Hybrid Solar Wind Market size is expected to reach $1.47 billion by 2024, according to a new 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. have 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 at more than $190 million in 2015 and is predicted to grow at more than 10 percent by 2024. Low installation cost, feed in tariff and net metering are some of the advantages offered by a grid-connected system.
Key insights from the report include:
• U.S. hybrid solar wind market size is estimated to reach more than $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 30 MW in installation by 2024 and is estimated to grow at more than 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 6 MW, which will translate to more than $12 million in 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 gains of more than 16 percent from 2016 to 2024. Increasing off-grid electricity demand will stimulate industry growth in future.
• Australia hybrid solar wind market size was more than 1 MW in 2015 and is expected to reach more than 40 MW by 2024. Increasing investment trend in renewable energy may favor the industry growth. In March 2016, Australian government funded $1 billion, which will provide equity and debt for clean energy technology.
Source: Global Market Insights, Inc.
For more information, go to www.gminsights.com