Press release
Global Solar Wind Hybrid Systems Market to experience hike in growth by 2024
Growing demand for reliable electricity coupled with strict government norms to reduce carbon footprints will further compliment the industry outlook. Developed nations led by the U.S. has introduced various initiatives to promote energy conservation and reduce greenhouse emissions.
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High initial costs and lack of awareness may restrain industry demand over the next few years. Grid connected hybrid solar wind market size was valued over USD 190 million in 2015 and is predicted to grow at over 10% by 2024. Low installation cost, feed in tariff and net metering are some of the advantages offered by grid connected system.
Key insights from the report include
U.S. hybrid solar wind market size was valued at USD195 million in 2015 and is estimated to reach over USD 300 million by 2024.Government incentives such as tax rebate and increasing emphasis on renewable energy have encouraged regional industry growth.
India is set to exceed 30MW in installation by 2024 and is estimated to grow at over 20% CAGR during forecast period. Government initiatives toward rural electrification and initiatives to promote sustainable energy will drive the hybrid solar wind market size.
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South Africa hybrid solar wind market share was valued at 6MW, which will translate to over USD 12 million revenue through to the forecast timeline. Nigeria hybrid solar wind market size was 0.17 MW in 2015 and in terms of revenue, is estimated to witness gain over 16% from 2016 to 2024. Increasing off grid electricity demand will stimulate industry growth in future.
Australia hybrid solar wind market size was over 1 MW in 2015 and is expected to reach over 40 MW by 2024.Increasing investment trend in renewable energy may favor the industry growth. In march 2016, Australian government funded USD 1 billion which will provide equity and debt for clean energy technology.
Chile was valued at over 13 MW and is estimated to grow over 11% through, in revenue terms by 2024.
Major participants in the industry are Grupo Dragon, ReGen Powertech, Polar Power, Inc, Supernova Technologies Private Limited, Blue Pacific Solar Product, Gamesa, UNITRON, Zenith System, Alternate Energy Company, Alpha Windmills.
Browse key industry insights spread across 108 pages with 225 market data tables & 14 figures & charts from the report, “Hybrid Solar Wind Market in detail along with the table of contents at: https://www.gminsights.com/industry-analysis/hybrid-solar-wind-market
U.S. hybrid solar wind market size was valued at over 310 MW in 2015. Increasing emphasis on renewable energy, government incentives and measures toward energy conservation will favor the industry outlook. India hybrid solar wind market share is projected to witness substantial gains over 21% in term of Volume over forecast timeframe owing to the government initiatives to promote sustainable renewable energy resources.
MNRE has proposed draft policy to install solar wind system of 10 GW by 2022 which will favor the industry growth. Low cost financing for hybrid solar wind project are also introduced by the financial institution and Indian Renewable Energy Development Agency.
Browse Related Report
“Solar Cells Market Size By Technology (Crystalline Silicon Cells, Thin Film Cells, Ultra-Thin Film Cells), By Product (Polycrystalline, Monocrystalline, Cadmium Telluride (CDTE), Amorphous Silicon (A-Si), Copper Indium Gallium Diselenide), By Grid (On-Grid, Off Grid), By Application (Residential, Commercial, Utility), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Germany, Spain, France, China, India, Japan, Australia, UAE, South Africa, Brazil, Chile, Argentina), Growth Potential Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/solar-cells-market
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