A concise summary of the hybrid solar wind energy storage market: India set to markedly influence the growth trajectory of the global industry over 2017-2024
Publisher : Fractovia | Published Date : 2018-03-21Request Sample
Owing to an overwhelming surge in the understanding of the correlation between energy utilization and environmental outcomes, hybrid solar wind energy storage market has been witnessing a rather commendable growth over the recent years. In order to enhance the accessibility of electricity generated through renewable energy, prominent market players have been proactive in deploying extensive efforts across myriad geographies. This has emerged as one of the most pivotal factors to have contributed enormously toward expanding the hybrid solar wind energy storage industry share in the recent times.
U.S. Hybrid Solar Wind Energy Storage Market Size, By End Use, 2016 & 2024 (MW)
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.
A brief overview of the hybrid solar wind energy storage industry trends in India: Bold government initiatives and an ambitious quest to reach energy targets
With the energy domain of India anticipated to become renewable intensive in the immediate future, analysts expect the hybrid solar wind energy storage industry to gain an exceptional momentum in the nation.
According to NITI Aayog, the foremost policy think-tank of the Indian Government, the energy mix of India is likely to witness a sea change of sorts by 2040, with almost 50 percent of the electricity slated to be generated by solar and wind energy sources. Understandably, this would require a highly flexible energy infrastructure to operationalize various projects that are being built in the nation. Enumerated below are a few major instances which indicate the future growth trajectory of India hybrid solar wind energy storage market:
- With an objective to provide a robust framework to guide the hybrid solar wind energy storage industry growth, the Indian Government has drafted a thorough National Wind-Solar Hybrid Policy in 2016. The scheme primarily aims to promote efficient and optimal utilization of land and transmission infrastructure across the nation. This would reduce the inconsistency in renewable power generation domain and thereby enhance the grid stability. Consequentially, the amalgamation of these two technologies and the implementation of the latest framework would boost the growth dynamics of hybrid solar wind energy storage market in India in the ensuing years.
- Given the fact that India has set a grand target of achieving 175 GW of clean energy capacity by March 2022, the Ministry of New and Renewable Energy has recently announced a mammoth 100 GW of wind and solar contracts. Reportedly, the announcement has come in the backdrop of the long-pending demand from renewable industry to formulate a clean energy road map. Out of these contracts, which are slated to be awarded by 2020, a massive portion of about 10 GW is expected to be generated by the projects to be installed by hybrid solar wind energy storage market stakeholders.
- In order to meet its renewable power generation goals, the Ministry of New and Renewable Energy of India has planned to construct a pathbreaking hybrid solar-wind energy project. Boasting of a total power generation capacity of 160 MW, the mega project would be constructed over an area of 1000 acres and is touted to be the world’s largest facility by the hybrid solar wind energy storage industry experts. With the initial investment of around USD 155 million, the project is slated to further receive additional funds by World Bank. To ensure that it remains operational even during night time, the facility is likely to be equipped with a unique battery storage system. Apparently, it is quite undeniable that the successful operationalization of such groundbreaking initiatives would foster the hybrid solar wind energy storage industry expansion.
With the rising inclination toward realizing sustainable development, various governments across the globe have been investing heavily in harnessing the prowess of renewable energy sources. This has been an instrumental factor to propel the hybrid solar wind energy storage market share, which surpassed the billion-dollar frontier in 2016, as per reliable estimates. Subject to the rapid pace of technological innovations and the quest to achieve the goal of green economy, the hybrid solar wind energy storage industry is bound to traverse an exceptionally lucrative path over the forecast time frame.
