Decentralized generation is a decentralized and relatively flexible technology, where one or more power stations are located close to the load.
According to Market Research Future (MRFR), the global distributed generation market is expected to achieve 10.21% CAGR from 2018 to 2023 (forecast period). The report outlines the strengths, opportunities, challenges, and future business risks and presents an extensive overview of the global market situation with the effects of COVID-19.
Decentralized generation is a decentralized and moderately flexible technology, with one or more power stations located close to the load. Every power station has an estimated capacity of 10 megawatts and can contain multiple generations and storage points. Distributed Generation Market comprises of distributed energy resources, which usually use renewable sources. Renewable energy resources include wind, solar, fuel cells, hydro, biogas, biomass, and geothermal energy. Decentralized generation can help provide users with reliable and clean energy while mitigating losses during transmission. The current electricity distribution system worldwide is dominated by a centralized system. Nevertheless, it is projected that there will be considerable growth in the global distributed generation market, mainly due to the developed economies.
Solar panels have become cost-efficient and are a crucial driver for the global distributed generation industry's growth. In addition, governments across the globe are developing policies to promote the use of renewable energy sources because of their advantages, including reduced emissions and energy security. As announced by the Global Wind Energy Council, there has been a massive increase in the total wind farms installed globally in 2017. Several offshore wind farms that are being developed make a significant contribution to the global distributed generation market's growth.
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Standalone off-grid systems are becoming increasingly popular with users as it gives them independence from utility service providers. Off-grid systems are usually cheaper for people at remote locations relative to the expense involved in obtaining a utility service. A significant benefit for off-grid users is that they are not prone to blackouts and rising electricity rates. Off-grid systems typically involve judicious use of energy. However, some of its drawbacks are the need for frequent maintenance and troubleshooting. Another big downside to standalone off-grid systems is that excess energy is wasted, while in a grid tied system, all additional energy is sent to the grid.
Market Dynamics
The global Distributed Generation Market Size is anticipated to grow at a high rate during the assessment period, majorly owing to the increasing demand for clean energy generation and renewable energy sources. Governments around the world have established lucrative incentives, rewarding the use of renewable energy sources, which further boosts the development of the global distributed generation industry.
Market Segmentation
The global distributed generation market has been segmented into technology, application, and end-use.
- Based on technology, the global distributed generation market has been classified into geothermal, solar, wind, biogas, fuel cells, and others. The solar segment is the industry leader and has the highest market share, primarily due to the lower costs involved in setting up a system for both commercial and residential use.
- Based on the application, the global distributed generation market has been segmented into off-grid and on-grid. The on-grid segment drives the market in this sector as on-grid systems are very cost-effective and simple systems.
- Based on end-use, the global distributed generation market has been segmented into residential, industrial, and commercial segments. The commercial segment is predicted to register the highest growth rate during the forecast period.
Regional Analysis
Region-wise, the global distributed generation market has been segmented into North America, Asia Pacific, Europe, and Latin America.
The global distributed generation market is expected to see significant growth during the forecast period, as the systems are particularly based on renewable energy sources. Geothermal plants also contribute to the global distributed generation market, with Europe gaining the largest market share. Europe has more than 100 geothermal power stations installed, generating about 15 TWh of electrical power in 2016. The installed capacity was 2.5 GWe in 2016 and is projected to cross 3 GWe by 2020. North America has the second-largest share in the geothermal segment with more than 77 installed plants and an installed capacity of 3,086 MW.
Key Players
- General Electric Company (US)
- Caterpillar Inc. (US)
- Ansaldo ENergia (Italy)
- Bloom Energy (US)
- Siemens AG (Germany)
- Mitsubishi Heavy Industries Ltd (Japan)
- Fuel Cell Energy Inc (US)
- Schneider Electric SE (France)
- Cummins Inc (US)
- Bergey Windpower (US).
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