Hybrid Solar Wind Energy Storage Market - Demand Outlook and Development Strategies to 2024
Australia hybrid solar wind energy storage market due to advancement in technology along with introduction of targets and norms to minimize carbon emissions. In 2017, Vestas introduced utility scale project that has ability to generate 15MW of solar & 43.2 MW of wind energy and 2MW battery storage.
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Hybrid Solar Wind Energy Storage market is expected to surpass USD 1.5 billion by 2024.
The hybrid solar wind energy storage market to grow rapidly due to introduction of several targets and norms to promote the adoption of sustainable energy across the commercial buildings. Growing service industry across urban area with an objective to achieve energy efficiency will further complement the business outlook. In 2014, European Union introduced EU "20-20-20" target with an objective to reduce GHG emissions to 20% by increasing renewable energy share in the total energy mix by 2020.
The U.S. hybrid solar wind energy storage market to witness rapid growth owing to rising awareness toward adoption of renewable technologies coupled with growing electricity demand primarily across the commercial and residential establishments. In 2017, General Electric joint ventured with Juhi Energy to build 4.6MW of community-based hybrid project consisting of both wind and solar technologies across Minnesota.
Introduction of several norms pertaining to hybrid energy will positively influence the India hybrid solar wind energy storage market. In 2016, India introduced National Wind-Solar Hybrid Policy to achieve installations of 10 GW hybrid by 2022. The country also announced to invest USD 155 million to construct 160 MW project.
Eminent participants in hybrid solar wind energy storage market includes Siemens Gamesa, UNITRON, Grupo Dragon, ReGen Powertech, General Electric, Goldwind, Suzlon, Blue Pacific Solar, Vestas, Vattenfall, Tesla and Zenith Solar Systems.
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Grid connected segment is predicted to witness growth owing to favorable government measures to promote the deployment of sustainable technologies. Carbon credit, net metering and feed in tariff are some of the incentives introduced by government to promote adoption of clean energy systems. Rising concern to get reliable and continuous supply of electricity to execute daily business operations effectively will further complement the business outlook.
Growing funding from private and public institutions including International Finance Corporation, Asian and African Development Bank toward the electrification across the isolated and off grid areas will propel the hybrid solar wind energy storage market. According to International Energy Agency, USD 718 billion was invested toward electrification worldwide in 2016.
UK hybrid solar wind energy storage market share will witness growth owing to positive outlook toward renewable energy economy structure by increasing their dependency on effective, reliable and sustainable power generation sources. Technological innovation in design of renewable systems to enhance capacity utilization factor will further augment the industry growth.
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