PORTLAND – Allied Market Research published a report, titled, “Distributed Energy Generation Market by Technology (micro-turbines, combustion turbines, micro-hydropower, reciprocating engines, fuel cells, wind turbines, solar PV), and End-use Industry (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030″. According to the report, the global distributed energy generation industry generated $246.4 billion in 2020, and is anticipated to generate $919.6 billion by 2030, witnessing a CAGR of 14.2% from 2021 to 2030.
Prime determinants of growth
Increase in government policies & greenhouse gas (GHG) emission reduction targets and rise in R&D initiatives for the development of new technologies drive the growth of the global distributed energy generation market. Furthermore, the need for a clean source of energy along with the low cost of products present new opportunities in the coming years.
Covid-19 scenario
- The outbreak of the Covid-19 pandemic led to shutdown of several industries across the globe, which in turn, caused disruptions in raw material procurement and price volatility.
- Demand for the product was also hindered as there was no development due to the lockdown. This factor hampered the growth of the industry, especially in the initial phase.
- Nevertheless, the global situation is getting ameliorated at a slow & steady pace, and the market is expected to revive soon.
The fuel cells segment to maintain its leadership status throughout the forecast period
Based on technology, the fuel cells segment held the highest market share in 2020, accounting for more than one-third of the global distributed energy generation market, and is estimated to maintain its leadership status throughout the forecast period. This is due to high incorporation in the various manufacturing industries. However, the solar PV segment is projected to manifest the highest CAGR of 18.1% from 2021 to 2030, owing to demand for uninterrupted and sustainable electricity source.
The commercial segment to maintain its lead position during the forecast period
Based on end use industry, the commercial segment accounted for the largest share in 2020, contributing to one-third of the global distributed energy generation market, and is projected to maintain its lead position during the forecast period. Moreover, this segment is expected to portray the largest CAGR of 15.7% from 2021 to 2030, as the demand for low cost sustainable energy is expected to grow considerably in the coming years.
Asia-Pacific, followed by Europe and North America, to maintain its dominance by 2030
Based on region, Asia-Pacific, followed by Europe and North America, held the highest market share in terms of revenue 2020, accounting for more than one-third of the global distributed energy generation market. Moreover, this region is expected to witness the fastest CAGR of 15.5% during the forecast period, owing to the growing industrialization in China, India, and other Asia-Pacific countries.
Leading Market Players:-
- Siemens
- General Electric
- Mitsubishi
- Schneider
- Caterpillar Power Plants
- Doosan Fuel Cell America
- Vestas Wind Systems A/S
- Rolls-Royce Power Systems AG
- Toyota Turbine and Systems Inc.
- Capstone Turbine Corporation
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