WASHINGTON, Feb. 17, 2023 (GLOBE NEWSWIRE) -- The Global Distributed Energy Generation Market is 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 (Compound Annual Growth Rate) of 11.1% over the forecast period 2022-2028.
Market Overview
The market is fueled by growing government regulations, environmental awareness, and efforts to reduce greenhouse gas (GHG) emissions. Increased R&D efforts to develop innovative technology will also encourage market expansion.
We forecast that the commercial category in Distributed Energy Generation market sales will account for more than 20% of total sales by 2028 due to inexpensive product installation costs and simple utility area access. Additionally, governments worldwide are pursuing legislation to expand the use of renewable technologies in these applications because they offer greater efficiency, energy security, emission reduction, and resilience than traditional means of generating electricity.
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Market Dynamics
Increased Off-grid Locations will Encourage Market Expansion
In off-grid locations, grid-connected electricity is either rare or nonexistent. In these places, backup energy sources like solar energy are utilized. Nearly every continent has sizable off-grid areas that lack access to grid-connected energy. As a result, the proliferation of off-grid communities globally is opening up the attractive potential for expanding the Distributed Energy Generation market.
Investment in R&D will Rise to Support Market Expansion
Major nations investing heavily in fuel cell technology and improvements include the UK, the U.S., Germany, Japan, and China. The creation and improvement of fuel cell-powered cars are the primary focus areas for research and development efforts worldwide, opening new market prospects. However, there has been considerable growth in research and development for utilities, unmanned aerial vehicles (UAVs) for the defense industry, and mobile power-producing units. Due to the increased emphasis that governments worldwide are placing on using sustainable energy sources, there has been a rise in total investments in the use of fuel cells to create electricity. As a result, the rise in investments accelerates the market for Distributed Energy Generation's present and near-term growth.
Top Players in the Global Distributed Energy Generation Market
- Vestas, (Denmark)
- Caterpillar (US)
- Capstone Green Energy Corporation (US)
- Doosan Heavy Industries & Construction (South Korea)
- Toyota Tsusho Corporation (Japan)
- Rolls-Royce PLC (UK)
- General Electric (US)
- Mitsubishi Electric Corporation (Japan)
- Schneider Electric (France)
- Siemens (Germany)
For Additional Information on Distributed Energy Generation Market Players and Detail List, Download a Report PDF Brochure
Distributed Energy Generation Market Growth & Trends
Distributed energy generation, also known as decentralized energy, is a growing market trend in the energy sector. It involves the production of energy from small-scale, on-site sources, such as solar panels, wind turbines, and fuel cells, that are located close to the point of consumption. Here are some of the growth and trends in the distributed energy generation market:
- Increased demand for renewable energy sources: With concerns about climate change and environmental sustainability, there is a growing demand for renewable energy sources. Distributed energy generation using solar, wind, and other renewable sources is becoming more popular as a way to meet this demand.
- Advancements in technology: Technological advancements have made it easier and more cost-effective to produce energy from renewable sources. For example, solar panel and battery technology have improved significantly in recent years, making it more feasible for businesses and homeowners to install and use them.
- Government incentives: Many governments around the world are offering incentives to promote the adoption of distributed energy generation. These incentives can include tax credits, subsidies, and rebates for the installation of renewable energy systems.
- Growing adoption in developing countries: Distributed energy generation is becoming increasingly popular in developing countries, where there is a lack of reliable and affordable grid power. This trend is expected to continue as more people in these countries gain access to the technology and the costs continue to decrease.
- Shift towards decentralization: There is a growing trend towards decentralization in many areas of society, and the energy sector is no exception. Distributed energy generation allows for greater control and flexibility in energy production, which is appealing to many businesses and consumers.
Overall, the distributed energy generation market is expected to continue growing in the coming years as more people and businesses adopt renewable energy sources and governments provide incentives to promote their use.
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Recent Developments in the Global Distributed Energy Generation Market
- 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.
Top Trends in Global Distributed Energy Generation Market
- One trend that Vantage Market Research (VMR) expects to see in the Distributed Energy Generation industry is a rise in government initiatives and goals for reducing greenhouse gas (GHG) emissions. Many states and local governments are creating policies to support the further deployment of renewable technologies because of their benefits, including energy security, resilience, and carbon reductions.
- Another trend that VMR predicts will continue in the Distributed Energy Generation industry is increasing spending on creating cutting-edge technologies. Through on-site energy generation and load management, distributed energy systems offer considerable opportunities for building owners and users to save costs, increase dependability, and secure revenue.
Browse Market Data Tables and Figures spread through 147 Pages and in-depth TOC on Distributed Energy Generation Market Forecast Report (2022-2028).
Top Report Findings
- Based on Technology, most of the Distributed Energy Generation market's revenue is controlled by the fuel cells category. Compared to other technologies, fuel cells provide many advantages. Higher efficiency, the conversion of chemical energy into fuel, and lesser pollutants are all benefits of fuel cells. They have lower emissions and can achieve efficiencies of up to 60%.
- Based on the End User Industries, most of the Distributed Energy Generation market's revenue is controlled by the Commercial category. Governments worldwide are creating legislation to promote renewable technologies in these applications because they offer greater efficiency, pollution reduction, and robustness than conventional energy production methods.
Fuel Cells Category in Distributed Energy Generation Market to Generate a Substantial Revenue in the near Future
Vantage Market Research has analyzed the market for Distributed Energy Generation to understand its current state and potential future growth factors. For better understanding, based on the technology, the Distributed Energy Generation market is divided into micro-turbines, combustion turbines, micro-hydropower, reciprocating engines, fuel cells, wind turbines, solar PV, and others.
During the forecast period, the market for Distributed Energy Generation is anticipated to experience the highest CAGR for the fuel cells category. Fuel cells provide several benefits compared to conventional combustion-based technologies already used in many power plants. In addition, fuel cells operate more effectively and have direct conversion rates of over 60% from the chemical energy in fuel to electrical energy. Fuel cells produce minimal to no pollution compared to combustion engines because they are silent and have few moving parts.
On the other hand, the solar PV category is anticipated to grow significantly. In this technology, semiconductor-based PV modules are exposed to sunlight, which generates an electrical current. Due to the increased installation of wind turbines in China, fueled by lower feed-in tariffs, wind turbine technology will substantially grow.
Asia Pacific Region in Distributed Energy Generation Market to Generate the most of the Global Revenue
The Asia Pacific dominates the market throughout the projection period. The increased need for energy caused by the rising population and rapid urbanization in countries like India, China, Indonesia, and Malaysia is anticipated to be the primary driver of market expansion.
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Global Distributed Energy Generation Market Segmentation
By Technology
- Micro-turbines
- Combustion Turbines
- Micro-hydropower
- Reciprocating Engines
- Fuel Cells
- Wind Turbines
- Solar PV
- Other Technologies
By End User Industries
- Residential
- Commercial
- Industrial
By Region
- North America
- United States
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- South-East Asia
- Rest of Asia Pacific
- Latin America
- Brazil
- Argentina
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of MEA
Scope of the Report:
| Report Attributes | Details |
| Market Size in 2021 | USD 276.8 Billion |
| Revenue Forecast by 2028 | USD 520.5 Billion |
| CAGR | 11.1% from 2022 to 2028 |
| Base Year | 2021 |
| Forecast Year | 2022 to 2028 |
| Key Players | Vestas, Caterpillar, Capstone Green Energy Corporation, Doosan Heavy Industries & Construction, Toyota Tsusho Corporation, Rolls-Royce PLC, General Electric, Mitsubishi Electric Corporation, Schneider Electric, Siemens |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
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