Global Distributed Energy Generation Market to Gather $919.6 Billion at a CAGR of 14.2% by 2030: Allied Market Research
The global distributed energy generation market to be driven by increasing governmental policies for achieving greenhouse gas (GHG) emission reduction targets.
Wilmington, Delaware, Nov. 10, 2023 (GLOBE NEWSWIRE) — Allied Market Research published a report, “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“. As per the report, the global distributed energy generation industry is predicted to amass $919.6 billion by 2030. The market was accounted for $246.4 billion in 2020 and is estimated to rise at a CAGR of 14.2% during the 2021-2030 period.
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Prime determinants of growth
Governments in various countries have started framing policies to achieve greenhouse gas (GHG) emission reduction targets. These governmental policies, along with growing R&D initiatives for designing innovative technologies are expected to drive the global distributed energy generation market. Additionally, the growing demand for clean energy will also create tremendous growth opportunities in the market in the coming period.
The fuel cells segment to be highly dominant by 2030
By technology, the fuel cells segment accounted for the largest market share in 2020 with around one-third of the total share. Increasing introduction of fuel cells in the different manufacturing industries is estimated to surge the market’s growth. However, the solar PV segment is expected to have the fastest CAGR of 18.1% during the analysis timeframe. Rising demand for sustainable electricity sources will play a huge role in the expansion of this segment.
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The commercial segment to be the most profitable in the analysis timeframe
By end use industry, the commercial segment held the highest market share in 2020 with around one-third of the total market revenue. Moreover, the same segment is projected to be the fastest growing with a CAGR of 15.7% during the analysis timeframe. Escalating demand for low-cost sustainable energy for commercial purposes is pushing the growth rate of this segment higher.
Asia-Pacific to offer numerous lucrative opportunities by 2030
By region, the distributed energy generation market in the Asia-Pacific region, followed by Europe and North America, held the maximum revenue in 2020 with around one-third of the total revenue. Additionally, the market in this region is estimated to have the highest CAGR of 15.5% during the 2021-2030 timeframe. The rapid pace of industrialization in various countries of this region, especially China and India is predicted to strengthen the position of the market in this region.
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Major Companies in the Market:
- Caterpillar Power Plants
- Rolls-Royce Power Systems AG
- General Electric
- Doosan Fuel Cell America
- Toyota Turbine and Systems Inc.
- Vestas Wind Systems A/S
- Capstone Turbine Corporation
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