The global report says, “Hybrid Power Solution Market is predicted to be valued USD 60 billion by 2024. Growing focus toward grid integration for renewable sources will stimulate the hybrid power solution market. Increasing penetration of renewable technologies along with ongoing adoption of sustainable solutions will foster the business landscape. In 2017, Vestas, Tesla and Windlab has initiated the backup support to Clean Energy Finance Corporation for the construction of Kennedy Energy Park which will be capable to generate 60 MW of electricity from hybrid solar wind technology.
Paradigm shift towards decentralized power generation coupled with rising demand for environment friendly technology will complement the hybrid power solution market share. Introduction of favorable regulatory norms including subsidies, leverage schemes and FIT’s will positively influence the product demand. In 2010, the government of India has initiated the promotion of hybrid power generation by facilitating a subsidy of USD 1,450 per kW to the community users.
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U.S. hybrid power solutions market is projected to surpass the cumulative capacity of 900 MW by 2024. Increasing awareness toward standalone power generation units primarily for the consumption across residential establishments will foster the industry growth. Advancement in technology coupled with the growing need for uninterrupted power supply will complement the product penetration.
Growing adoption of sustainable building codes and standards pertaining to energy efficiency along with development of advanced energy solutions for environment friendly buildings will propel the standalone hybrid power solution market. In addition, the increasing adoption of low cost, smart integrated technologies and energy efficient systems will impact product adoption. In 2017, the U.S. has witnessed the development of community-based hybrid project powered by Juhl energy accounting for a capacity of 4.5 MW.
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Rising demand for clean fuel off grid electricity along with favorable regulatory measures to supply electricity to remote areas will foster the hybrid solar-wind power solutions market. Developers are significantly focusing toward the improvisation of capacity utilization factor along with shifting focus toward raising the dependency on effective and sustainable power generation.
China hybrid power solutions market will grow over 3% by 2024. Introduction of targets to overcome the growing electricity demand along with government measures toward installation of renewable energy systems will positively impact the industry growth. Economies of scale and technology advancement resulting in significant decline in component cost for renewable power generation stations will further stimulate the industry outlook.
Eminent players serving the hybrid power solution market includes Tesla Windlab, General Electric, Blue Pacific Solar, Gamesa Wartsila, Unitron Energy, Polar Power, Zenith Power Systems, Star Sight, VONK, Vestas, Grupo Dragon, Danvest, Alpha Windmills, BWSC, A123 systems, FlexGen, and Sterling & Wilson.
Buy this industry insights spread across 330 pages with 912 market data tables & 38 figures & charts from the report, “Hybrid Power Solutions Market Size By Technology (Solar-Wind-Diesel {Residential, Commercial, Industrial}, Solar-Wind {Residential, Commercial, Industrial}, Solar-Diesel {Residential, Commercial, Industrial}, Wind-Diesel {Residential, Commercial, Industrial}, Others {Residential, Commercial, Industrial}), By Product (Standalone, Grid Connected), By End Use (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, Caribbean, U.K, Germany, China, India, Australia, Japan, Maldives, Indonesia, Philippines, New Zealand, Taiwan, Sri Lanka, Brazil, Chile, Nigeria, South Africa, Tanzania, UAE, Egypt), Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024” in detail along with the table of contents:
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Table of Contents (ToC) of the report:
Chapter 6 Hybrid Power Solutions Market, By Technology
6.1 Hybrid power solutions market share by technology, 2017 & 2024
6.2 Solar Wind Diesel
6.2.1 Global market from Solar Wind Diesel, 2013 – 2024
6.2.2 Global market from Solar Wind Diesel, by region, 2013 – 2024
6.3 Solar Wind
6.3.1 Global market from Solar Wind, 2013 – 2024
6.3.2 Global market from Solar Wind, by region, 2013 – 2024
6.4 Solar Diesel
6.4.1 Global market from Solar Diesel, 2013 – 2024
6.4.2 Global market from Solar Diesel, by region, 2013 – 2024
6.4 Wind Diesel
6.4.1 Global market from Wind Diesel, 2013 – 2024
6.4.2 Global market from Wind Diesel, by region, 2013 – 2024
6.4 Others
6.4.1 Global market from Others, 2013 – 2024
6.4.2 Global market from Others, by region, 2013 – 2024
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