Hybrid Solar Wind Energy Storage Market Analysis

Hybrid Solar Wind Energy Storage Market Analysis

Standalone system is anticipated 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.
 

Residential hybrid solar wind energy storage market size is predicted to grow over 7% by 2024. Ongoing electrification program across developing economies along with growing awareness toward the adoption of RE systems will stimulate the industry growth. As per National Renewable Energy Laboratory, the Township Electrification Program have facilitated almost 97% of Chinese households with renewable energy.
 

Growing measures toward the adoption of sustainable systems to execute the industrial operations coupled with stringent norms toward emissions reduction will boost the hybrid solar wind energy storage market. As per European environment agency, the electricity consumption across Europe increased by 26.4% in last decade accounting for 2.4% increase by industrial sector.
 

U.S. hybrid solar wind energy storage market share is predicted to witness strong growth on account of shifting focus toward renewable energy integration. Increasing electricity demand owing to rapid industrialization and commercialization will fuel the industry growth. In 2015, the Invenergy announced operation Grand Ridge Energy Storage project in the U.S with capacity of 31.5 MW. The project is located at Grand Ridge Energy Centre, which includes 20 MW of solar, 210 MW of wind and 1.5 MW of energy storage unit.
 

Ongoing technological advancements coupled with declining prices of storage systems will fuel the UK hybrid solar wind energy storage market. Abundant availability of wind and solar energy along with compatible geographical conditions will stimulate the business growth. Government initiatives to promote renewable energy across the nation will further boost the industry landscape. The EU Renewable Energy Directive (Directive 2009/28/EC) introduced the target of 20% final energy consumption from renewable sources by 2020.
 

Rapid urbanization coupled with the need for reliable grid infrastructure will augment the China hybrid solar wind energy storage market. Rising investments toward the deployment of sustainable technologies with an aim to meet the growing electricity demand will augment the industry landscape. As of 2017, the Zhangbei National Wind and Solar Energy Storage and Transmission Demonstration Project accounts for 18 MW of storage capacity with overall capacity exceeding 200 MW.