The Hybrid Solar Wind Energy Storage Market is set to grow from its current market value of more than $1 billion to over $1.5 billion by 2024; as reported in the latest study by Global Market Insights, Inc.
Government mandates toward the deployment of clean energy systems primarily across commercial establishments will drive the hybrid solar wind energy storage market growth. Escalating service industry across urban areas along with the aim to achieve energy efficiency will further augment the industry landscape. The European Union in 2014 set up EU “20-20-20” Climate and Energy target with an aim to reduce greenhouse gas emissions to 20% by increasing the share of renewable energy in the overall energy mix by 20% by the end of 2020.
Government focus to achieve green energy economy structure by raising their dependency on sustainable and effective power generation sources will upsurge the UK hybrid solar wind energy storage market. Developers across the country are working aggressively towards CUF enhancement of their existing renewable systems which in turn will positively impact the business outlook. In 2015, Ecotricity announced to establish 15 MW of new solar PV installation to their existing wind farms.
U.S. Hybrid Solar Wind Energy Storage Market Size,
By End Use, 2016 & 2024 (MW)
Growing environmental concerns along with the introduction of national renewable integration targets by respective governments will drive the hybrid solar wind energy storage market. Favorable government policies and subsidies to promote the deployment of clean energy systems will stimulate the product demand. For instance, the renewable integration targets abided by 195 countries in line with the UN Climate Change Conference in 2015 has resulted in steep growth toward the adoption of hybrid technologies.
High-end technology advancement coupled with the introduction of norms to reduce the carbon footprints will stimulate the Australia market. In 2017, Vestas announced the world’s first utility-scale project that has a potential to generate and store energy including 43.2 MW of wind, 15 MW of solar and 2MW battery storage.
The U.S. hybrid solar wind energy storage market will witness growth over 4% by 2024. Increasing electricity demand primarily across residential and commercial establishments along with growing awareness towards the adoption of clean energy systems will further propel the industry growth. For instance, in 2017 General Electric ventured with Juhl Energy to construct 4.6 MW of community-based hybrid project involving both solar and wind technologies across rural Minnesota.
Ongoing government measures in terms of Net metering, FIT and carbon credit will drive the grid-connected hybrid solar wind energy storage market. Growing concerns to get continuous and reliable electricity supply to effectively execute the daily business operations will further augment the industry growth.
India market is anticipated to witness strong growth over the forecast time frame. Introduction of hybrid energy specific norms will boost the installation at a significant rate. In 2016, India has become the first country to develop a draft “National Wind-Solar Hybrid Policy” with an aim to achieve 10 GW hybrid installations by 2022. The country is also planning to develop a 160-MW mega project with a total investment of USD 155 million.
Key market players operating in the hybrid solar wind energy storage industry comprise of General Electric, Vestas, Siemens Gamesa, Goldwind, Vattenfall, UNITRON, Suzlon, Tesla, Grupo Dragon, Blue Pacific Solar, Zenith Solar Systems and ReGen Powertech.
Filed Under: Energy storage