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According to Technavio, the renewable energy distributed generation (RDEG) technology market will grow by 295.
15 GW during
the period 2019-2023.
Growing demand for electricity and high cost of grid expansion are the key reasons
driving 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 extensions are inherently expensive and intermittent.
In addition, it depends on demand patterns, population density, the distance of the community from the main grid, and power quality
.
This is forcing the adoption of distributed energy technologies, using renewable energy sources such as biomass cogeneration, wind and solar
.
Governments in developing countries are spreading the installation of these systems to ensure uninterrupted power
supply to rural households 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 CAGR of nearly 21% during the forecast period.
In this trend, multiple IoT and ICT solutions will be used to optimize and manage infrastructure in smart cities, which require a reliable and continuous power supply
.
Regionally, Asia Pacific will dominate the market share
of RDEG technology throughout the forecast period.
Renewable energy sources such as wind and solar energy in microgrids and mini-grids are increasingly used to power people and industries in remote areas, which is one of
the main reasons for the rapid growth of the RDEG technology market in the region.
From the power generation technology segment, the solar PV industry will hold the highest RDEG technology market share
during the forecast period, due to the increasing focus on diversification of energy resources and reduction of dependence on fossil fuels in countries such as China, the United States, and India.
According to Technavio, the renewable energy distributed generation (RDEG) technology market will grow by 295.
15 GW during
the period 2019-2023.
Growing demand for electricity and high cost of grid expansion are the key reasons
driving 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 extensions are inherently expensive and intermittent.
In addition, it depends on demand patterns, population density, the distance of the community from the main grid, and power quality
.
This is forcing the adoption of distributed energy technologies, using renewable energy sources such as biomass cogeneration, wind and solar
.
Governments in developing countries are spreading the installation of these systems to ensure uninterrupted power
supply to rural households 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 CAGR of nearly 21% during the forecast period.
In this trend, multiple IoT and ICT solutions will be used to optimize and manage infrastructure in smart cities, which require a reliable and continuous power supply
.
Regionally, Asia Pacific will dominate the market share
of RDEG technology throughout the forecast period.
Renewable energy sources such as wind and solar energy in microgrids and mini-grids are increasingly used to power people and industries in remote areas, which is one of
the main reasons for the rapid growth of the RDEG technology market in the region.
From the power generation technology segment, the solar PV industry will hold the highest RDEG technology market share
during the forecast period, due to the increasing focus on diversification of energy resources and reduction of dependence on fossil fuels in countries such as China, the United States, and India.
