Hybrid Power Solutions Market by Global Trends, Opportunities and Industry Forecast To 2024
Selbyville, Delaware, United States, November 4 2020 (Wiredrelease) Global Market Insights, Inc –:U.S. hybrid power solutions market is projected to surpass the cumulative capacity of 900 MW by 2024. Increasing awareness 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.
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.
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Rising demand for clean fuel off grid electricity along with favorable regulatory measures to supply electricity to remote areas will foster the hybrid solar-wind 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.
China hybrid power solutions market will grow over 3% by 2024. Introduction of targets to overcome the growing electricity demand along with government measures toward installation of renewable energy systems will positively impact the industry growth. Economies of scale and technology advancement resulting in significant decline in component cost for renewable power generation stations will further stimulate the industry outlook.
Hybrid Power Solutions Market share is predicted to surpass 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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Eminent players serving the hybrid power solutions market includes Tesla Windlab, General Electric, Blue Pacific Solar, Gamesa Wartsila, Unitron Energy, Polar Power, Zenith Power Systems, Star Sight, VONK, Vestas, Grupo Dragon, Danvest, Alpha Windmills, BWSC, A123 systems, FlexGen, and Sterling & Wilson.
Table of Contents (ToC) of the report:
Chapter 3 Hybrid Power Solutions Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2013 – 2024
3.3 Industry ecosystem analysis
3.3.1 Vendor matrix
3.4 Innovation & sustainability
3.4.1 General Electric
3.4.2 Enel Green Power
3.4.3 Genesys LLC
3.5 Regulatory landscape
3.5.1 Asia Pacific
3.5.2 North America
3.5.4 Middle East & Africa
184.108.40.206 South Africa
3.5.5 Latin America
3.6 Industry impact forces
3.6.1 Growth drivers
220.127.116.11 Growing electricity demand
18.104.22.168 Favorable government initiatives
22.214.171.124 Increasing off-grid electricity demand
126.96.36.199 Growing investments in rural electrification
188.8.131.52 Increasing demand for clean energy
184.108.40.206.1 Renewable Energy Targets
3.6.2 Industry pitfalls and challenges
220.127.116.11 High initial investment
18.104.22.168 Lack of awareness
3.7 Price trend analysis, by component
3.7.1 Solar Module
3.7.3 Small Wind Turbine
3.8 Growth potential analysis
3.9 Porter’s Analysis
3.10 Competitive landscape, 2017
3.10.1 Strategy dashboard
22.214.171.124 Siemens AG
126.96.36.199.2 Strategic business initiatives and projects
188.8.131.52.2 Strategic business initiatives and projects
3.11 PESTEL Analysis
Chapter 4 Hybrid Power Solutions Market, By Product
4.1 Hybrid power solutions market share by product, 2017 & 2024
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
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