Governmental initiatives in the adoption of renewable energy are anticipated to drive the distributed energy generation market growth
The Global Distributed Energy Generation Market was valued at USD 263.5 Bn in 2020 and is expected to reach USD 532.3 Bn by 2027, with a growing CAGR of 10.6% during the forecast period.
The distributed energy generation market is majorly growing due to the growing urbanization in developing countries, and the increase in demand for energy. Countries such as India, China, Argentina, Brazil, are on the verge of rapid urbanization. For instance, the government and utilities can offer vital goods and services more easily and at a lower cost due to the density of metropolitan residents. Brazil's investments in renewable energy capacity increased by 23%, marking the seventh consecutive year of growth. Brazil was responsible for 2.9% of global renewable energy capacity investment. Brazil is the world's second largest producer of biofuels, after the United States, with a 26 % share of global production. It is ahead of Indonesia (7%), Germany (3%), and China (2%). (3 %). To meet rising local demand, Brazilian biodiesel output climbed by 9% to a record 6.4 billion litres in 2020.
Moreover, with increasing use of mobile phones, and computers for all day-to-day activities the demand for electricity has increased. For instance, the expansion of the distributed energy generation sector is expected to be fuelled by forthcoming solar projects in Asia-Pacific. Up to 65 Gigawatts (GW) of solar power capacity will be added in 2021, according to China's solar industry association.
Global Distributed Energy Generation Market by Region Outlook (Revenue, USD Million, 2021-2027)
In terms of geography, Asia-Pacific dominated the regional distributed energy generation market size. The increased demand for energy in countries like India, China, Indonesia, and Malaysia as a result of rising population and rapid urbanization is likely to be a major driver of the distributed energy generation industry. The Ministry of Energy, Science, Technology, Environment, and Climate Change has set aside 500 MW for the 2019 NEM quota, with 450 MW for commercial and industrial buildings and 50 MW for residential structures. In comparison to the permitted capacity of 18.24 MW in 2018, a total of 16.6 MW of NEM has been approved as of May 2019. In the peninsula, there are around 4.12 million buildings with solar roof-top potential. As a result, the government is focusing on commercial and industrial buildings, encouraging them to go solar.
The Global Distributed Energy Generation Market Segmentation:
Global Distributed Energy Generation Market by Technology Outlook (Revenue, USD Million, 2021-2027)
Global Distributed Energy Generation Market by End use Outlook (Revenue, USD Million, 2021-2027)
Company Profiles and Competitive Intelligence
The key players operating in the distributed energy generation market are: