Numbers Behind Growing Global DER Market
- April 15, 2019
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Distributed energy resources are a chief way in which utilities and energy providers are striving to make the entire grid system more efficient. By dispatching smaller generation sources closer to where they'll actually be needed, the total grid system have reduce losses and waste and more effectively meet power demand with a flexible supply. As distributed energy resources (DERs) grow in importance and investment, a review of some market numbers are critical. The research firm Technavio recently released their global DER generation technologies market report, which can be seen here.
Some of the main and important points to note:
- 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
How important are DERs to increasing the flexibility and efficiency of the grid, in your opinion?