Hybrid Solar Wind Market – Witness Substantial Gains over 2017-2024 | Industry Insights.
Global Hybrid Solar Wind Market is set to cross 13% CAGR to surpass USD 1 billion by 2024. Initiatives towards energy conservation coupled with stringent government regulations to cut the greenhouse gas emission will fuel the industry growth. Favorable initiatives to encourage renewable energy will positively impact the business growth. Tax rebate, financial support, and other schemes to encourage sustainable energy will further compliment hybrid solar wind market growth in future.
Declining solar and wind component cost along with rising demand for clean energy will fuel the hybrid solar wind market share. The manufacturing cost of the component has experienced a significant drop in price since 2012, on account of technological advancement.
Nigeria accounted for over 0.5% hybrid solar wind market share in 2015. Rising off-grid electricity will positively impact the industry growth.
Growing electricity demand will positively encourage hybrid solar wind market share during the forecast timeframe. Total electricity consumption in China increased to 5920 TWh in 2016 with renewables accounting for more than 25% share.
Commercial hybrid solar wind market was over 367 MW in 2015. Growing demand for uninterrupted power supply will fuel the business growth during the forecast timeframe. Residential end-use applications are anticipated to grow at the rate of more than 14% during forecast period. Increasing electrification program in developing economies primarily focusing on decentralize generation will propel the industry landscape. Growing investment towards renewable energy sector will further complement the industry growth. In January 2017, China announced to invest around USD 373 billion in renewable power by 2020.
Australia is set to cross USD 14 million by 2024. Increasing spending towards renewable energy will positively impact the industry landscape. In March 2016, the government of Australia invested around USD 1 billion to offer debt and equity for clean energy technology.
India hybrid solar wind market was valued over 3 MW in installation by 2015 and is set to exceed 20% CAGR by 2024. Government initiatives to encourage sustainable energy coupled with rural electrification will stimulate the industry growth.
Increasing renewable energy adoption in emerging economies will drive the business growth during the forecast period. In U.S., renewable technologies accounted for around 64% of all new electricity generating capacity in 2015. Solar capacity increased by 5,600 MW accounting for around 40% of all the completed renewable projects in 2015.
Key players in the industry include Zenith Solar System, ReGen Powertech, UNITRON Energy System, Blue Pacific Solar, Alternate Energy, Alpha Windmills, Polar Power, Gamesa, Grupo Dragon, and, Supernova Technologies.
Source: Expert Consulting