Covina, Sept. 05, 2024 (GLOBE NEWSWIRE) -- Prophecy Market Insights forecasts that the global market size for distributed energy generation will grow from USD 403 Billion in 2024 to USD 1412.41 Billion by 2034, driven by a compound annual growth rate (CAGR) of 14.8% throughout the forecast period.
Distributed Energy Generation Market Report Overview
Distributed energy generation refers to producing electricity from various small-scale, decentralized sources located close to where the energy is used, rather than relying on a centralized power grid. This approach includes renewable energy sources like solar panels, wind turbines, and small natural gas generators.
Distributed energy generation systems are designed to supply power to homes, businesses, and local communities, offering a more flexible and resilient energy solution. The rising need for sustainable energy and grid independence drives the adoption of DEG systems worldwide.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of Market
Competitive Landscape:
The Distributed Energy Generation Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Siemens AG
- General Electric (GE)
- Schneider Electric
- Tesla, Inc.
- Enel Green Power
- EDF Renewables
- ABB Ltd.
- Caterpillar Inc.
- Honeywell International Inc.
- Cummins Inc.
- Bloom Energy
- Mitsubishi Electric Corporation
- Vestas Wind Systems A/S
- Ørsted A/S
- Eaton Corporation
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Analyst View:
The global push for cleaner energy sources, coupled with stringent government policies to reduce carbon emissions, is significantly driving the adoption of distributed energy generation systems, especially solar and wind-based installations.
Market Dynamics:
Drivers:
Energy Security and Grid Independence
- Increasing concerns over power outages and grid instability are prompting businesses and households to adopt distributed energy generation solutions for energy security, enabling them to generate power independently and reduce reliance on the central grid.
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Market Trends:
Energy Storage Integration
- The integration of advanced energy storage solutions with distributed energy generation systems is gaining momentum. Battery storage allows excess energy generated by distributed sources to be stored and used when needed, improving energy reliability and efficiency.
Segmentation:
Distributed Energy Generation Market is segmented based on Technology, Application, Capacity, End-User, and Region.
Technology Insights
- Solar photovoltaic is anticipated to boost the growth for target market as the cost of solar PV technology has dropped significantly in recent years due to technological advancements and increased production, making it more affordable for widespread adoption. This has led to a surge in installations, especially in regions with abundant sunlight.
Application Insights
- On-Grid is anticipated to boost the growth for target market as on grid systems are energy generation setups connected directly to the public electricity grid, allowing excess energy produced to be fed back into the grid and utilized by others.
Capacity Insights
- 100 kW to 1 MW segment is the most dominating and widely used in the target market growth as this segment is particularly popular due to its versatility and suitability for a wide range of applications, including commercial, industrial, and small-scale utility projects.
End-User Insights
- Industrial segment is the most dominating and widely used in the target market growth as this segment holds a significant share due to the high energy demands of industries, which require reliable and cost-effective power sources to ensure uninterrupted operations.
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Recent Development:
- In August 2024, through the expansion of its Virtual Power Plant program, Tesla will make grid services available to all Powerwall battery users in the United States. The program's overall goal is to facilitate the combination of hundreds of various distributed energy resource types, including energy storage systems and panels, as well as grid stability and a reduced need on fossil fuels during periods of high demand.
Regional Insights
- North America: Rising awareness about environmental sustainability and the need to reduce carbon emissions are boosting the adoption of distributed energy systems, especially solar and wind power.
- Europe: Distributed energy solutions are crucial in providing reliable power to remote and rural areas where grid infrastructure is weak or non-existent.
Browse Detail Report on "Distributed Energy Generation Market Size, Share, By Technology (Solar Photovoltaic, Wind Turbines, Combined Heat and Power, and Others), By Application (On-Grid, and Off-Grid), By Capacity (Up to 100 kW, 100 kW to 1 MW, and above 1 MW), By End-User (Industrial, Commercial, and Residential), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/distributed-energy-generation-market-5626
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