jholrimaHybrid power solutions Market To Witness A High Growth By 2024Hybrid power solutions Market To Witness A High Growth By 2024

1
Global Hybrid power solutions Market to hit 60
Bn by 2024 Global Market Insights Inc.
2
Industry Overview

• Hybrid Power Solutions Market driven by
  Increasing electricity demand in the world to
  surpass USD 60 billion by 2024 and will witness
  34 CAGR during the forecast timespan.
• 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 business 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.

3
Continue

• 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.
• 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.

4
Continue

• 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 business 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.
• 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.

5

Browse Full Market Research Report Of Hybrid
Power Solutions Market _at_ http//bit.ly/2lFH0LV
Request for a Sample of this Research report
_at_ http//bit.ly/2m71ZY1
6
Germany Hybrid Power Solutions Market Size, By
End-Use, 2017 2024 (USD Million)

7
Industry Coverage

8
Continue

• 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 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

9
Stay In Touch Website www.gminsights.com Soci
al Media