Hybrid Solar Wind Energy Storage Market 2020 by Regional analysis, Growth outlook and Forecast to 2024
Date: 2020-02-28   Author: Ronak Bora  Category: #market

Hybrid Solar Wind Energy Storage Market 2020 by Regional analysis, Growth outlook and Forecast to 2024

With the prominent use of renewable energy, 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. On these grounds, 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 firm further aims to supplement its WiSE (Wind integrated Solar Energy) equipments, which utilize the same converter for both solar and wind power generation, with cutting-edge tech competency provided by these firms. Apparently, this instance goes on to demonstrate the paradigm shift that is being brought about by innovation in the hybrid solar wind energy storage market trends.

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With an objective to provide a robust framework to guide the hybrid solar wind energy storage industry growth, the Indian Government has drafted a thorough National Wind-Solar Hybrid Policy in 2016. The scheme primarily aims to promote efficient and optimal utilization of land and transmission infrastructure across the nation. This would reduce the inconsistency in renewable power generation domain and thereby enhance the grid stability. Consequentially, the amalgamation of these two technologies and the implementation of the latest framework would boost the growth dynamics of hybrid solar wind energy storage market in India in the ensuing years.

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.

Advancement in technology along with introduction of targets and norms to minimize carbon emissions will drive the Australia hybrid solar wind energy storage market share. 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.

Rising awareness toward adoption of renewable technologies coupled with growing electricity demand primarily across the commercial and residential establishments will stimulate the U.S. hybrid solar wind energy storage market. 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.

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In order to meet its renewable power generation goals, the Ministry of New and Renewable Energy of India has planned to construct a pathbreaking hybrid solar-wind energy project. Boasting of a total power generation capacity of 160 MW, the mega project would be constructed over an area of 1000 acres and is touted to be the world’s largest facility by the hybrid solar wind energy storage industry experts. With the initial investment of around USD 155 million, the project is slated to further receive additional funds by World Bank. To ensure that it remains operational even during night time, the facility is likely to be equipped with a unique battery storage system. Apparently, it is quite undeniable that the successful operationalization of such groundbreaking initiatives would foster the hybrid solar wind energy storage market expansion.

With the rising inclination toward realizing sustainable development, various governments across the globe have been investing heavily in harnessing the prowess of renewable energy sources. This has been an instrumental factor to propel the hybrid solar wind energy storage market share, which surpassed the billion-dollar frontier in 2016, as per reliable estimates. Subject to the rapid pace of technological innovations and the quest to achieve the goal of green economy, the hybrid solar wind energy storage industry is bound to traverse an exceptionally lucrative path over the forecast time frame.

Some Points from Table of Content: -

Chapter 4   Hybrid Solar Wind Energy Storage Market, By Product

4.1   Market share by product, 2016 & 2024

4.2   Standalone

4.2.1    Global market from standalone, 2013 - 2024

4.2.2    Global market from standalone, by region, 2013 – 2024

4.3   Grid connected

4.3.1    Global market from grid connected, 2013 - 2024

4.3.2    Global market from grid connected, by region, 2013 – 2024

Chapter 5   Hybrid Solar Wind Energy Storage Market, By End Use

5.1 Market share by end use, 2016 & 2024

5.2   Residential

5.2.1    Global market from residential, 2013 - 2024

5.2.2    Global market from residential, by region, 2013 – 2024

5.3   Commercial

5.3.1    Global market from commercial, 2013 - 2024

5.3.2    Global market from commercial, by region, 2013 – 2024

5.4   Utility/Industrial

5.4.1    Global market from utility/industrial, 2013 - 2024

5.4.2    Global market from utility/industrial, by region, 2013 – 2024

Browse complete Table of Contents (ToC) of this research report @  http://decresearch.com/toc/detail/hybrid-solar-wind-energy-storage-market

About Author

Ronak Bora

Ronak Bora

A graduate in Electronics Engineering, Ronak writes for algosonline and carries a rich experience in digital marketing, exploring how the online world works from a technical and marketing perspective. His other areas of interest include reading, music, and sport.


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