Global Hybrid Solar Wind Energy Storage Market By Product, Trends, Region-Forecasts, 2024 | Top Venders Include Vestas, Siemens Gamesa, GE, ReGen Powertech, A123 Systems, Tesla, Suzlon Group, Goldwind, Vattenfall

According to a new research report by the market research and strategy consulting firm, Global Market Insights, Inc, the Hybrid Solar Wind Energy Storage Market will surpass USD 1.5 Billion by 2024. 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.

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Hybrid Solar Wind Energy Storage Market growth will be driven by increasing environmental concerns along with the introduction of national renewable integration targets by respective governments. 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.

Company profiled in this report based on Business overview, Financial data, Product landscape, Strategic outlook & SWOT analysis:

1. Tesla
2. Suzlon Group
3. Goldwind
4. Vattenfall
5. Vestas
6. Siemens Gamesa
7. GE
8. ReGen Powertech
9. A123 Systems

Hybrid Solar Wind Energy Storage Market size for 2016 was over USD 1 billion and will exceed USD 1.5 Billion by 2024, as reported in the latest study by Global Market Insights, Inc. Government mandates toward the deployment of clean energy systems primarily across commercial establishments will drive the hybrid solar wind energy storage market growth. Escalating service industry across urban areas along with aim to achieve energy efficiency will further augment the industry landscape.

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Legislative bodies around the world have been making tremendous efforts to increase the adoption of renewable energy. The Department of Energy of U.S. has proactively deployed the utilization of renewable energy across the country. This has resulted to 18% of power usage in U.S. from renewable sources, in 2017. With a shift toward solar and wind power, the total electricity generation was an improvement over the 15% produced in 2016. The use of renewable energies also potentially ended the droughts in the West and a dip in gas emission through power generation and decline in consumer spending on power. Driven by the anticipated growth in the overall renewable energy space in the U.S., it has been projected that U.S. hybrid solar wind energy storage market will depict quite a commendable growth in spite of the Trump administration’s desire to cut renewable energy funding.

The U.S. hybrid solar wind energy storage market will witness growth over 4% by 2024. Increasing electricity demand primarily across residential and commercial establishments along with growing awareness towards adoption of clean energy systems will further propel the industry growth. For instance, in 2017 General Electric ventured with Juhl Energy to construct 4.6 MW of community-based hybrid project involving both solar and wind technologies across rural 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.

Given the fact that India has set a grand target of achieving 175 GW of clean energy capacity by March 2022, the Ministry of New and Renewable Energy has recently announced a mammoth 100 GW of wind and solar contracts. Reportedly, the announcement has come in the backdrop of the long-pending demand from renewable industry to formulate a clean energy road map. Out of these contracts, which are slated to be awarded by 2020, a massive portion of about 10 GW is expected to be generated by the projects to be installed by hybrid solar wind energy storage market stakeholders.

Browse key industry insights spread across 180 pages with 196 market data tables & 17 figures & charts from the report, Hybrid Solar Wind Energy Storage Market in detail along with the table of contents:

https://www.gminsights.com/industry-analysis/hybrid-solar-wind-energy-storage-market

Government focus to achieve green energy economy structure by raising their dependency on sustainable and effective power generation sources will upsurge the UK hybrid solar wind energy storage market. Developers across the country are working aggressively towards CUF enhancement of their existing renewable systems which in turn will positively impact the business outlook. In 2015, Ecotricity announced to establish 15 MW of new solar PV installation to their existing wind farms.

Ongoing government measures in terms of Net metering, FIT and carbon credit will drive the grid connected hybrid solar wind energy storage market. Growing concerns to get continuous and reliable electricity supply to effectively execute the daily business operations will further augment the industry growth. Standalone system is anticipated to witness growth over 5% by 2024. Renewable capacity addition targets along with favourable government incentives to promote the adoption of sustainable systems will boost the hybrid solar wind energy storage market. As per Ministry of New and Renewable Energy (MNRE) the total capacity addition target from renewables for year 2018 is 14,450 MW.

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 market. 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.

Top Key players operating in the hybrid solar wind energy storage industry comprise of ReGen Powertech, GE, Siemens Gamesa, Vestas, Vattenfall, Goldwind, Suzlon Group, Blue Pacific Solar, Zenith Solar, Unitron Energy Systems Pvt. Ltd. - India, Alternate Energy Inc., Polar Power Inc., Grupo Dragon, Tesla, A123 Systems, and AESC, Inc.

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About Global Market Insights

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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