New York, United States , July 05, 2023 (GLOBE NEWSWIRE) -- The Global Distributed Energy Generation Market Size is to grow from USD 285.24 billion in 2022 to USD 918.07 billion by 2032, at a Compound Annual Growth Rate (CAGR) of 12.4% during the forecast period.
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Distributed energy generation (DEG) refers to the production of electricity from small-scale energy sources located near end-users. It is a decentralized approach that encompasses technologies such as solar PV, wind turbines, biomass, micro-hydro, and fuel cells. DEG offers numerous benefits, including reduced transmission losses, enhanced grid reliability, increased renewable energy adoption, and decreased greenhouse gas emissions. It enables communities, businesses, and individuals to participate in the clean energy transition and fosters a resilient and decentralized energy system. DEG can be integrated into existing infrastructure or operate independently, providing sustainable and localized power generation solutions.
Browse key industry insights spread across 200 pages with 100 Market data tables and figures & charts from the report on, "Global Distributed Energy Generation Market Size, Share, and COVID-19 Impact Analysis, By Technology (Wind Turbine, Solar Photovoltaic, Reciprocating Engines, Fuel Cells, and Gas & Steam Turbine), By End-Use Industry (Residential, Commercial, and Industrial), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2032". Get Detailed Report Description Here:
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The solar photovoltaic segment is expected to grow at a CAGR of around 9.3% during the forecast period.
Based on technology, the global distributed energy generation market is segmented into wind turbine, solar photovoltaic, reciprocating engines, fuel cells, and gas & steam turbine. The solar photovoltaic (PV) segment is poised for significant growth in the forecast period. Several factors contribute to this positive outlook due to solar PV technology has experienced substantial advancements, leading to increased efficiency and reduced costs. This makes solar PV increasingly competitive with conventional energy sources. The governments worldwide are implementing favorable policies and incentives to promote solar PV adoption, including feed-in tariffs, tax credits, and net metering programs. Moreover, rising environmental concerns and the global shift towards renewable energy have driven the demand for solar PV installations. Additionally, advancements in energy storage technologies have addressed intermittency issues, further enhancing the prospects of solar PV.
The industrial segment is expected to grow at a CAGR of around 7.6% during the forecast period.
Based on the end-use industry, the global distributed energy generation market is segmented into residential, commercial, and industrial. The industrial segment is poised for significant growth in the forecast period. The industries have substantial energy demands due to their manufacturing processes, making them a key target for energy optimization and cost reduction. Industrial players are increasingly recognizing the importance of sustainable practices and are seeking ways to reduce their carbon footprint. This drives the adoption of energy-efficient technologies, renewable energy sources, and smart energy management systems. Additionally, governments and regulatory bodies are introducing policies and incentives to promote energy efficiency and decarbonization in the industrial sector. Moreover, technological advancements and innovations in areas such as industrial automation and process optimization are creating opportunities for energy savings and productivity improvements.
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MEA is predicted to grow at a significant CAGR of around 9.1% over the projected period.
Based on region, the Middle East and Africa (MEA) region is projected to experience significant growth during the forecast period. The MEA region possesses vast renewable energy potential, particularly in solar and wind resources. Governments in the region are increasingly adopting supportive policies and regulatory frameworks to encourage renewable energy deployment. Additionally, the rising energy demand, population growth, and expanding economies drive the need for diversified and sustainable energy sources. The declining costs of renewable technologies, coupled with increased investments and partnerships, further fuel the growth of the MEA renewable energy market. These factors position the MEA region as a promising market for renewable energy development and adoption.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Some of the major players in the global distributed energy generation market include Vestas Wind Systems A/S, Capstone Turbine Corp., Caterpillar, Ballard Power Systems Inc., Doosan Heavy Industries & Construction, Rolls-Royce PLC., Suzlon Energy Ltd., General Electric, Siemens, Schneider Electric, ENERCON GmbH, Sharp Corp., First Solar, Mitsubishi Electric Corp., and Toyota Turbine and Systems Inc.
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Market Segment
This study forecasts revenue at global, regional, and country levels from 2022 to 2032. Spherical Insights has segmented the global distributed energy generation market based on the below-mentioned segments:
Distributed Energy Generation Market, By Technology
- Wind Turbine
- Solar Photovoltaic
- Reciprocating Engines
- Fuel Cells
- Gas & Steam Turbine
Distributed Energy Generation Market, By End-Use Industry
- Residential
- Commercial
- Industrial
Distributed Energy Generation Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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