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. 

Hybrid Power Solutions Market 

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. 

U.S. Hybrid Power Solutions Market Size, By End-Use, 2017 & 2024 (MW) 

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. 

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.

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