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Hybrid Power Solutions Market Competitive Dynamics & Global Outlook 2024 | Key Companies - GE, Siemens Gamesa, Vestas, Vattenfall, Goldwind, Suzlon Group, Tesla, A123 Systems, SMA Solar Technology AG, Enel Green Power, ContourGlobal
Hybrid Power Solutions Market
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In addition, subsidized power project development prices in order to reduce component costs along with increasing requirement for renewable energy is estimated to further boost industry growth. For instance, Indian government initiated the promotion of hybrid power generation by providing a subsidy of USD 1,450 per kilowatt to community users in 2010.
The Major Key Players in the Market are as follows:
1. GE
2. Siemens Gamesa
3. Vestas
4. Vattenfall
5. Goldwind
6. Suzlon Group
7. Tesla
8. A123 Systems
9. SMA Solar Technology AG
10. Enel Green Power
11. ContourGlobal
Sweeping shift towards decentralized power generation will complement the hybrid power solutions market growth. Moreover, ongoing adoption of sustainable solutions coupled with penetration of renewable technologies will boost market outlook. For instance, Windlab, Vestas and Tesla initiated support in 2017 to Clean Energy Finance Corporation for the construction of Kennedy Energy Park, that will generate 60 megawatts of electricity from hybrid solar wind technology. As per hybrid power solutions industry forecast, the business will showcase exponential growth rate with an estimated revenue generation of more than USD 60 billion over 2018-2024.
Reduction of manufacturing costs of wind turbines, wind blades, solar panels and other components due to advancement in technology and on account of economy of scale will increase product penetration, hence fostering hybrid power solutions market over the forecast timeline.
Moreover, growing demand for energy efficiencies & cost-effective structures and small-scale renewable energy assets across residential and commercial establishments will positively influence hybrid power solutions industry forecast. Additionally, surging demand for electricity across remote and off-grid areas coupled with need for eco-friendly technology alternatives is anticipated to boost hybrid power solutions market share.
U.S. is anticipated to offer lucrative growth opportunities for hybrid power solutions industry share. U.S. hybrid power solutions industry is forecast to exceed the cumulative capacity of 900 megawatt by 2024.
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Shifting trends toward standalone power generation units across the region, majorly for energy consumption in residential establishments is estimated to supplement U.S. hybrid power solutions market share. Moreover, integration of advanced power solutions with the growing need for uninterrupted power supply will fuel overall market share over the analysis period.
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Arun Hegde
Corporate Sales, USA
Global Market Insights, Inc.
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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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