Tokyo, Feb. 03, 2022 (GLOBE NEWSWIRE) — The global distributed generation market size was valued at US$ 236.4 billion in 2020. The growing demand for the electric energy, rapid industrialization & urbanization of developing regions, increasing focus towards green energy, growing government initiatives to reduce carbon emissions, and rising need for uninterrupted power supply across the industrial and commercial sectors are some of the most prominent factors that drives the growth of the global distributed generation market. The rising number of infrastructural development projects and real estate projects are expected to increase the demand for the distributed generation systems.
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The demand for the distributed generation system is growing because it is cheaper, more efficient, and cost-effective as compared to the traditional systems. The rising pollution levels have resulted in the climate change and various chronic diseases. This is a major reason that encourages the adoption of the clean and renewable sources of energy. The government authorities are offering incentives and subsidies to the industrial and commercial sector participants to adopt the distributed generation technology, which is expected to have a positive and significant effect of the growth of the global distribute generation market.
|Market Size||USD 236.4 Billion in 2020|
|CAGR||11.5% from 2021 to 2030|
|Fastest Growing Region||North America|
|Largest Revenue Holder||Asia Pacific|
|Companies Covered||General Electric, Siemens, Mitsubishi, Schneider, Caterpillar Power Plants, Vestas Wind Systems A/S, Rolls-Royce Power Systems AG, Doosan Fuel Cell America, Toyota Turbine and Systems Inc., Capstone Turbine Corporation|
- Based on the technology, the solar PV is estimated to be the most opportunistic segment. The declining costs of the solar equipment, its rising popularity, and rising government initiatives to encourage the adoption of the solar energy sources is expected to drive the demand for the solar PV segment during the forecast period. Moreover, the incentives and subsidies provided by the government are stimulating the commercial sector to adopt the green and renewable energy sources.
- The fuel cell segment accounted the market share of over 35% in 2020.
- Based on the end user, the commercial & industrial segment accounted for a market share of 70% in 2020 and dominated the global market. This is attributable to the increased adoption of the distributed generation owing to its increased affordability, higher efficiencies, and strict government regulations. This segment is expected to sustain its significance throughout the forecast period owing to the rapid industrialization in the underdeveloped and developing markets across the globe.
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Asia pacific dominated the global distributed generation market. Asia Pacific accounted for a market share of more than 45% in 2020. Asia Pacific is characterized by the increasing government expenditure towards the infrastructural development, rising initiatives to industrialize the region, rapid urbanization, and increasing number of real estate projects. These factors are driving the demand for the distributed generation market in Asia Pacific. Moreover, the government in the emerging nations like India and China are investing in the development of smart cities, which are expected to foster the adoption of the distributed generation systems.
North America is expected to growth at a significant rate during the forecast period. The increased government initiatives to shift towards the renewable energy sources to control the emission greenhouse gases is fueling the market growth. The demand for the wind energy is higher in North America and the solar PV is gaining rapid traction owing to its cheap availability. The government is offering incentives and subsidies to encourage the adoption of the distributed generation across the commercial and residential spaces.
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Rising demand for the clean and green energy
The globe is expected to foresee an increased demand in the upcoming future owing to the increased industrialization and urbanization across the globe. The demand for the efficient and uninterrupted power supply across the industrial and commercial spaces is growing at an exponential pace. Furthermore, the rising concerns regarding the deteriorating environmental concerns due to the carbon emissions has forced the government to implement strict laws regarding the adoption of green and clean energy. This is encouraging the various industrial, commercial, and residential sectors to adopt the distributed generation technologies.
High costs associated with the distributed generation
The small and medium sector enterprises have financial limitations that restricts them to adopt the advanced and expensive distributed generation systems. The low financial capabilities of the SMEs may hamper the market growth during the forecast period.
New and affordable products introduced by the players
The rising investments in the research and development of the new and innovative distributed generation systems by the top market players is expected to boost the demand for the distributed generation technologies. For instance, in June 2019, Ameresco completed its project named 10MW Distributed Energy Security that involved a cost of US$91 million. This system has the capability to withstand seismic and storm conditions.
Regular maintenance and troubleshooting
The adoption of the distributed generation may offer huge advantages but there is a cost associated with the maintenance of the systems. The lack of proper and regular maintenance may result in improper functioning of the distributed generation.
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Segments Covered in the Report
- Fuel Cells
- Wind Turbines
- Combustion Turbines
- Reciprocating Engines
- Solar PV
By End User
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
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