness strong growth over the forecast time frame. Introduction of hybrid energy specific norms will boost the installation at significant rate. In 2016, India has become the first country to develop a draft “National Wind-Solar Hybrid Policy” with an aim to achieve 10 GW hybrid installations by 2022. The country is also planning to develop a 160-MW mega project with a total investment of USD 155 million.
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Growing environmental concerns along with the introduction of national renewable integration targets by respective governments will drive the hybrid solar wind energy storage market. Favorable government policies and subsidies to promote the deployment of clean energy systems will stimulate the product demand. For instance, the renewable integration targets abided by 195 countries in line with the UN Climate Change Conference in 2015 has resulted in steep growth toward the adoption of hybrid technologies.
Advancement in technology along with introduction of targets and norms to minimize carbon emissions will drive the Australia hybrid solar wind energy storage market share. In 2017, Vestas introduced utility scale project that has ability to generate 15MW of solar & 43.2 MW of wind energy and 2MW battery storage.
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