Surge in the demand for energy across the globe and need for grid to regulate the energy is driving the distributed generation market. Implementation of new technologies to generate electricity such as solar photovoltaic cells, underground thermal energy storage, and winds turbines are attracting investment from government. This is another factor which is augmenting the size of distribution generation market. Also, low transmission losses is one of the major benefits fuelling the expansion of distributed generation market.
Registering the on-going trend, the distributed generation market is expected to rise at a CAGR of 8.2% between years 2017 and 2025. The distributed generation market will reach at a value of US$35.56 bn by the end of 2025.
Constant demand for clean energy from renewable sources is bolstering funding toward development of infrastructure for generation of clean energy. Governments and industry players are investing on research and development to unveil new technologies that can tap renewable energy sources. This has come out as one of the important factors contributing to the expansion of distributed generation market in the coming years.
The demand for electricity in both developed and developing countries for residential and industrial purposes is increasing on daily basis. On the other hand, governments are increasing cost as well as implementing policies to restrict the use of energy produced from fossil fuels. Hence, there is a sheer pressure on development of power distribution infrastructure that uses renewable energy source. This, in turn, is enhancing the growth of distributed
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Utilization of Surrounding Renewable Energy Source to Make Homes Energy Independent
Statistically, 1 billion people across the globe have no access to energy due to absence of proper grid infrastructure. Distributed energy generation uses easily available renewable sources to generate energy. Innovation in the technology is enabling generation of energy from running water from tap, stored water, solar energy, wind energy, and geo-thermal energy. This can make every house energy independent. And, remaining energy can also be transferred to the needful area.
To implement this electrification programs in energy-deficit regions, government will need to invest substantially for the construction of grid structures as well as area-specific technologies for the generation and storage of electricity. The trend will propel the growth of distribution generation market.
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Among all the technologies used in the distribution generation market, the combined heat and power (CH) technology is expected to hold the major share in distribution generation market in the course of forecast period. The implementation of technology is attributed to its availability and flexibility. It can be deployed easily.
Asia Pacific is likely to contribute largely in the expansion of distributed generation market owing to the rising energy requirement among industries and residential areas. In order to fulfil the demand, installation of power grid is required.
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The distributed generation market is witnessing high level of competitive intensity among the key players. Technological advancements to tap renewable energy sources are likely to escalate the competition in the market. Some of the prominent players in distribution generation market are Caterpillar Power Plants, Rolls-Royce Power Systems, Bloom Energy, Ballard Power Systems, and Mitsubishi Hitachi Power Systems.
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