According to the international market research institute Technavio,the renewable energy distributed generation(RDEG)technology market will grow by 295.15 GW during the period 2019-2023.
The growing demand for electricity and the high cost of grid expansion are key reasons for the growth of the RDEG technology market.In particular,the demand for electricity from villages and remote areas is growing.Traditional methods of utility power as a power source require large-scale grid infrastructure.However,grid extension is inherently expensive and intermittent.
In addition,it depends on demand patterns,population density,distance between the community and the main grid,and power quality.This forces people to adopt distributed energy technologies that use renewable energy sources such as biomass cogeneration,wind and solar.Governments in developing countries are popularizing the installation of these systems to ensure uninterrupted power supply to rural families and communities.
The development of smart cities and zero-energy buildings will increase the demand for uninterruptible power supplies.This will drive the RDEG technology market to grow at a compound annual growth rate of nearly 21%during the forecast period.Under this trend,multiple IoT and ICT solutions will be used to optimize and manage the infrastructure in smart cities,which requires a reliable and continuous power supply.
From a regional perspective,the Asia Pacific region will dominate the market share of RDEG technology throughout the forecast period.Renewable energy sources such as wind and solar power are increasingly being used to power people and industries in remote areas in microgrids and mini-grids,which is one of the main reasons for the rapid growth of the RDEG technology market in the region.
From the subdivision of power generation technology,the solar photovoltaic industry will occupy the highest market share of RDEG technology during the forecast period due to the increasing attention of China,the United States and India to the diversification of energy resources and the reduction of dependence on fossil fuels.