Hybrid Solar Wind Market size is expected to reach $1.47 billion by 2024, according to a new $4,500 research report by Global Market Insights, Inc.
Decreasing wind and solar component cost associated with increasing clean fuel energy demand will drive the global hybrid solar wind market size. The component manufacturing cost has witnessed a significant price drop since 2012, owing to technological advancement.
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. have introduced various initiatives to promote energy conservation and reduce greenhouse emissions.
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 $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 report insights include:
- U.S. hybrid solar wind market size was valued at $195 million in 2015 and is estimated to reach over $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 installed by 2024 and is estimated to grow at over 20% CAGR during the forecast period. Government initiatives toward rural electrification and initiatives to promote sustainable energy will drive the hybrid solar wind market size.
- South Africa hybrid solar wind market share was valued at 6 MW, which will translate to over $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.
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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