Press release
Hybrid Solar Wind Energy Storage Market Set To Grow At Healthy CAGR Forecast By 2024 With Top Key Players Like ReGen Powertech, GE, Siemens Gamesa, Vestas, Vattenfall, Goldwind, Suzlon Group, Tesla, A123 Systems
Hybrid Solar Wind Energy Storage Market
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The Major Key Players in the Market are as follows:
1. ReGen Powertech
2. GE
3. Siemens Gamesa
4. Vestas
5. Vattenfall
6. Goldwind
7. Suzlon Group
8. Tesla
9. A123 Systems
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.
With an objective to provide a robust framework to guide the hybrid solar wind energy storage industry growth, the Indian Government has drafted a thorough National Wind-Solar Hybrid Policy in 2016. The scheme primarily aims to promote efficient and optimal utilization of land and transmission infrastructure across the nation. This would reduce the inconsistency in renewable power generation domain and thereby enhance the grid stability. Consequentially, the amalgamation of these two technologies and the implementation of the latest framework would boost the growth dynamics of hybrid solar wind energy storage market in India in the ensuing years.
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.
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.
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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.
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