Global Distributed Energy Generation Market – Reduction in Technology Costs to Drive Growth | Technavio

LONDON–(BUSINESS WIRE)–#Energy–The global
distributed energy generation market is expected to grow at a
CAGR of close to 9% during the period 2018-2022, according to a
new market research study by Technavio.

The report presents a comprehensive research of the global distributed
energy generation market by technology, including solar PV, CHP,
fuel cells, microturbines, and small wind turbines. The report also
determines the geographic breakdown of the market in terms of detailed
analysis and impact, which includes key geographies such as APAC, the
Americas, and EMEA.

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Market driver: increasing need for energy access and the high cost of
grid expansion

According to a study, approximately 1 billion people around the world do
not have access to electricity because of the lack of grid
infrastructure. Providing grid access to the entire population will
require substantial investments from governments to accelerate their
electrification programs. Most people who do not have access to
electricity live in rural areas, and the cost of main grid extension for
rural electrification is high because it depends on population density,
the distance of the community from the existing main grid, power
quality, demand pattern, and several other factors. It is estimated that
grid extension beyond semi-urban areas to provide low-cost per kW of
power to sparsely populated areas is expensive.

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Market trend: reduction in technology costs

The declining technology cost and support from governments such as
feed-in tariffs and incentives are promoting the reach of technologies
such as wind and solar in developing and developed countries. This will
propel the growth of the global distributed energy generation market.
Over the years, demonstration projects, field trials, and R&D have led
to the reduction of the cost of distributed energy generation
technologies.

According to a senior analyst at Technavio for energy
storage research, “The reduction of the cost of distributed
energy generation technologies will promote its adoption. This will
encourage the vendors to invest in R&D. Continued research will
ultimately aid to bring in continued improvements. Therefore,
improvements in technology and declining costs will make distributed
energy generation more attractive and feasible, leading to its continued
adoption.”

Market challenge: low efficiency of solar PV

The energy storage systems combined with solar PV are the most commonly
used sources of distributed
energy generation. They are clean and available in abundance.
But, they are low on efficiency. Currently used Solar PV panels can
convert approximately 15% of the sunlight, which falls on the panel into
electrical power. Although the technology is constantly evolving, the
conversion rate cannot match the amount of energy generated by the
burning of fossil fuels.

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