Global hybrid wind and solar energy storage will reach $1.5 billion by 2024

According to a recent research report by Global Market Insights, Inc.
, the hybrid solar wind energy storage market will reach $1.
5 billion
by 2024.

The government's requirement to deploy clean energy systems in commercial establishments will drive the growth of the hybrid solar wind energy storage market
.
In addition, upgrading the service sector in urban areas to achieve energy efficiency will further strengthen the industry landscape
.
The EU set the EU's "20-20-20" climate and energy target in 2014, which aims to increase the share of renewable energy in the overall energy mix by 20% by 2020, thereby reducing greenhouse gas emissions by 20%.

The government hopes that achieving a green energy economy by increasing reliance on sustainable and efficient sources of electricity generation will activate the UK hybrid solar wind energy storage market
.
Developers across the country are actively working to improve CUF's existing renewable energy system, which can positively
impact the business outlook.
In 2015, Ecotricity announced the construction of a new 15 MW solar PV installation
for its existing wind farms.

Environmental problems are becoming increasingly serious, and the introduction of national renewable energy development targets by various governments will promote the development of
hybrid solar wind energy storage market.
Favorable government policies and subsidies to promote the deployment of clean energy systems will stimulate product demand
.
For example, according to the 2015 United Nations Climate Change Conference, 195 countries adhered to the goal of integrating renewable energy, resulting in a sharp increase
in the adoption of hybrid technologies.

Advancements in high-end technology coupled with the introduction of norms to reduce carbon footprint will stimulate the Australian market
.
In 2017, Vestas unveiled the world's first utility-scale project with the potential to generate and store energy, including 43.
2 MW of wind, 15 MW of solar and 2 MW of battery storage
.

By 2024, the U.
S.
hybrid solar wind energy storage market will grow by more than
4%.
Increasing demand for electricity, mainly in residential and commercial establishments, and growing awareness about adopting clean energy systems will further drive the industry growth
.
For example, in 2017, GE partnered with Juhl Energy to build a 4.
6MW community hybrid project involving solar and wind technologies
in rural Minnesota.

Current government measures in network metering, FIT and carbon credits will drive the grid-connected hybrid solar wind storage market
.
The growing focus on continuous and reliable power supply to efficiently perform daily business operations will further drive the industry growth
.

The Indian market is expected to witness strong growth
over the forecast timeframe.
The introduction of specific specifications for hybrid energy will greatly increase the speed of installation
.
In 2016, India became the first country to develop a draft National Wind-Solar Hybrid Policy, with a target of 10 GW of hybrid power plants
by 2022.