Hybrid Power Solutions Market Will Amass Substantial Gain from Grid Connected Segment by 2024
Category: #technology  By Ronak Bora  Date: 2020-01-15
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Hybrid Power Solutions Market Will Amass Substantial Gain from Grid Connected Segment by 2024

Grid connected hybrid power solutions market will amass substantial gains over the analysis period owing to growing demand for backup power supply in cities and the ability to offset utility bills. Ease of installation, grid stabilization potential, high capacity generation and efficient capacity utilization are the prominent factors that will stimulate the installation of hybrid on grid systems.

The hybrid power solutions market share growth over the forecast timeframe will be driven by growing need for reliable and uninterruptible power supply coupled with expansion of electricity supply to off-grid locations. Increasing focus towards grid integration for renewable energy along with escalating demand for decentralized power generation systems will augment the industry trends over the forecast timeframe.  

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Favorable emission norms to promote the adoption of clean energy technologies and reduce carbon footprints will boost the deployment of hybrid power generation technologies. Declining manufacturing costs of solar panels, as well as surging production capacities for wind turbines and wind blades due to technological advances and economy of scale will offer strong revenue potential to hybrid power solutions market players.

Increasing demand for efficient and reliable power supply across remote locations with abundant potential for solar and wind energy will positively impact the industry outlook. Favorable government initiatives to promote the use of sustainable technologies will accelerate the adoption of renewable energy systems, propelling the business growth for providers of power equipment.

Solar wind diesel hybrid power solutions market is estimated to surpass 200 MW of cumulative installation capacity by 2024.

Hiking prices of petroleum products coupled with growing focus towards deployment of low emission power generation systems will expand the scope for fully renewable solutions. Introduction of innovative and cost-effective power solutions will transform the industry prospects. Solar-wind hybrid power solutions industry will witness unprecedented growth in the coming years owing to rising need for continuous and sustainable electricity supply for residential and commercial applications.

Rapid advances in technology across North America in conjunction with growing demand for continuous electricity supply will boost hybrid technology penetration across the region. U.S. hybrid power solutions market is expected to grow exponentially due to rising awareness towards utilization of sustainable energy and increasing adoption of standalone systems across residential establishments.

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Increasing investments towards the deployment of clean energy solutions to minimize carbon footprints coupled with the need to overcome the ever-growing power demand will bolster efforts to build large solar and wind farms. Abundance of solar and wind energy sources along with favorable government norms to promote adoption of renewable power will augment hybrid power solutions market scope in the region.

Some Points From Table Of Content: -

Chapter 4 Hybrid Power Solutions Industry, By Product

4.1 Hybrid power solutions industry share by product, 2017 & 2024

4.2 Standalone

4.2.1 Global market from standalone, 2013 - 2024

4.2.2 Global market from standalone, by region, 2013 – 2024

4.3 Grid connected

4.3.1 Global market from grid connected, 2013 - 2024

4.3.2 Global market from grid connected, by region, 2013 – 2024

Chapter 5 Hybrid Power Solutions Industry, By End Use

5.1 Hybrid power solutions industry share by end use, 2017 & 2024

5.2 Residential

5.2.1 Global market from residential, 2013 - 2024

5.2.2 Global market from residential, by region, 2013 – 2024

5.3 Commercial

5.3.1 Global market from commercial, 2013 - 2024

5.3.2 Global market from commercial, by region, 2013 – 2024

5.4 Industrial

5.4.1 Global market from industrial, 2013 - 2024

5.4.2 Global market from industrial, by region, 2013 – 2024

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About Author

Ronak Bora

Ronak Bora    

A graduate in Electronics Engineering, Ronak writes for Technology Magazine and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and spo...

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