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Hybrid solar wind diesel market will witness growth on account of cost-efficient systems for decentralized generation to cater rising demand supply mismatch and grid disruptions. Rising demand for hybrid renewable energy cogeneration systems favored by their capability to reduce net present cost of energy will foster the product penetration.
Growing measures towards energy balance along with advancement in renewable energy technologies are the key parameters complementing the business scenario. Ongoing investments coupled incentives on achieving renewable targets will propel the industry landscape. Declining cost of components in line with optimal utilization of resources will enhance the industry outlook.
Hybrid solar wind diesel market is anticipated to grow with reference to initiatives towards reduction in GHG emissions coupled with promotion of clean energy schemes. Depleting reserves of fossil fuels coupled with accelerated investments towards renewable energy systems will escalate the industry growth. In addition, the increasing pollution rate and climate deterioration will energize the deployment of these systems.
Lack of initiatives towards large scale implementation of these systems in developing countries is the primary factor restraining the industry growth. However minimal grid dependency in line with potential to meet the demand load will drive the technological adoption of these units. Moreover, high system efficiency along with low operational costs will augment the industry growth.
Limited availability of resources, fluctuating wind speed are the major challenges faced by independent renewable energy systems. These devices offer a solution for the above challenges through provision of backup diesel generator for reliable supply of electricity. Integration of renewable energy sources with existing diesel power plants will strengthen the business landscape.
Standalone hybrid solar wind diesel market is set to grow in rural areas, coastal areas and areas without grid connectivity owing to its ability to provide uninteruupted supply of electricity. Improved average lifespan in conjunction with potential to replace energy storage systems will further augment the product deployment. Declining cost of components coupled with optimal utilization of resources will stimulate the industry potential.
Surging demand for infrastructural expansion coupled with rapid industrialization will escalate the business potential of hybrid solar wind diesel market. Growing energy crisis, demand supply mismatch along with need for stable power generation systems will stimulate the business growth.
Prominent hybrid solar wind diesel market players include ZTE Corporation, Siemens AG, SMA Solar Technology, Huawei Technologies Co., Heliocentris Energy Solutions, PFISTERER Holding, Danvest Energy, Flexenclosure AB LTD, and others.