Virtual Power Plant Market Size, Competitive Analysis, Forecast-2027
The global market for virtual power plants is anticipated to surpass $5 billion by 2027, on account of rising energy demand and technological advancements in the energy industry.
The virtual Power plant is a cloud-based solution that aggregates the capacities of dispersed energy resources to increase power generation and facilitate power trading on the electricity market. The energy storage systems and energy loads are grouped to function as a unified power plant. It increases the distribution system’s dependability and decreases its capital cost.
The demand for virtual power plants is growing as a result of the increasing proportion of renewable energy in the power generation mix, as well as the falling prices of solar and energy storage. Growing awareness of renewable energy, demand for decentralized power generation, and favorable government policies are largely responsible for the global Virtual power plant market’s expansion.
Global Virtual Power Plant Market can be segmented into Technology, End User and Region.
By Technology, Global Virtual Power Plant Market can be segmented into Distribution Generation, Mixed Asset, and Demand Response. The demand response segment holds the largest market share and it is expected to grow significantly during the forecasted period of 2020–27. It is due to its high energy efficiency and lucrative investment option for long term benefits, the demand for this segment is high. The mixed asset segment is expected to grow highest during the forecasted period of 2020–27 due to the increasing demand for bidirectional flow of electricity in the supply chain to meet the electricity demand.
By End User, Global Virtual Power Plant Market can be segmented into Industrial, Commercial and Residential. The industrial segments hold the largest market share and it is expected to grow significantly during the forecasted period of 2020–27. The rapid industrialization in emerging economies has resulted
By Region, Global Virtual Power Plant Market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Regionally, Asia Pacific Virtual power Plant market holds the largest market share due to the increasing energy demand from emerging Asian countries. The region appears to be a lucrative market for virtual power plants as there is a great need for energy consumption due to the high population.
The North American Virtual power plant market is expected to grow significantly during the forecasted period of 2020–27 due to the growing emphasis on the utilization of renewable energy.
The key players in Global Virtual Power Plant Market ABB Ltd., AutoGrid Systems, Limejump Ltd, EnerNOC, Inc., Comverge, Inc., AGL Energy, Enbala Power Networks, Siemens AG, General Electric Company, Schneider Electric SE.
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