Hybrid Solar Wind Market Size

Hybrid Solar Wind Market Size

Hybrid Solar Wind Market size was over USD 700 million in 2015 with forecast of more than 8% from 2016 to 2024./p>

Increasing demand for clean fuel off grid electricity will boost the demand for global hybrid solar wind systems in the near terms. As of 2015, over 1 billion people across the globe, i.e. 17% of world population, has no or poor access to reliable electricity./p>

Strict government norms to reduce the greenhouse gas emission coupled with initiatives toward energy conservation will drive the hybrid solar wind market in future. Favorable initiatives to promote renewable energy will further compliment the industry growth. Financial support, tax rebate and other schemes to promote sustainable energy will drive hybrid solar wind market size growth during the forecast period./p>

Government of India has announced a capital subsidy of one Lakh per kW to encourage the installation of wind–solar systems. These incentives are limited to community users including a minimum 10% of the annual budget allocations to be used for R& D purposes. Budget of fifty crores has been allocated under the scheme for the development of the sector.
 

Decreasing solar and wind component cost coupled with increasing demand for clean fuel energy will further compliment the industry growth. The manufacturing costs of solar panels, wind turbine, wind blades, battery has witnessed a significant price drop since 2012 owing to technological advancement.