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Distributed Generation Global Market Report 2024 To 2033 | Siemens AG, General Electric Company, Schneider Electric SE, Mitsubishi Heavy Industries Ltd
Distributed Generation Market Segment
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According to The Business Research Company's, The distributed generation market size has grown rapidly in recent years. It will grow from $94.62 billion in 2023 to $107.08 billion in 2024 at a compound annual growth rate (CAGR) of 13.2%. The growth in the historic period can be attributed to energy independence, environmental concerns, government incentives, grid resilience.
The distributed generation market size is expected to see rapid growth in the next few years. It will grow to $173.25 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%. The growth in the forecast period can be attributed to decentralization trend, renewable energy integration, energy storage advances, electric vehicles (evs). Major trends in the forecast period include digitalization and iot, technological advancements, rise of microgrids, hybrid systems integration, edge computing and ai, energy as a service (eaas), flexibility and scalability.
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Market Drivers and Trends:
The increasing electricity consumption is expected to propel the growth of the distributed generation market going forward. Electricity consumption refers to the amount of electrical energy consumed over a specific time, in units of Wh (or kWh). Distributed generation transmits electricity for use on-site using a variety of technologies for electricity generation, as a result, increasing electricity consumption increases the demand for distributed generation. For instance, in 2021, according to the U.S. Energy Information Administration (EIA), a US-based principal agency of the federal statistical system, around 3.93 trillion kilowatt-hours (kWh) of electricity was consumed in the United States, which was 13 times greater than the electricity consumed in 1950. Therefore, increasing electricity consumption is expected to boost demand for distributed generation systems during the forecast period.
Product innovations have emerged as the key trend gaining popularity in the 5G chipset market. The major players in the market are developing innovative products for market growth. For instance, in June 2021, Samsung Electronics, a South Korea-based electronics company, developed 3GPP Rel.16 compliant chipsets, a range of next-generation 5G chipsets that deliver cutting-edge 5G technologies. The new chipsets consist of a second-generation 5G modem System-on-Chip (SoC), a third-generation mmWave Radio Frequency Integrated Circuit (RFIC) chip, and a Digital Front End (DFE)-RFIC integrated chip. These are designed to increase power efficiency, boost performance, and reduce the size of 5G solutions.
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Major Key Players of the Market:
Siemens AG, General Electric Company, Schneider Electric SE, Mitsubishi Heavy Industries Ltd., Caterpillar Energy Solutions GmbH, ASEA Brown Boveri Ltd., AES Corporation, Ameresco Inc., Ansaldo Energia S. p. A., Ballard Power Systems Inc., Bloom Energy Corporation, Capstone Turbine Corporation, Ceres Power Holdings plc, Clearway Energy Inc., Cummins Inc., Doosan Fuel Cell America Inc., E. ON SE, Enel Green Power S. p. A., FuelCell Energy Inc., Hitachi Ltd., Hydrogenics Corporation, Iberdrola S. A., Invenergy LLC, Johnson Controls International plc, SMA Solar Technology AG, SolarEdge Technologies Inc., Sonnen GmbH, SunPower Corporation, Tesla Inc., Linde plc, Toshiba Corporation, TotalEnergies SE
Distributed Generation Market 2024 Key Insights:
• The distributed generation market size is expected to see rapid growth in the next few years. It will grow to $173.25 billion in 2028 at a compound annual growth rate (CAGR) of 12.8%.
• Growing Electricity Consumption Drives Demand For Distributed Generation
• Technological Advancements Driving Innovation In The Distributed Generation Market
• Asia-Pacific was the largest region in the distributed generation market in 2023
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