The global distributed energy generation market is forecasted to reach $919.6 billion by 2030, growing at a CAGR of 14.2% from 2021 to 2030. Distributed energy generation (DEG) systems generate electricity at or near where it will be used, such as solar panels and combined heat and power. Distributed energy generation can power a single structure, such as a home or company, or it can be part of a micro grid system, such as at a big industrial complex, military base, or university campus. Distributed energy generating can help support the delivery of clean, reliable power to more consumers and reduce electricity losses along transmission and distribution lines when connected to the electric utility’s lower voltage distribution lines.
Increase in government regulations and targets for reducing greenhouse gas (GHG) emissions boost the growth of the distributed energy generation market during the forecast period. Several states and municipal governments are developing policies to encourage increased deployment of renewable technology due to the obvious benefits of renewable technologies, such as energy security, resiliency, and carbon reductions. Increased R&D initiatives for the development of new technologies are also likely to drive distributed energy generation market growth. Moreover, traditional power generation techniques are expensive when compared with DEG systems. As a result, the demand for a clean source of energy, combined with the cheap cost of the products, is likely to boost market expansion during the forecast period.
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The distributed energy generation market is segmented on the basis of technology, end-use industry, and region. By technology, the distributed energy generation market is segmented into micro-turbines, combustion turbines, micro-hydropower, reciprocating engines, fuel cells, wind turbines, solar PV and others. The fuel cells segment accounted for the largest share in 2020, while the solar PV segment is projected to grow at the highest CAGR of 18.1%.
By end-use industry of distributed energy generation, the market is divided into residential, commercial and industrial. The industrial segment accounted for the largest distributed energy generation market share in 2020, while the commercial segment is projected to be the fastest growing segment at a CAGR of 15.7%.
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Region wise, the market is studied across North America, Europe, Asia-Pacific, and LAMEA. Asia-Pacific region accounted for the largest share of the market in 2020 as well as was the fastest growing region.
The distributed energy generation market is consolidated in nature with a few players, such as Siemens, General Electric, Mitsubishi, Schneider, Caterpillar Power Plants, Doosan Fuel Cell America, Vestas Wind Systems A/S, Rolls-Royce Power Systems AG, Toyota Turbine and Systems Inc. and Capstone Turbine Corporation, which holds significant share of the market. These players have been adopting various strategies to gain higher share or to retain leading positions in the market.
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Impact Of Covid-19 On The Global Distributed Energy Generation Market:
- The outbreak of the Covid-19 pandemic led to shutdown of several industries across the globe, which in turn, caused disruptions in raw material procurement and price volatility.
- Demand for the product was also hindered as there was no development due to the lockdown. This factor hampered the growth of the industry, especially in the initial phase.
- Nevertheless, the global situation is getting ameliorated at a slow & steady pace, and the market is expected to revive soon.
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