Hybrid Solar Wind Energy Storage Market is set to reach USD 1.5 Billion by 2024 says Global Market Insights in its latest study.
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 aim to achieve energy efficiency will further augment the industry landscape said the report. 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.
The report further states that “rowing 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 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.
According to the study published by Global Market Insights, 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 adoption of clean energy systems will further propel the industry growth.
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 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.
The report further anticipates standalone system to witness growth over 5% by 2024. Renewable capacity addition targets along with favourable government incentives to promote the adoption of sustainable systems will boost the hybrid solar wind energy storage market. As per Ministry of New and Renewable Energy (MNRE) the total capacity addition target from renewables for year 2018 is 14,450 MW.
Grid connected systems are predicted witness strong growth on account of growing measures toward uninterrupted power supply. Grid stabilization potential, high capacity generation and effective capacity utilization factor are the key parameters that will fuel the hybrid solar wind energy storage market growth.
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