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Hybrid Power Solutions market share forecast to witness considerable growth from 2018 to 2024: Global Market Insights, Inc. The U.S. hybrid power solutions market share will witness rapid growth owing to shifting focus toward clean energy along with energy conservation measures. Enhancement of capacity utilization factor by introducing innovative technologies for renewable systems will further augment the industry growth. In 2015, Grand Ridge Energy storage project commenced its operation across the U.S. with overall capacity of 232.5 MW. The project is owned by Invenergy and is situated at Grand Ridge Energy Centre, which accounts for 210 MW of wind, 21 MW of solar and an energy storage unit of 1.5 MW. Hybrid Power Solutions Market size will grow on account of rising demand for off grid electricity. Introduction of stringent government norms to reduce greenhouse gas emissions coupled with measures toward energy conservation will complement the business outlook. The European Union has introduced a Renewable Energy Directive (Directive 2009/28/EC) with the target of consuming 20% energy from renewable sources by 2020.

Favorable initiatives and incentive schemes with an aim to promote renewable energy will propel the hybrid power solutions market size. Regulators across the globe have implemented favorable policies including feed-in-tariffs, leverage schemes and subsidies to promote the deployment of clean energy sources. Government of India has announced a subsidy of One Lakh per kW to encourage hybrid wind-solar generation. As per the incentive, community users have to use 10% of annual budget for R&D purpose. Ongoing electrification program along with increasing focus toward decentralized generation will fuel the hybrid power solutions market. Increasing hybrid power generation across off-grid sites, reduced O&M cost reliable power generation with minimized fuel and reduction in carbon emissions are the factors that will propel the product penetration. Increasing demand for ecofriendly technology along with decreasing component cost primarily for solar and wind will drive the hybrid power solutions market. The industry has witnessed a steep growth in the demand for hybrid systems on account of renewable integration targets followed by 195 countries in line with UN Climate Change Conference in 2015.

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Hybrid Power Solutions Market Size, Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, Russia, UK, Germany, France, Italy, China, India, Japan, Indonesia, South Korea, South Africa, Brazil) Application Potential, Price Trends, Competitive Market Share & Forecast, 2018 – 2024 https://www.gminsights.com/industry-analysis/hybrid-power-solutions-market Government focus to achieve green energy structure coupled with increasing construction of zero emission buildings will boost the UK hybrid power solutions market. Developers across the region are evolving up with innovative approach of converting their existing RE park with hybrid technology. In 2015, Ecotricity announced the establishment of a new solar PV module installation to their existing wind energy plant with a total capacity of 15 MW. Notable participants in hybrid power solutions market include SMA solar, Huawei, Siemens, ZTE Corporation, Flexenclosure, Heliocentris Energy Solutions, Unitron, ReGen Powertech, Polar Power, Zenith Power Systems, Grupo Dragon and Alternate Energy.

About Global Market Insights:

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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Arun Hegde Corporate Sales, USA Global Market Insights, Inc. Phone: 1-302-846-7766 Toll Free: 1-888-689-0688 Email: sales@gminsights.com 2|Page


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Hybrid power solutions market forecast to witness phenomenal growth opportunities by 2024  

Notable participants in hybrid power solutions market include SMA solar, Huawei, Siemens, ZTE Corporation, Flexenclosure, Heliocentris Energ...

Hybrid power solutions market forecast to witness phenomenal growth opportunities by 2024  

Notable participants in hybrid power solutions market include SMA solar, Huawei, Siemens, ZTE Corporation, Flexenclosure, Heliocentris Energ...

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