Hybrid solar wind market value is forecast to hit USD 1.47 billion by 2024.

"Hybrid Solar Wind Market size was over USD 700 million in 2015 with forecast of more than 8% from 2016 to 2024", According to Research by Global Market Insights, Inc. Market Research Study Includes, Hybrid Solar Wind Market Size By Product (Standalone, Grid connected), End Use (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook,Competitive Market Share & Forecast, 2016 – 2024.

Decreasing wind and solar component cost associated with increasing clean fuel energy demand will drive the Global Hybrid Solar Wind Market size. The component manufacturing cost has witnessed a significant price drop since 2012, owing to technological advancement.

Growing demand for reliable electricity coupled with strict government norms to reduce carbon footprints will further compliment the industry outlook. Developed nations led by the U.S. has introduced various initiatives to promote energy conservation and reduce greenhouse emissions.

Hybrid solar wind systems find key applications across industrial, residential, and commercial sectors. High requirement for continuous electricity supply is anticipated to drive the hybrid solar wind industry revenue across the commercial sector. Hybrid solar wind market size in industrial sector worth USD 224 million in 2015, is anticipated to witness a significant growth over the coming years.

Government efforts to minimize carbon emissions is expected to drive the growth. The rise in the number of electrification programs across the emerging economies, primarily concentrating on decentralizing the power generation, will boost the industry growth across the residential sector.

Standalone and grid connected are the major products through which hybrid solar wind systems are deployed. Grid connected hybrid solar wind industry size is expected to record a CAGR of 10% over the period of 2016-2024. Net metering, low deployment costs, and feed in tariff are the key growth drivers. Standalone hybrid solar wind market revenue is expected to grow significantly over the coming years, owing to its cost-effectiveness as compared to grid connected products.

Below are the regional trends influencing hybrid solar wind market over 2016-2024

  • Growing investments across renewable energy projects is projected to drive Australia hybrid solar wind industry size over the next few years. The government of Australia has allocated USD 1 billion funds for clean energy technology projects.
  • Chile hybrid solar wind market revenue is anticipated to grow at a rate of 11% over the period of 2016-2024.
  • Shortage of power supply and high demand for off grid electricity will favor Nigeria hybrid solar wind industry outlook over the next few years.
  • South Africa hybrid solar wind industry revenue is expected to hit USD 12 million over the coming timeframe.
  • Government policies encouraging  the use of sustainable energy along with rural electrification programs are expected to boost India hybrid solar wind market trends.
  • U.S. hybrid solar wind industry will grow considerably over the coming years, driven by heavy focus on consumption of renewable energy along with beneficial government policies supporting energy conservation.

Market participants will try to enhance their ROI through product differentiation as well as technological innovations. Key industry participants include Blue Pacific Solar Product Inc., Alpha Windmills, Alternate Energy Company, ReGen Powertech, Unitron Energy System Private Limited, Polar Power Inc., Zenith Solar Systems, Gamesa, Grupo Dragon, and Supernova Technologies Private Limited.

Similar Entries

Offshore Wind Power Market to Exhibit Growth at an Augmented Pace, Growing Demand for Electricity in Industrial Sectors Pushes Growth:  Fortune Business Insights

Renewable energy is gaining traction across the world, which is expected to encourage growth in the global Offshore Wind Power Market. This information was shared by Fortune Business Insights in a report, titled “Offshore Wind Power Market Size, Share and Global Trend by Installation, Capacity, Application and Geography Forecast till 2025.”

Klaus Steen Mortensen, Chief Executive Officer of Bladt Industries (pict. Bladt)

Vineyard Wind LLC (Copenhagen Infrastructure Partners and Avangrid Renewables) and Bladt Industries have signed a contract for fabrication and delivery of the Vineyard Wind project’s offshore substation. The Vineyard Wind project will be first utility-scale offshore wind farm in the US. Bladt Industries is a global leader of substructures for offshore wind farms.

Heerema marine contractors installing a monopile

Dutch offshore contractor Heerema has been assigned to help build the first and largest commercial offshore wind farm in the United States. The prestigious 'Vineyard Wind LLC' project is the nation's first utility-scale offshore wind energy project. Situated 14 miles off the coast of Massachusetts, this project will generate clean, renewable, cost-competitive energy for over 400,000 homes and businesses, while reducing carbon emissions by over 1.6 million tons per year.

Windea Offshore, together with its partner WP Systems, has taken another step towards establishing the WINDEA Blade Service concept. Last week the operation of the working platform System terra was successfully demonstrated at a Siemens SWT-3.6 offshore test turbine in the German district of Nordfriesland.