The global distributed energy generation market size was valued at USD 251.3 billion in 2021. The market is projected to grow from USD 251.3 billion in 2021 to USD 482.9 billion by 2028, exhibiting a CAGR of 11.50% during the forecast period.
During the projection period, rising government regulations and goals for reducing greenhouse gas (GHG) emissions will propel the market for distributed energy generation to expand. Because of the advantages of renewable technology, such as energy security, resiliency, and carbon reductions, several states and municipal governments are developing policies to encourage the increased deployment of renewable technologies. Increased R&D efforts to create new technologies are also anticipated to fuel market expansion. DEG systems are also less expensive than conventional power generation methods. As a result, the demand for a clean energy source and the affordability of the products are anticipated to positively affect market growth throughout the foreseeable future. These market trends for distributed energy generation have been noticed across the globe.
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Numerous other economic disruptions have been brought on by the COVID-19 epidemic, which has wreaked havoc on the global economy. China, one of the major exporters of DEG goods, has suffered a huge decline in its trading sector due to trade restrictions enacted in several regions of the nation. Market effects are likely if businesses stop making new investments and the government cuts subsidies. However, it is projected that the loosening of limitations, rising energy demand, and increased consumer awareness of green energy will aid in regaining the market.
Increased Spending on Research and Development to Move the Market Forward
The U.K., the U.S., Japan, Germany, and China are among the top nations investing in the development of fuel cell technology. The development and improvement of fuel cell-powered cars is the primary focus of international research and development efforts, which will open up prospects in the fuel cell market. However, research and development initiatives for portable power production units, utilities, and unmanned aerial vehicles (UAVs) for the defense industry have greatly increased in recent years. The use of fuel cells to produce electricity has seen an increase in overall investments due to the increased focus on renewable energy sources by governments worldwide.
Fuel Cell Battery Pices will Constrain the Market
Renewable energy sources will have the fastest growth in the electrical sector, increasing from 24% in 2017 to over 30% of total power consumption by 2023, according to the International Energy Agency (IEA). Solar P.V. is predicted to be followed by wind, hydropower, biofuel, and renewables in that order, as they make up 70% of the increase in global electricity generation over this time. The amount invested in producing renewable energy worldwide in 2017 was USD 750 billion. The usage of batteries for off-grid and grid energy storage has expanded, helped by battery cost reductions, as these technologies gain popularity for power generation. Key participants in the market for improvements in distributed energy generation face significant obstacles for all of these reasons.
LIST OF KEY COMPANIES PROFILED:
Capstone Green Energy Corporation
Doosan Heavy Industries & Construction
Toyota Tsusho Corporation
Mitsubishi Electric Corporation
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