Hybrid Solar Wind Market size is expected to reach USD 1.47 billion by 2024, according to a research report by Global Market Insights, Inc.
Decreasing wind and solar component cost associated with increasing clean fuel energy demand will drive the global hybrid solar wind market size. The component manufacturing cost has witnessed a significant price drop since 2012, owing to technological advancement.
Growing demand for reliable electricity coupled with strict government norms to reduce carbon footprints will further compliment the industry outlook. Developed nations led by the U.S. has introduced various initiatives to promote energy conservation and reduce greenhouse emissions.
High initial costs and lack of awareness may restrain industry demand over the next few years. Grid connected hybrid solar wind market size was valued over USD 190 million in 2015 and is predicted to grow at over 10 percent by 2024. Low installation cost, feed in tariff and net metering are some of the advantages offered by grid connected system.
Key insights from the report include:
•U.S. hybrid solar wind market size was valued at USD195 million in 2015 and is estimated to reach over USD 300 million by 2024.Government incentives such as tax rebate and increasing emphasis on renewable energy have encouraged regional industry growth.
•India is set to exceed 30MW in installation by 2024 and is estimated to grow at over 20 percent CAGR during forecast period. Government initiatives toward rural electrification and initiatives to promote sustainable energy will drive the hybrid solar wind market size.
•South Africa hybrid solar wind market share was valued at 6MW, which will translate to over USD 12 million revenue through to the forecast timeline. Nigeria hybrid solar wind market size was 0.17 MW in 2015 and in terms of revenue, is estimated to witness gain over 16 percent from 2016 to 2024. Increasing off grid electricity demand will stimulate industry growth in future.
•Australia hybrid solar wind market size was over 1 MW in 2015 and is expected to reach over 40 MW by 2024.Increasing investment trend in renewable energy may favor the industry growth. In march 2016, Australian government funded USD 1 billion which will provide equity and debt for clean energy technology.
•Chile was valued at over 13 MW and is estimated to grow over 11 percent through, in revenue terms by 2024.
Hybrid Solar Wind market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million and volume in MW from 2013 to 2024.
Browse key industry insights spread across 108 pages with 225 market data tables & 14 figures & charts from the report, “Hybrid Solar Wind Market Size By Product (Standalone, Grid connected), End Use (Residential, Commercial, Industrial), Industry Analysis Report, Regional Outlook (U.S., Canada, U.K, Germany, China, India, Australia, Japan, South Africa, Nigeria, Tanzania, Chile, Brazil), Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024” in detail along with the table of contents.