Hybrid Solar Wind Energy Storage Market Size

Hybrid Solar Wind Energy Storage Market Size

Hybrid Solar Wind Energy Storage Market size for 2016 was over USD 1 billion and the cumulative capacity is set to exceed 1 GW by 2024.

Increasing demand for reliable and uninterrupted power supply will drive the hybrid solar wind energy storage market size.  Growing concerns toward ineffective grid infrastructure along with demand supply mismatch primarily across developing economies will augment the industry landscape. Growing demand for clean energy, deployment of smart grid networks, and the need to ensure reliability and stability of RE systems have led to the adoption of these systems.

Favourable government initiatives toward the deployment of sustainable technologies along with robust economic growth primarily across Asia Pacific and Africa will boost the hybrid solar wind energy storage market growth. Growing consumer awareness toward the adoption of sustainable energy mix will favour the business growth. The Government of China has introduced numerous financial incentives, schemes, and subsidies to attract new investments in the country.

Increasing public and private funding toward the electrification across off-grid and isolated areas will positively impact the hybrid solar wind energy storage market share.  Growing investments from various financial institutions including of International Finance Corporation (IFC) and regional development banks, including African Development Bank and Asian Development Bank, will further drive the business landscape. In 2016, International Energy Agency (IEA) proclaimed an overall investment of USD 718 billion toward electrification across the globe.