DUBLIN, Dec 1, 2016 /PRNewswire/ -- Research and Markets has announced the addition of the "Global Distributed Energy Generation Market 2016-2020" report to their offering.
The global distributed energy generation market to grow at a CAGR of 11.4% during the period 2016-2020. The report covers the present scenario and the growth prospects of the global distributed energy generation market for 2016-2020. To calculate the market size, the report enlists certain key estimates that we have considered for arriving at the market trends and certain exclusions that helped us to demarcate the market contours. One of latest trends in the market is rapid advances in technology and reduction in technology costs. The declining technology cost and support from the government in the form of feed-in tariffs and incentives are enabling technologies such as solar and wind to be within reach of people even in developing and developed economies. This will fuel the growth of distributed energy generation technology. The cost of solar PV systems and energy storage systems have been continuously decreasing due to advances in technology. The learning curve and economies of scale are expected to further decrease the prices. According to the report, one of the primary drivers in the market is rise in electrification through hybrid decentralized power systems. Electricity consumption is proportional to the economic development of a country. Though it is a complex relationship, electricity is a pre-requisite for the economic growth of a country and drives infrastructure and social development. A majority of the people in developing countries, especially in rural areas, lack access to grid power and this indirectly affects the economic growth. There are more than a billion people in the world without access to electricity, and a majority of the population is residing in rural areas.