Global Distributed Generation (DG) Market to Reach $168.3 Billion by 2024

SAN FRANCISCO, Aug. 6, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Distributed Generation (DG) - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 16; Released: May 2021
Executive Pool: 16747
Companies: 52 - Players covered include ABB Limited; AES Distributed Energy; Ameresco, Inc.; Ansaldo Energia S.p.A.; Bergey WindPower Company; Bloom Energy Corporation; Canadian Solar Inc.; Capstone Turbine Corporation; Caterpillar, Inc.; Clarke Energy; Cummins, Inc.; E.ON SE; Flex Energy Solutions; FuelCell Energy, Inc.; GE Power; Huawei Technologies Co., Ltd.; Mitsubishi Heavy Industries Ltd.; Schneider Electric; Siemens AG; SMA Solar Technology AG; Vestas Wind Systems A/S; Wärtsilä Corporation; XZERES Wind Corp. and Others.
Coverage: All major geographies and key segments
Segments: Technology (Reciprocating Combustion Engines, Fuel Cells, Solar Photovoltaic (PV), Wind, Gas Turbines, Micro Turbines, and Other Technologies); Application (On-Grid, and Off-Grid); End-Use (Industrial, Commercial, and Residential)
Geographies: World; United States; Canada; Japan; China; Europe (France; Germany; Italy; United Kingdom; and Rest of Europe); Asia-Pacific; Rest of World.

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ABSTRACT-

Global Distributed Generation (DG) Market to Reach $168.3 Billion by 2024
Distributed generation refers to small-to-medium scale modular power generation plants that are embedded into the distribution network at a point closer to the site of consumption than the central station power generators. Given the challenges in expanding power transmission grid, and the urgent need for improving the reliability of power supply for consumers, DG is becoming an inseparable component of every electric power network. DG technologies support the expansion of renewable energy resources, and aid in delivering power to off-the-grid remote infrastructure and facilities and electric vehicles. Amid the COVID-19 crisis, the global market for Distributed Generation (DG) is projected to reach US$168.3 Billion by 2024, registering a compounded annual growth rate (CAGR) of 9.4% over the analysis period. Europe represents the largest regional market for Distributed Generation (DG), accounting for an estimated 32.5% share of the global total. The market is projected to reach US$60.1 Billion by the close of the analysis period. China is expected to spearhead growth and emerge as the fastest growing regional market with a CAGR of 11.1% over the analysis period.

Growing environmental concern, the dramatic fall and rise of the global economy, technological innovations, and the liberalization of the electricity market have fostered a fertile ecosystem for the growth for the distributed generation market. Environmental regulations are major growth drivers for the DG market, particularly in European countries, with governments promoting eco-friendly technologies that benefit society, preserve biodiversity, and help in meeting international environmental commitments. Favorable government policy changes, incentives and subsidies are promoting market growth. Europe is the largest regional market for distributed generation. Increasing investment and the development of new business models, including solar lease, have accelerated the technical capabilities and affordability of distributed generation technologies substantially over the last few years in Europe. Rising demand for energy from industrial, commercial and residential sectors is leading to strong growth of DG systems in North America region. Favorable government policies, incentives such as tax credits and focus on renewable energy are expected to foster market growth. The growing drive for rural electrification, particularly in developing economies, is also driving demand for distributed generation.

The market for distributed solar PV is forecast to witness fastest growth over the analysis period. Growing realization of long-term economic and environmental benefits of solar energy installations is driving adoption of the clean energy technology among residential and commercial consumer to new heights. With mass production of solar panels leading to a sharp decline in prices of solar PV modules and incentives being offered for solar panel installations, distributed solar generation market is poised for growth. Rooftop modules represent one of the fastest growing segments of distributed solar PV market, with the modules being mounted at fixed angles on both pitched and flat roofs. More

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CONTACTS:
Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]

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