NEW YORK, Sept. 17, 2018 (GLOBE NEWSWIRE) -- The global distributed generation market is expected to witness a CAGR of 15.5% and is projected to reach USD 483.1 billion by 2024. Factors such as high cost of utility tariffs, interruption of power supply, and losses incurred during transmission of electricity over long distances have shifted the interest towards distributed generation. Furthermore, financial incentives given by governments for construction of renewable distributed generation facilities is likely to give impetus to the market over the forecast period.
Distributed generation is a form of decentralized generation which incorporates the same technologies as a conventional power plant but at a smaller scale. Distributed generation facilities are used independently or in conjunction with utility grid to supply uninterrupted supply to the consumers. Furthermore, investors and DG companies opt for commercial power purchase agreement (PPA), which is a contract to supply power to an offtaker for a set period of time. Moreover, distributed generation can be used for remote and inaccessible rural areas, which is likely to augment the market growth in developing countries.
Key findings from the report:
- The global distributed generation market is likely to reach USD 483.1 billion by 2024
- The solar PV segment is expected to witness the fastest CAGR over the forecast period. Financial incentives, stringent regulations on carbon emissions, and rising awareness towards pollution caused by conventional sources of energy is likely to augment the growth of this segment during 2018-2024
- Commercial segment is likely to experience the fastest CAGR owing to DG companies opting for power purchase agreements (PPA)
- Asia-Pacific is likely to experience the fastest CAGR over the forecast period. This can be attributed to shortage of electricity in developing countries, and huge demand from energy intensive industries for reliable power supply
- The key players of this market are General Electric; Ameresco; Siemens AG; Schneider Electric; Cummins Inc.; Mitsubishi Heavy Industries, Inc.; AES Distributed Energy; Clarke Energy; ABB; and Wärtsilä among others
Solar PV segment expected to experience the fastest CAGR in 2017
A solar PV based distributed generation system effectively incorporates solar PV equipment, energy storage equipment, monitoring & controlling procedures, active demand management, and the integration of this system with the power distribution system. This setup incurs high installation costs; however the lifetime cost of solar installations is more economic when compared to its non-renewable counterparts. Initiatives taken by nations across the globe to adopt green technologies will propel the market growth over the forecast period. Moreover, financial incentives given by governments in the form of rebates, tax credits, net metering and feed-in-tariffs is likely to augment the growth of this segment.
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Distributed Generation Market – Regional Insight
Asia-Pacific witnessed a high growth rate in 2017, and is likely to continue to be a prominent market for distributed generation over the forecast period. China is likely to witness a significant growth in the market owing to the demand for a reliable power source from energy intensive industries. Moreover, the demand for electricity in rural and remote areas is likely to augment the market growth over the forecast period. North America is projected to witness significant growth during 2018-2024, owing to the presence of key players in the region.
The report segments distributed generation market on the basis of type, application, end use, and region.
By Technology
- Reciprocating Combustion Engines
- Fuel Cells
- Solar Photovoltaic (PV)
- Wind
- Gas Turbines
- Micro Turbines
- Others
By Application
- On-Grid
- Off-Grid
By End-Use
- Industrial
- Commercial
- Residential
Region
- North America
- Europe
- Asia-Pacific (APAC)
- Middle East and Africa (MEA)
- Central and South America
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