Hybrid Solar Wind Market Analysis

Hybrid Solar Wind Market Analysis

Standalone hybrid solar wind market size is likely to be reach over 2 GW by 2025 during forecast period owing to its cost effectiveness in remote area when compared with extension of grid connected power lines.

Grid connected products were valued above 300 MW in 2015. In term of revenue, is likely to be worth at over 10% by 2024 period. Feed in tariff, net metering and low installation cost are some of the advantages of grid connected system over standalone.
 

Residential end use applications are predicted to expand at the rate of over 14 % in future owing to electrification program in developing countries mainly focusing on decentralize generation. Commercial hybrid solar wind market size was valued above 367 MW in 2015.Increasing demand for uninterrupted power supply sector will drive this industry growth.
 

Industrial hybrid solar wind market size was estimated over USD 224 million in 2015 and in term of revenue, is likely to be worth at over 13%. Government regulations to reduce carbon footprints will increase the adoption of hybrid systems in future.
 

U.S. hybrid solar wind market size was valued at over 310 MW in 2015. Increasing emphasis on renewable energy, government incentives and measures toward energy conservation will favor the industry outlook. India hybrid solar wind market share is projected to witness substantial gains over 21% in term of Volume over forecast timeframe owing to the government initiatives to promote sustainable renewable energy resources.
 

MNRE has proposed draft policy to install solar wind system of 10 GW by 2022 which will favor the industry growth. Low cost financing for hybrid solar wind project are also introduced by the financial institution and Indian Renewable Energy Development Agency.
 

Nigeria is anticipated to witness a growth over 16%, in term of revenue by 2024. Increasing demand of electricity and large off grid population will propel the business growth over the forecast period.
 

Financial incentives for the integration of establishment renewable energy station will help to drive Australia hybrid solar wind market in future. which include solar and wind farms. Arena has allocated a USD 9.9 Million grant to build a 10 MW solar plant along Gullen Range Wind Farm. These initiatives will help to reduce the construction cost of solar farm by 20% of the total cost.