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Hybrid Power Solutions Market 2024; General Electric, Siemens Gamesa Renewable Energy, Vestas, Vattenfall AB, Goldwind, Suzlon Energy Limited, Blue Pacific Solar Products, Zenith Solar Systems

03-30-2020 09:18 PM CET | Business, Economy, Finances, Banking & Insurance

Press release from: Global Market Research

Hybrid Power Solutions Market

Hybrid Power Solutions Market

Hybrid power solutions market to exceed a massive valuation of USD 60 billion by 2024. Hybrid power solutions industry has garnered a considerably high traction over the past few years, primarily on account of the increasing demand for power generation with minimized fuel and reduced carbon emissions. In the face of the alarming price trends of petroleum products, potential contenders in the global energy landscape have been scrupulously thriving on renewable sources.

The increasing popularity of hybrid power solutions market can be largely credited to this fundamental transition. Moreover, lack of grid connectivity across remote belts and the subsequent unreliability in power supply often compel electric utilities to incline toward hybrid power system installation in recent years. The abundant availability of various governmental incentives such as feed-in-tariffs, subsidies, and leverage schemes further complements the business growth.

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In this regard, recently India's Ministry of New and Renewable Energy (MNRE) recently enforced a new National Wind-Solar Hybrid Policy. Reportedly, this newly launched regulatory framework would be promoting huge grid-connected wind-solar Photovoltaics hybrid systems, in a bid to efficiently utilize the existing transmission capacity of the country. Needless to mention, these kind of regulatory initiatives have played a pivotal role in proliferating hybrid power solutions market trends.
Europe is claimed to be one of the pioneers of renewable energy and boasts of an enviable pipeline of wind, solar, and hydropower projects. The region also stands to gain significant monetary benefits in hybrid power solutions market as well, primarily augmented by the immense contribution of UK. According to estimates, UK hybrid power solutions industry is slated to witness 5% CAGR over 2018-2024. The renewable energy directive 2009/28/EC has undoubtedly triggered new growth opportunities for the business space, with increasing deployment of microgrids, two-way power flows, and digital analytics.

The year 2016 has proved to be a roller coaster of sorts for UK hybrid solar power solutions industry. Just few months after Vattenfall made its way to the headlines, Ecotricity, another formidable player in hybrid power solutions market, won approval for its new hybrid renewable energy project in Britain. Reportedly, the green signal to its sun parks' project in Devon and Dalby, gave Ecotricity a scope to expand its already existing portfolio in the lucrative business space. Sources also claimed that through this deal, the company even planned to generate 100 MW power from its solar-wind portfolio.

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