U.S. Hybrid Power Solutions Market to reach cumulative capacity 900 MW by 2024

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Hybrid Power Solutions Market to hit 60bn by
2024 Global Market Insights Inc.
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Industry Overview

• Hybrid Power Solutions Market to exceed USD 60
  Billion by 2024 driven by enhanced power quality
  and security of supply. 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. Favourable initiatives to
  promote renewable energy along with the growing
  demand for decentralized power generation systems
  will augment the business landscape. In 2015, ABB
  and Vestas have introduced Wind for Prosperity
  initiative across remote areas of Kenya to ensure
  the clean power generation through Wind-Diesel
  technology.
• U.S. hybrid power solutions market has witnessed
  the cumulative capacity generation of 900 MW 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. In
  2018, Kauai Island Utility Cooperative (KIUC) has
  announced the deployment of solar storage hybrid
  project which will reduce the utilitys peak
  fossil fuel generation by 55 MW.
• Ambitious renewable energy (RE) capacity addition
  targets coupled with the abundant availability of
  solar and wind energy will drive the hybrid solar
  wind market growth. Technological advancement
  coupled with introduction of norms to reduce
  carbon footprints will stimulate the business
  growth. In 2017, Vestas announced the development
  of worlds largest utility-scale solar-wind
  project comprising of 43.2 MW of wind and 15 MW
  of solar capacity.

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• 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 community based
  solar-wind hybrid project in U.S. with an overall
  capacity of 4.5 MW. 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.
• 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. In 2016, Ecotricity
  announced plans for three new hybrid renewable
  energy parks that will be generating electricity
  with a mix of wind and solar energy with overall
  capacity of 5 MW. The company is approaching 100
  MW generation from solar-wind technology by
  adding green gas mills as a part of new blueprint
  for Britain.

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U.S. Hybrid Power Solutions Market Size, By
End-Use, 2017 2024 (MW)

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Industry Coverage

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• 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
  has introduced a solar wind system, with an
  overall capacity of 300 MW that aims to meet the
  electricity demand by serving 2000 people across
  the region.
• 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. In 2016, the
  average nominal cost for the installation of
  small wind turbine was recorded from 7000 USD/kW
  to 7500 USD/kW. In 2016, the cost of PV module
  has witnessed a decline of 0.5 when compared to
  2013.
• Key industry participants in the hybrid power
  solutions market include Blue Pacific Solar,
  General Electric, Gamesa Wartsila, Zenith Power
  Systems, Polar Power, Unitron Energy, VONK, Star
  Sight, Danvest, Vestas, Alpha Windmills, Grupo
  Dragon, BWSC, FlexGen, A123 systems, Tesla
  Windlab and Sterling Wilson.

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