LONDON--(BUSINESS WIRE)--The global renewable distributed energy generation (RDEG) technologies market is expected to post a CAGR of close to 21% during the period 2019-2023, according to the latest market research report by Technavio.
The demand for energy has been growing across the world due to population growth and rapid urbanization. However, there are many more villages and remote areas across the world that are yet to be electrified. Hence, to provide people in rural and remote areas with access to electricity, the governments of several developing countries have started deploying renewable distributed energy systems. These systems use renewable energy sources such as solar, wind, or biomass combined heat and power (CHP) to power rural households and communities. Therefore, the rise in demand for electricity and the high cost of grid extension is spurring the installation of renewable distributed energy generation systems, which will drive the global renewable distributed energy generation technologies market during the forecast period.
As per Technavio, the development of smart cities and ZEBs will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global renewable distributed energy generation (RDEG) technologies market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
Global renewable distributed energy generation (RDEG) technologies market: Development of smart cities
Governments across the world are implementing many initiatives for the development of sustainable smart cities. A reliable power supply is essential to create the multiple Internet of Things (loT) and ICT solutions, which help in optimizing and managing the infrastructure in smart cities. Therefore, the initiatives that are being taken by the developing countries for developing sustainable smart cities will fuel the use of solar PV systems, thus driving the growth of the global renewable distributed energy generation technologies market.
“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,” says a senior analyst at Technavio.
Global renewable distributed energy generation (RDEG) technologies market: Segmentation analysis
This market research report segments the global renewable distributed energy generation (RDEG) technologies market by technology (solar PV and others) and geographical regions (APAC, EMEA, and Americas).
The APAC region led the market in 2018, followed by EMEA and the Americas respectively. During the forecast period, the APAC region is expected to register the highest incremental growth due to the renewable energy targets and financial incentive programs, being initiated in the region.
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