The global distributed renewable energy (DER) generation technologies market will record a 21% growth between 2019 and 2023, according to research firm Technavio.
Key findings of the market include:
- Capacity to reach 295.15GW by 2023
- The year over year growth rate for 2019 reaching 18.83%
- 59% of the market share will come from the APAC region during the forecasts period. The APAC region led the market in 2018, followed by EMEA and the Americas
- The market is fragmented with few players occupying the market share
- A key driver for the market expansion is the increase in investments in clean energy technologies
- The need to improve access to energy for the population in villages and remote areas through investing in renewables
- The high costs of grid extension and the increase in energy demand
- The development of smart cities and Zero Energy Buildings (ZEBs) will positively impact the market
A senior analysts at Technavio, said: “Along with the development of smart cities, the concept of ZEB is one other factor that is driving the global market. ZEB comprises technology for energy efficiency, where the building generates its energy.
“ZEBs significantly reduce energy demand and use by supplying energy needs from renewable energy sources, such as solar panels. Thus, with such advantages, the increased adoption of ZEB will spur the growth of the global RDEG technologies market.”
This article was featured on our sister website Smart Energy International.