SELBYVILLE, Delaware, March 14, 2018/PRNewswire/ — Hybrid Solar Wind Energy Storage Market is set to reach USD 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 an aim to achieve energy efficiency will further augment the industry landscape.

In 2014, The European Union set up the EU “20-20-20” Climate and Energy target. The goal is to to reduce greenhouse gas emissions by 20% by the end of 2020. In part, this will be accomplished by increasing the share of renewable energy in the overall energy mix by 20%.

090408-A-2192H-001 GUANTANAMO BAY, Cuba (April 8, 2009) Wind turbines at U.S. Naval Station Guantanamo Bay reduce fuel consumption by 650,000 gallons annually. The wind turbines are located on John Paul Jones Hill, providing energy for the naval station and Joint Task Force Guantanamo. (U.S. Army photo by Staff Sgt. Blair Heusdens/Released)

Government focus to achieve green energy economy structure by raising their dependency on sustainable and effective power generation sources will upsurge the UK market. Developers across the country are working aggressively towards CUF enhancement of their existing renewable systems. In turn, it will positively impact the business outlook. In 2015, Ecotricity announced to establish 15 MW of new solar PV installation to their existing wind farms.

Japan microgrid

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Environmental concerns and the introduction of national renewable integration targets will drive the hybrid solar wind and energy storage market. Favorable government policies and subsidies that promote the deployment of clean energy systems will stimulate the product demand.  For instance, look at the results from the UN Climate Change Conference in 2015. 195 countries abided by renewable integration targets which resulted in steep growth toward the adoption of hybrid technologies.

High end technology advancement coupled with introduction of norms to reduce the carbon footprints will stimulate the Australia market. In 2017, Vestas announced the world’s first utility-scale project with the potential to generate and store energy. 43.2 MW of wind, 15 MW of solar and 2MW battery storage.

Energy storage, Tesla Powerwall

Browse key industry insights spread across 180 pages with 196 market data tables & 17 figures & charts from the 2018 report Hybrid Solar Wind Energy Storage Market in detail along with the table of contents:

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The power of partnership

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 will further propel the industry growth. So will the growing awareness towards the adoption of clean energy systems. For instance, take the General Electric and Juhl Energy collaboration in 2017. A 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’s 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 became 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.

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