Hybrid Solar Wind Energy Storage Market growth will be driven by increasing demand for reliable and uninterrupted power supply. Growing concerns toward ineffective grid infrastructure along with demand supply mismatch primarily across developing economies will augment the industry landscape. Growing demand for clean energy, deployment of smart grid networks, and the need to ensure reliability and stability of RE systems have led to the adoption of these systems.
Mounting government support with regards to the adoption of renewable energy has majorly propelled hybrid solar wind energy storage market. Regulatory bodies across the globe have set strict deadlines to drastically diminish the amount of greenhouse gases and to create a sustainable environment for the future of the planet. This has resulted in such initiatives like the EU 20-20-20 established in 2014, aimed at reducing greenhouse gases, increasing the renewable energy, and improving energy efficiency, each by 20% by the year 2020. Other regional governments are also catching up quickly on the trend, augmenting hybrid solar wind energy storage market.
A testament to the aforementioned statements is the recent announcement made by General Electric, which has sent waves of anticipation across hybrid solar wind energy storage market. The US-headquartered conglomerate has declared that it plans to install the first-of-its-kind wind-solar hybrid system in Brazil by 2018. Apparently, the renowned firm has inked a collaboration deal with a few local companies to add 1 MW of solar capacity in the South American nation. The firm further aims to supplement its WiSE (Wind integrated Solar Energy) equipments, which utilize the same converter for both solar and wind power generation, with cutting-edge tech competency provided by these firms. Apparently, this instance goes on to demonstrate the paradigm shift that is being brought about by innovation in the hybrid solar wind energy storage market trends.
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Such large-scale projects not only validate the potential of renewable energy generation using hybrid systems but also the importance of energy storage. It thus goes without saying that the growth of hybrid renewable energy industry and hybrid solar wind energy storage market is directly proportional. The combination of two major renewable energies is slated to ensure a reliable and flexible source of energy as compared to standalone solutions. The storage system ensures resilient solution for providing energy even when faced with prolonged cloudy days with low wind speeds.
The U.S. hybrid solar wind energy storage market will witness growth over 4% by 2024. Increasing electricity demand primarily across residential and commercial establishments along with growing awareness towards adoption of clean energy systems will further propel the industry growth. For instance, in 2017 General Electric ventured with Juhl Energy to construct 4.6 MW of community-based hybrid project involving both solar and wind technologies across rural Minnesota. Ongoing government measures in terms of Net metering, FIT and carbon credit will drive the grid connected hybrid solar wind energy storage market. Growing concerns to get continuous and reliable electricity supply to effectively execute the daily business operations will further augment the industry growth.
The trend of encouraging renewable energy deployment has taken a massive upsurge across numerous other geographies. Say for instance, the Clean Energy Regulator of Australia set a Renewable Energy Target for 2020, which the country was confident at surpassing as investments in clean energy soared 150% between 2016 and 2017. The total investment in renewable energy in Australia rose to $9 billion and broke the previous record of $6.2 billion in 2011.
Government mandates toward the deployment of clean energy systems primarily across commercial establishments will drive the hybrid solar wind energy storage market growth. Escalating service industry across urban areas along with aim to achieve energy efficiency will further augment the industry landscape. The European Union in 2014 set up EU “20-20-20” Climate and Energy target with an aim to reduce greenhouse gas emissions to 20% by increasing the share of renewable energy in the overall energy mix by 20% by the end of 2020. As reported in the latest study by Global Market Insights, Inc., Hybrid Solar Wind Energy Storage Market size will exceed USD 1.5 Billion by 2024.