Market Analysis
Market Research Future (MRFR) estimates the global distributed generation market size to hit USD 126.2 Billion at 10.14% CAGR from 2022 to 2027 (forecast period).
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Growing Demand for Clean Energy Generation
Decentralized generation is a technology that is decentralized and reasonably flexible, with one or more power stations situated close to the load. Each power station has a capacity of around 10 megawatts, and these systems can include numerous generation and storage locations. Distributed generation is made up of distributed energy resources, which are often derived from renewable sources. Solar, wind, fuel cells, hydro, biogas, biomass, and geothermal power are all examples of renewable energy sources. Decentralized generation can help offer reliable and clean energy to users while avoiding transmission losses. The current global electricity distribution system is dominated by a centralized system. However, it is expected that there will be significant growth, owing primarily to the developed economies.
Solar panels have become cost-effective, and they are a primary driver of the worldwide distributed generation market's growth. Furthermore, governments around the world are adopting regulations to encourage the use of renewable energy sources, citing benefits such as lower emissions and energy security. According to Global Wind Energy Council estimates, the overall number of wind farms erected globally increased significantly in 2017. The numerous offshore wind farms that are being created significantly contribute to the global market's growth.
Market Segmentation
The worldwide distributed generation market has been segmented based on technology, application, and end-use.
Based on technology, the worldwide distributed generation market has been classified into geothermal, solar, wind, biogas, fuel cells, and others. Solar segment is dominating the market and has the largest market share, mainly due to the less cost involved in setting up the system for both commercial and residential use.
Based on application, the worldwide distributed generation market has been segmented as off-grid and on-grid.
Based on end-use, the worldwide distributed generation market has been segmented into residential, industrial, and commercial segments.
Regional Analysis
Europe to Dominate the Global Market
Europe holds the highest market share. Over 100 geothermal stations have been erected throughout Europe, producing approximately 15 TWh of electrical power in 2016. In 2016, the installed capacity was 2.5 GWe, and it was expected to increase to 3 GWe by 2020.
Key Players
The key players in the global distributed generation market are General Electric Company (US), Ansaldo ENergia (Italy), Bloom Energy (US), Schneider Electric SE (France), Caterpillar Inc. (US), Siemens AG (Germany), Mitsubishi Heavy Industries, Ltd (Japan), Fuel Cell Energy Inc (US), Cummins Inc (US), and Bergey Windpower (US).
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