The global distributed energy resources market accounted for a value of USD 54.6 billion in 2019 and is projected to register growth at a CAGR of 10.9% during forecast period.
COVID-19 has impacted the distributed energy resources market. The manufacturing units have to halt or shutdown due to lockdown. The supply chain of raw materials got disrupted due to travel restriction around the world. The market for distributed energy resources is likely to decline due to COVID-19.
For more details, visit: Global Distributed Energy Resources Market By Technology (CHP, energy storage, Others), By Software (Analytics, Management & Control, Others), By Application (Industrial, Military, others), By Region, Forecast & Opportunities to 2026
The awareness among people is increasing about emissions and the pollution caused by emission by greenhouse gases. The governments across various countries are adopting stringent policies to reduce emission of such gases. The demand for electricity is constantly increasing in the world. This drives growth in distributed energy resources market during forecast period.
On the basis of technology, the distributed energy resources market is segmented into solar PV, wind, energy storage, combines heat and power, fuel cell, others. The fuel cell segment accounted for largest market share of XX% in 2019. However, solar PV technology is estimated to register growth at highest CAGR during forecast period. PV modules are exposed to solar rays which creates an electrical current in solar PV technology. There are various projects started by government in solar PV technology. This drives growth in solar PV technology during forecast period.
On the basis of application, the distributed energy resources market is segmented into industrial, government & municipalities, commercial, residential, military. The commercial & industrial application accounted for largest market share of XX % in 2019 and it is estimated to dominate the market during forecast period. The commercial & industrial segment has low installation cost and easy access to utility areas. The government in many countries offers supporting policies for commercial & industrial segment which increases growth. The distributed energy resources provide energy security and higher efficiency. It also reduces emission of greenhouse gases. These are the factors due to which DER is highly preferred by commercial & industrial segment. This drives growth in commercial & industrial segment during forecast period.
Asia-Pacific region is estimated to register growth at highest CAGR during forecast period. The demand for energy is increasing in this region due to large population. The urbanization and industrialization is also increasing in this region. This increases the adoption of DER in this region and drives growth in Asia-Pacific region during forecast period.
The key market players in distributed energy resources market are ABB, Siemens AG, General Electric, Spirae LLC, Schneider Electric, Advanced Microgrid Solution, Blue Pillar, Auto Grid System Inc., Opus One Solutions, Smarter Grid Solutions, Open Access Technology International, Sunverge Energy, First Solar, EnerCON GmbH and Doosan Heavy Industries.
- What are the expected industry trends over the next three to five years?
- Which of the distributed energy resources technology is likely to lead by 2025?
- Which of the application segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?