HomeIndustry SectorsFuture EnergyHybrid power solutions market to cross $60bn by 2024

Hybrid power solutions market to cross $60bn by 2024

The hybrid power solutions market is forecast to register its name in the billion-dollar fraternity down the line of six years, by exceeding a revenue of $55 billion by 2024 with a projected CAGR of 18.5% over 2018-2024.

This is according to a recent industry report put forward by Global Market Insights.

Growing demand for reliable and uninterruptible power coupled with increasing focus toward the grid integration of renewable energy will boost the hybrid power solutions market, the report has found.

Favourable initiatives to promote renewable energy along with the growing demand for decentralised power generation systems will augment the business landscape.

In 2015, ABB and Vestas have introduced the Wind for Prosperity initiative across remote areas of Kenya to ensure the clean power generation through wind-diesel technology.

US hybrid power solutions market

US hybrid power solutions market has witnessed the cumulative capacity generation of 900MW by 2024. Schemes including FIT, carbon credit, and green bonds have provided an impetus toward the installation of wind-solar plants, which will further complement the hybrid power solutions market hybrid power solutions market outlook.

Hybrid Power Solutions Market

Ambitious renewable energy capacity addition targets coupled with the abundant availability of solar and wind energy will drive the hybrid solar wind market growth.

Technological advancement along with introduction of norms to reduce carbon footprints will stimulate the business growth.

In 2017, Vestas announced the development of world’s largest utility-scale solar-wind project comprising of 43.2MW of wind and 15MW of solar capacity.  

Standalone hybrid power solutions market is set to grow on account of rising demand for reliable and safe electricity supply primarily across remote off-grid areas.

In 2017, Juhl Energy announced the development of a community based solar-wind hybrid project in US with an overall capacity of 4.5MW.

Growing demand for renewable energy, the need for improving grid reliability and stability, and low installation costs are some of the prominent features that make its adoption viable. 

US hybrid power solutions market size, by end-use, 2017 & 2024 (MW)

UK hybrid power solutions market

UK hybrid power solutions market is predicted to grow over 5% by 2024. Government focus toward raising the dependency on sustainable and effective power generation to achieve green energy economy structure will positively impact the hybrid power solutions market growth. 

Developers across the region are working aggressively toward the enhancement of CUF for their existing power plants.

China hybrid power solutions market is anticipated to grow over 3% by 2024. Growing funding toward the deployment of clean energy sources to reduce carbon footprints along with introduction of various targets to overcome the rising electricity demand will embellish the industry growth.

In 2015, the government of China introduced a solar wind system, with an overall capacity of 300MW that aims to meet the electricity demand by serving 2,000 people across the country.

Declining manufacturing costs of wind turbines, wind blades and solar panels owing to advancement of technology and economy of scale will drive the hybrid power solutions market.

To access the report click here

Article provided by Prajakta Khandagale | SEO Analyst

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