Distributed generation refers to small-scale power generation technologies installed close to the end-users of the power, as opposed to large, centralized power plants. Distributed generation utilizes renewable energy resources like solar and wind to generate electricity at or near the location where it is used. Adoption of distributed generation technologies can help homes and businesses meet their electricity needs in a more sustainable and cost-effective manner.
The global Distributed Generation Market is estimated to be valued at US$ 270.46 Bn in 2023 and is expected to exhibit a CAGR of 10% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The increasing focus on utilizing renewable energy resources like solar and wind is a major driver accelerating the growth of distributed generation market. Many regions have abundant solar and wind resources that can be harnessed for power generation using distributed generation systems. This eliminates the need for investment in transmission infrastructure for transmitting power over long distances from centralized power plants. Rapid declines in the costs of renewable energy technologies like solar PV modules and wind turbines is also boosting the adoption of distributed generation solutions globally. Widespread deployment of distributed generation helps reduce greenhouse gas emissions and dependence on fossil fuels for meeting energy needs.
Segment Analysis
The global distributed generation market is dominated by the rooftop solar photovoltaic (PV) systems segment. Rooftop solar PV systems provide an economical and sustainable option for distributed power generation. The declining costs of solar PV modules and supportive government policies promoting solar energy adoption have led to significant growth of the rooftop solar PV segment. Rooftop solar installations help reduce utility bills and carbon footprint, thereby gaining widespread acceptance among commercial and residential consumers.
Key Takeaways
The global Distributed Generation Market Demand is expected to witness high growth.
Regional Analysis: The Asia Pacific region is currently the fastest growing regional market for distributed generation. The rapid industrialization and urbanization along with supportive government policies promoting renewable energy sources in countries like China and India are driving the growth of distributed generation systems such as solar PV in the Asia Pacific region.
Key players operating in the distributed generation market are Adaptivation, Inc., AbleNet, Inc., Amedia Corporation, Access Ingenuity, LVI Low Vision International, American Thermoform, Cambium Learning, Dolphin Computer Access Ltd., HumanWare Group, ViewPlus, and VFO. The distributed generation market size for 2024 is US$ 270.46 Bn . The market is forecast to grow at a CAGR of 10% during the forecast period of 2023 to 2030.
Explore more related article on this topic: https://www.ukwebwire.com/the-distributed-generation-market-is-driven-by-increased-demand/
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