Hybrid Solar Wind Energy Storage Market to 2024 - Revenue Statistics and Competitive Landscape

Standalone hybrid solar wind energy storage market is anticipated to witness a profitable growth in the years ahead. A number of private sector-based companies have started to offer standalone hybrid solar wind energy systems for homes and businesses. For example, Maine based Pika Energy offers its users the combination of 1700 watt producing wind turbines and 6000-watt range of solar panels. With these, they add an energy storage unit such as the Tesla Powerwall and a very viable standalone hybrid solar wind energy system is created. The idea of standalone hybrid solar wind energy system is appealing to consumers who are looking to move away from the power security and financial constraints of grid dependence.
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As per estimates, hybrid solar wind energy storage market size is expected to cross a capacity of 1GW by 2024. As initiatives for renewables adoption increase across myriad geographies, hybrid solar wind energy storage industry is expected to witness a tremendous surge in terms of volume and sales.
Standalone hybrid solar wind energy storage market share has been forecast to increase at a CAGR of 5% over 2017-2024. Incidentally, its counterpart, the grid connected hybrid solar wind energy storage industry is also projected to register steady growth over 2017-2024 due to the potential of uninterrupted power supply and effective capacity utilization provided by the grid connected system.
The trend of encouraging renewable energy deployment has taken a massive upsurge across numerous other geographies. Say for instance, the Clean Energy Regulator of Australia set a Renewable Energy Target for 2020, which the country was confident at surpassing as investments in clean energy soared 150% between 2016 and 2017. The total investment in renewable energy in Australia rose to $9 billion and broke the previous record of $6.2 billion in 2011.
Such large-scale projects not only validate the potential of renewable energy generation using hybrid systems but also the importance of energy storage. It thus goes without saying that the growth of hybrid renewable energy industry and hybrid solar wind energy storage market is directly proportional. The combination of two major renewable energies is slated to ensure a reliable and flexible source of energy as compared to standalone solutions. The storage system ensures resilient solution for providing energy even when faced with prolonged cloudy days with low wind speeds.
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Mounting government support with regards to the adoption of renewable energy has majorly propelled hybrid solar wind energy storage market. Regulatory bodies across the globe have set strict deadlines to drastically diminish the amount of greenhouse gases and to create a sustainable environment for the future of the planet. This has resulted in such initiatives like the EU 20-20-20 established in 2014, aimed at reducing greenhouse gases, increasing the renewable energy, and improving energy efficiency, each by 20% by the year 2020. Other regional governments are also catching up quickly on the trend, augmenting hybrid solar wind energy storage market. For instance, the Ministry of New and Renewable Energy of India is planning to build the world’s largest solar-wind hybrid mega project that will have a capacity of 160 MW, with the help of funding by the World Bank.
Legislative bodies around the world have been making tremendous efforts to increase the adoption of renewable energy. The Department of Energy of U.S. has proactively deployed the utilization of renewable energy across the country. This has resulted to 18% of power usage in U.S. from renewable sources, in 2017. With a shift toward solar and wind power, the total electricity generation was an improvement over the 15% produced in 2016. The use of renewable energies also potentially ended the droughts in the West and a dip in gas emission through power generation and decline in consumer spending on power. Driven by the anticipated growth in the overall renewable energy space in the U.S., it has been projected that U.S. hybrid solar wind energy storage market will depict quite a commendable growth in spite of the Trump administration’s desire to cut renewable energy funding.
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