Revenue generation within the market is expected to increase from $85.3 billion in 2019 to $165.7 billion in 2028.
Driving the market is an increase in investments in distributed renewable assets such as solar PV, wind, biogas, and biofuels to provide greater energy security and resiliency along with emissions reductions.
The need to reduce reliance on fossil fuels and to electrify some of the world’s remotest environments, whilst supporting behind-the-meter and on-site generation is driving the market.
Pritil Gunjan, a senior research analyst with Navigant Research, said: “DRen assets such as solar PV, wind, biogas, and biofuels provide greater energy security and resiliency along with emission reductions.
“Technology has played a crucial role in defining the future of disruption in this sector, and declining costs and innovative long-term price-based instruments are expected to continue to support the ongoing development and grid parity of DRen energy sources.”
According to the report, diesel generators have long been the equipment of choice for BTM and onsite power generation. However, falling solar and storage costs have made it possible to provide a “levelised” (sic) cost of electricity lower than that of diesel and conventional fuel generators.