Distributed Energy Generation Market Size to Reach $520.5 Billion at a CAGR of 11.1% by 2030
Distributed Energy Generation Market is projected to reach a value of USD 520.5 Billion by 2028 at a CAGR of 11.1% over the forecast period.
The Global Distributed Energy Generation Market was valued at USD 276.8 Billion in 2021 and is projected to reach a value of USD 520.5 Billion by 2028 at a CAGR of 11.1% over the forecast period.
The Distributed Energy Generation (DEG) market refers to the production of electricity from various sources at or near the point of use. This market has been growing rapidly in recent years due to increasing demand for renewable energy sources and concerns about energy security and climate change.
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DEG technologies include solar photovoltaic, wind turbines, fuel cells, microturbines, and combined heat and power (CHP) systems. These technologies can be installed in a range of locations, from residential homes to commercial buildings, and can be used to supplement or replace grid electricity.
Top Companies in Distributed Energy Generation Market
- Vestas (Denmark)
- Capstone Green Energy Corporation (U.S.)
- Caterpillar (U.S.)
- Toyota Tsusho Corporation (Japan)
- Doosan Heavy Industries & Construction (South Korea)
- General Electric (U.S.)
- Rolls-Royce PLC (U.K.)
- Mitsubishi Electric Corporation (Japan)
- Schneider Electric (France)
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Distributed Energy Generation Market Dynamics:
The production of electricity for on-site use is referred to as a "distributed generation system," sometimes known as a "decentralized generation system" or an "on-site generation system." Solar and wind power are used to create environmentally responsible and pollution-free energy. It generally ignores the need for energy transmission from big, centrally located power-producing facilities like coal-fired or nuclear power plants into the electric grid.
Promoting distributed generation has become increasingly critical due to the huge rise in global power demand in commercial, industrial, and residential applications. To reduce and manage centralized power loads, do this. Additionally, the majority of the developing world still needs more electricity sources. This has increased demand for environmentally friendly, distributed electricity generation.
The main drivers of market revenue growth are government laws, greenhouse gas (GHG) emission reduction targets, rising R&D initiatives to create novel technologies, and rising environmental consciousness. Distributed Energy Generation Market systems can produce renewable and non-renewable energy sources, offering a small-scale power generation alternative or complementing conventional electric power infrastructure. Thanks to distributed generation, energy can be produced from various sources, including the wind, the sun, reciprocating engines, turbines, and biomass. Another advantage of distributed generation is that it obviates the need for long-distance power transmission lines by enabling energy production in off-the-grid locations.
It is nearly impossible to produce, transfer, or use energy without significantly impacting the environment; hence, energy and environmental issues are closely linked. Some environmental problems directly related to the production and consumption of energy include air pollution, climate change, water pollution, thermal pollution, and solid waste disposal. Global CO2 emissions from energy combustion and industrial processes recovered in 2021 to reach their highest-ever annual level, according to the International Energy Agency (IEA). This was a 6% increase from 2020 when emissions increased to 36.3 gigatonnes (GT). As consumers grow more conscious of environmental damage, they are transitioning to more environmentally friendly methods of energy generation, especially from renewable energy sources.
The agricultural, industrial, educational, and residential sectors use wind turbines. Wind turbines supply power to processing machinery, heating, lighting, and irrigation pivots in agricultural fields. Market expansion is likely constrained by difficult economic conditions and expanding financial limitations. However, it is anticipated that the primary driver of industry expansion will be escalating environmental concerns.
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What is Distributed Energy Generation?
Distributed Energy Generation (DEG) refers to the production of electricity from multiple small-scale energy sources located at or near the point of use. This is in contrast to centralized power generation, where electricity is produced at large power plants and transmitted over long distances to consumers.
DEG technologies can include a variety of sources, such as solar photovoltaic (PV) panels, wind turbines, microturbines, fuel cells, and combined heat and power (CHP) systems. These sources can be installed in a range of locations, including residential homes, commercial buildings, and industrial facilities.
DEG can offer several benefits, such as increased energy security, reduced carbon emissions, and cost savings. By generating power closer to where it is consumed, DEG can reduce the need for long-distance transmission and distribution lines, which can be costly and vulnerable to disruptions. DEG can also provide backup power during outages and emergencies.
In addition, DEG can help to reduce greenhouse gas emissions and combat climate change by reducing reliance on fossil fuels. Many DEG technologies use renewable energy sources, such as solar and wind, which produce no greenhouse gas emissions during operation.
Distributed Energy Generation Market Challenges
Integration with the existing grid: One of the main challenges of DEG is integrating it with the existing electrical grid. Renewable energy sources such as solar and wind are intermittent, and the grid needs to be able to handle the variability in power output. This requires investments in grid infrastructure and the development of new technologies to manage the flow of energy.
Storage: Energy storage is crucial for balancing the intermittent supply of renewable energy and meeting demand. However, current energy storage technologies, such as batteries, are expensive and have limited capacity. Improvements in storage technology are needed to make DEG more viable.
Cost: While the cost of renewable energy technologies has been declining in recent years, they are still more expensive than fossil fuels in many cases. Government incentives and policies can help make DEG more cost-competitive, but more work needs to be done to reduce costs further.
Regulations: Regulations and policies can have a significant impact on the growth of the DEG market. Some regulations can be barriers to entry for DEG technologies, while others can incentivize their adoption. Clear and consistent policies are needed to create a stable environment for investment and growth.
Public awareness and education: Finally, public awareness and education are essential for the success of DEG. Many people are not familiar with DEG technologies, and there may be misconceptions or misunderstandings about their benefits and limitations. Educating the public about the benefits of DEG can help increase demand and support for these technologies.
- In June 2022, Enrique Razon, a Filipino billionaire, unveiled intentions to partner with a growing number of local businesses to build the largest solar power facility in the world. The plans were made public by the infrastructure investment arm of Enrique Razon.
- In January 2021, The Energy Centre for Distributed Energy Enabled Homes will be unveiled by Schneider Electric 2021. Employing solar electricity, batteries, electric car chargers, and whole-home energy management is becoming more common.
Distributed Energy Generation Market Regional Analysis
In 2021-22, Asia Pacific highest revenue share was 46.9%, owing to governmental subsidies, solar installation regulations, and growing environmental concerns. This growth is ascribed to rising investments in industrialization and urbanization, rising investments in infrastructure development, and rising government programs to promote the deployment of renewable, green, and clean energy sources. Additionally, as industrialization progresses, there is an increased need for a reliable, efficient power supply, boosting the distributed generation market in the Asia Pacific. The Middle East & Africa is predicted to rise rapidly as DEG is more used in industrial applications. The solar PV system business has grown significantly, notably in South Africa, due to the increased need for clean energy, which is likely to fuel the sector in MEA. One of the key causes encouraging many end-use sectors to choose renewable energy sources is the availability of solar and wind energy in MEA nations, notably in Saudi Arabia and Egypt.
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