Hybrid Solar Wind Market size is expected to reach USD 1.47 billion by 2024

Global Market Insights, Inc. in its latest report has revealed that hybrid Solar Wind market size will reach USD 1.47 billion by 2024.

The research firm notes that 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. As of 2015, over 1 billion people across the globe, i.e. 17% of world population, has no or poor access to reliable electricity.
Strict government norms to reduce the greenhouse gas emission coupled with initiatives toward energy conservation will drive the hybrid solar wind market in future. Favorable initiatives to promote renewable energy will further compliment the industry growth. Financial support, tax rebate and other schemes to promote sustainable energy is also expected to drive hybrid solar wind market size growth during the forecast period.

Grid connected hybrid solar wind market size was valued over USD 190 million in 2015 and is predicted to grow at over 10% by 2024. Low installation cost, feed in tariff and net metering are some of the advantages offered by grid connected system.

Government of India has announced a capital subsidy of one Lakh per kW to encourage the installation of wind–solar systems. These incentives are limited to community users including a minimum 10% of the annual budget allocations to be used for R& D purposes said the research firm. Budget of fifty crores has been allocated under the scheme for the development of the sector.

Decreasing solar and wind component cost coupled with increasing demand for clean fuel energy will further compliment the industry growth. The manufacturing costs of solar panels, wind turbine, wind blades, battery have witnessed a significant price drop since 2012 owing to technological advancement.

According to the report India hybrid solar wind market share will witness substantial gains over 21% in term of Volume over forecast timeframe owing to the government initiatives to promote sustainable renewable energy resources.

MNRE has proposed draft policy to install solar wind system of 10 GW by 2022 which will favor the industry growth. Low cost financing for hybrid solar wind project are also introduced by the financial institution and Indian Renewable Energy Development Agency.