EMERGENCE OF HYBRID RENEWABLE ENERGY SYSTEMS
Solar power – clean, reliable, and increasingly affordable – is experiencing remarkable growth and popularity across the globe. Various factors such as technological advancements, reduction in power generation costs, development in installation methodologies are attracting investors into the solar energy market.
The development of solar capacities would be split between utility scale and rooftop installations. From 2015 to 2019, the four geographies of US, EU, India and China will add nearly 105 GW of rooftop solar capacity, as compared to 120 GW in utility scale. Also, the ramp up of solar & wind capacities will represent a combined investment opportunity.
Hybrid renewable energy systems are becoming popular in power generation applications due to advances in renewable energy technologies and subsequent rise in prices of petroleum products. For example, global wind technology majors like Gamesa and Suzlon are entering solar market in emerging geographies like India with EPC services, levering experience in building large scale plants. Hybrid renewable energy systems leverage synergies between the two renewable sources to benefit the producer and consumer alike.
This report gives an overview of how solar power is emerging as a popular alternate to other sources in the field of renewable energy. Various aspects of hybrid renewable energy systems are specifically reviewed in this report. Future trends as well as opportunities for hybrid renewable energy systems are also presented in the report. The information in this report is of general interest to understand the strengths and weaknesses and hence to have a better grasp of the benefits available from hybrid renewable energy systems.