U.S. Hybrid Power Solutions Market is projected to surpass the cumulative capacity of 900 MW by 2024
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The size of hybrid power solutions market is forecast to value at around USD 60 billion by 2024. Growing focus toward grid integration for renewable sources will stimulate the hybrid power solutions market. Increasing penetration of renewable technologies along with ongoing adoption of sustainable solutions will foster the business landscape. In 2017, Vestas, Tesla and Windlab has initiated the backup support to Clean Energy Finance Corporation for the construction of Kennedy Energy Park which will be capable to generate 60 MW of electricity from hybrid solar wind technology.
Paradigm shift towards decentralized power generation coupled with rising demand for environment friendly technology will complement the hybrid power solutions market share. Introduction of favorable regulatory norms including subsidies, leverage schemes and FIT’s will positively influence the product demand. In 2010, the government of India has initiated the promotion of hybrid power generation by facilitating a subsidy of USD 1,450 per kW to the community users.
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Hybrid power solutions market has garnered a considerably high traction over the past few years, primarily on account of the increasing demand for power generation with minimized fuel and reduced carbon emissions. In the face of the alarming price trends of petroleum products, potential contenders in the global energy landscape have been scrupulously thriving on renewable sources. The increasing popularity of hybrid power solutions market can be largely credited to this fundamental transition. Moreover, lack of grid connectivity across remote belts and the subsequent unreliability in power supply often compel electric utilities to incline toward hybrid power system installation in recent years. The abundant availability of various governmental incentives such as feed-in-tariffs, subsidies, and leverage schemes further complements the business growth.
Growing adoption of sustainable building codes and standards pertaining to energy efficiency along with development of advanced energy solutions for environment friendly buildings will propel the standalone hybrid power solutions market. In addition, the increasing adoption of low cost, smart integrated technologies and energy efficient systems will impact product adoption. In 2017, the U.S. has witnessed the development of community-based hybrid project powered by Juhl energy accounting for a capacity of 4.5 MW.
Rising demand for clean fuel off grid electricity along with favorable regulatory measures to supply electricity to remote areas will foster the hybrid power solutions market. Developers are significantly focusing toward the improvisation of capacity utilization factor along with shifting focus toward raising the dependency on effective and sustainable power generation.
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Europe is claimed to be one of the pioneers of renewable energy and boasts of an enviable pipeline of wind, solar, and hydropower projects. The region also stands to gain significant monetary benefits in hybrid power solutions market as well, primarily augmented by the immense contribution of UK. According to estimates, UK hybrid power solutions market is slated to witness 5% CAGR over 2018-2024. The renewable energy directive 2009/28/EC has undoubtedly triggered new growth opportunities for the business space, with increasing deployment of microgrids, two-way power flows, and digital analytics. Incidentally, this has also prompted leading market giants to commercialize innovative solutions in the regional market that could potentially maintain the grid stability.
U.S. hybrid power solutions market is projected to surpass the cumulative capacity of 900 MW by 2024. Increasing awaren ess toward standalone power generation units primarily for the consumption across residential establishments will foster the industry growth. Advancement in technology coupled with the growing need for uninterrupted power supply will complement the product penetration.
Table Of Content For This Research Report:
Chapter 4 Hybrid Power Solutions Market, By Product
4.1 Hybrid power solutions market share by product, 2017 & 2024
4.2 Standalone
4.2.1 Global market from standalone, 2013 – 2024
4.2.2 Global market from standalone, by region, 2013 – 2024
4.3 Grid connected
4.3.1 Global market from grid connected, 2013 – 2024
4.3.2 Global market from grid connected, by region, 2013 – 2024
Chapter 5 Hybrid Power Solutions Market, By End Use
5.1 Hybrid power solutions market share by end use, 2017 & 2024
5.2 Residential
5.2.1 Global market from residential, 2013 – 2024
5.2.2 Global market from residential, by region, 2013 – 2024
5.3 Commercial
5.3.1 Global market from commercial, 2013 – 2024
5.3.2 Global market from commercial, by region, 2013 – 2024
5.4 Industrial
5.4.1 Global market from industrial, 2013 – 2024
5.4.2 Global market from industrial, by region, 2013 – 2024
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