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Distributed Energy Generation Market Size, Share & Industry Analysis By Technology (Solar PV, Wind Turbine, Fuel Cell, Gas Turbine, Others), By Application (Industrial, Residential, Commercial) And Regional Forecast 2023-2030

Region : Global | Report ID: FBI106361 | Status : Ongoing

 

KEY MARKET INSIGHTS

Distributed generation can service a single structure, such as a home or company, or be part of a microgrid such as at a massive industrial complex, military base, or college campus. Solar photovoltaic (PV), Wind are examples of distributed generation technologies that generate electricity at or near the point of usage.


Increased government policies and greenhouse gas (GHG) emission reduction targets drive the growth of distributed energy generation (DEG) market. Furthermore, the benefits of renewable technology, such as energy security, resiliency, and carbon reductions, are also responsible for market growth across the world. Additionally, increased R&D initiatives to develop new technological advancements in solar power generation also likely drive market growth. DEG systems are also less expensive than traditional power generation methods resulting, in the demand for a clean energy source, combined with the cheap cost of the products, which is likely to boost market expansion throughout the forecasted period. These are some of the global market trends in distributed energy generation.



  • According to IEA data, distributed solar PV capacity is expected to expand by more than 250 percent during the projection period, reaching 530 GW by 2024, compared to the preceding six-year period.

  • According to IEA data, renewable power additions are defying Covid-19 and breaking new records, increasing by about 4% globally in 2020, reaching nearly 200 GW, mainly to increased wind and hydropower additions.


The primary factor hindering the market's growth is a reluctance to invest in distributed generating technologies. It takes a lot of money, effort, and time to change and convert from traditional centralized business models to decentralized business models.


The Asia Pacific region is the fastest-growing region for the distributed energy generation market, owing to the increasing use of solar PV rooftops for commercial and residential applications. China is a crucial supplier of raw materials used to manufacture energy generation components. The increased demand for energy due to rising population and rapid urbanization in countries like India, China, Indonesia, and Malaysia is expected to be a significant driver of market expansion. China's essential areas, in particular, cater to a large portion of the country's product demand. China's market is predicted to be driven by the country's rising disposable income levels simultaneously leading the market growth.



  • According to the world bank report, China is the world's second-largest economy, accounting for 16% of global GDP and 24% of global energy demand. China is also the only large economy to grow in electricity demand this year, accounting for 28 percent of global electricity generation.


IMPACT OF COVID-19 ON THE DISTRIBUTED ENERGY GENERATION MARKET


The COVID-19 pandemic has wreaked havoc on the world economy, causing a slew of additional economic disruptions. Due to trade restrictions implemented in various sections of the country, China, as one of the top exporters of DEG goods, has seen a significant drop in its trading sector. As corporations withdraw from new investments and the government reduces subsidies, this will likely impact the market. However, the easing restrictions, growing energy demand, increasing consumer conscience towards green energy are anticipated to help regain the market.


KEY INSIGHTS


The report will cover the following key insights:



  • Recent Advancements in Distributed Energy Generation

  • Key Industry Trends

  • Regulatory Landscape for Distributed Energy Generation

  • Key Industry Developments (Mergers, Acquisitions, and Partnerships)

  • Impact of COVID-19 on the Market


ANALYSIS BY TECHNOLOGY


Based on the technology global market is segmented into solar PV, wind turbine, fuel cell, gas turbine, and others. The fastest-growing form of renewable energy is solar PV technology, which is expected to have the highest CAGR during the projected period. PV modules composed of semiconductor materials are exposed to sun rays, resulting in the generation of an electrical current. Wind turbine technology will increase significantly due to the increasing number of wind turbine installations in China, fueled by lower feed-in tariffs. Fuel cells have several advantages over other technologies. Fuel cells have higher efficiencies, transform chemical energy into fuel, and have lower emissions. They can achieve efficiencies of up to 60% and have reduced emissions.


ANALYSIS BY APPLICATION


Based on the application, the global market is segmented into industrial, commercial, and residential. Low product installation costs and easy access to the commercial and industrial applications are accounted for the most significant market share over the forecast period. Furthermore, governments across the globe are pursuing laws to boost the use of renewable technology in these applications since they offer greater efficiency, energy security, pollution reduction, and resiliency than traditional electricity production methods. Over the projected period, demand for DEG systems is expected to be driven by the increased adoption of solar photovoltaic units for power generation due to their ability to offer quality and clean power. Large-scale solar PV systems are excellent for heavy industrial applications, while small- to medium-scale systems meet energy demands in commercial settings.


REGIONAL ANALYSIS


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North America is expected to contribute significantly during the forecast period. Rising environmental concerns, government incentives, and policies for solar installation are projected to be significant market drivers. In addition, technological advancements that have resulted in lower solar panel production costs and increased efficiency have contributed to the expansion of the North American distributed power generating market. price


Germany and Italy account for the majority of product demand in Europe. The regional market for solar PV and wind turbines is predicted to grow significantly as governments establish more renewable energy objectives and implement more supporting policies. The European Commission has set a 40% reduction in GHG emissions by 2030. Fuel cells are another popular CHP technology in Europe. Its advantages over a single-fueled generator, as well as its low cost of installation, are driving up demand for CHP systems in a range of applications, including residential buildings, oil and gas production facilities, and other commercial applications.


With the rising acceptance of DEG for industrial applications, the Middle East & Africa Tis predicted to rise rapidly. The market for solar PV systems has been rapidly expanding, particularly in South Africa, due to the increased demand for clean energy, which is likely to fuel the industry in Middle East & Africa. One of the critical causes encouraging many end-use sectors to choose renewable energy sources is solar and wind energy availability in Middle East & Africa nations, particularly in Saudi Arabia and Egypt.


KEY PLAYERS COVERED


The report will include key players such as Schneider Electric, Siemens, Mitsubishi, GE, Caterpillar Power Plants, Vestas Wind Systems A/S, Doosan Fuel Cell America, Rolls-Royce Power Systems AG, Capstone Turbine Corporation, and Toyota Turbine and Systems Inc.


SEGMENTATION
















By Technology



By Application



By Geography




  • Solar PV

  • Wind Turbine

  • Fuel Cell

  • Gas Turbine

  • Others




  • Industrial

  • Residential

  • Commercial




  • North America (US and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Russia, and Rest of Europe)

  • Asia Pacific (China, Australia, India,

  • Southeast Asia, and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East and Africa (South Africa, GCC, and Rest of Middle East and Africa)



KEY INDUSTRY DEVELOPMENTS



  • In July 2021, Rolls-Royce announced that it would be the corporate and employer brand and added that the MTU brand would be reinforced as the sole product and solution brand. The 'MTU Onsite Energy' trademark for distributed power supply systems will be phased out and absorbed into the MTU brand on a product level.

  • In January 2021, Schneider Electric unveils the Energy Center for Distributed-Energy-Enabled Homes. Solar, batteries, electric vehicle chargers, and whole-home energy management are becoming more mainstream.


  • Ongoing
  • 2021
  • 2018-2020

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