According to TechSci Research, Global virtual power plant market is forecast to witness a CAGR of 30% in the coming years and surpass $ 5.6 billion by 2025. Growth in the global virtual power plant market can be attributed to growing opportunities in renewable energy and battery storage systems, rising demand for power generation from renewable sources of energy, increase in penetration of smart grid technologies, shift from centralized to distributed generation, favorable government initiatives to mitigate power outages and increasing demand for power in key industries such as petroleum refining, chemicals, metals and mining, etc.
Global virtual power plant market can be segmented based on component, technology, source, end user and region. In terms of component, the market can be bifurcated into software and service. In 2020, software segment dominated the market, however, service segment is expected to grow at a higher rate in the coming years. Based on technology, the market can be segmented into Demand Response, Distributed Generation, and Mixed Asset. Demand response segment currently holds the largest share and is expected to hold its dominance in the virtual power plant market during the forecast period. Demand response is highly lucrative for investment due to everlasting benefits for end-users and improving the energy efficiency of the grid.
Based on source, the market can be segmented into Renewables, CHP, Energy Storage, and Other Local Generation segments. Renewable sources, including solar, wind, hydro, and bio, are widely used sources for virtual power plant as they are naturally occurring sources of energy that can be easily replenished, and plays an important role in reducing greenhouse gas emissions. The increasing share of renewables in the power generation mix will positively impact the global virtual power plant market.
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In terms of end user, global virtual power plant market is segmented into residential, commercial & industrial. Industrial segment held the largest market share in 2019 and is expected to have the largest share over the forecast period as well. Industrial end-users are among the highest adopters of the virtual power plant setups and services. Regionally, North America is the largest virtual power plant market. Shift towards renewable energy sources, need for higher grid stability, and presence of major companies is driving the virtual power plant market in the region. Asia-Pacific is also expected to present lucrative opportunities in the coming years owing to the phenomenal growth in the construction industry, and government regulatory policies and initiatives towards clean energy, especially in China and India. Japan and South Korea are also among the industrialized countries in APAC region that is also expected to boost the region’s virtual power plant in the coming years.
Years considered for this report:
Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021-2025
Objective of the Study:
- To analyze and forecast the market size of global virtual power plant market.
- To classify and forecast global virtual power plant market based on component, technology, source, end user, and regional distribution.
- To identify major drivers & challenges for global virtual power plant market
- To identify major emerging trends of global virtual power plant market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in global virtual power plant market.
- To identify and profile major companies operating in global virtual power plant market.
To analyze and forecast global virtual power plant market, both top down and bottom up approaches have been used. Multiple employees from several power companies have been interviewed through telephonic conversations to extract and verify the information. A brief study of the major players operating in virtual power plant market was conducted globally, which included the analysis of information such as virtual power plant operating in various countries, software used to operate virtual power plant, followed by the detailed estimated investments in the coming years in power infrastructure, government funding and expenditure for the development of renewables and various reforms and initiatives in different countries in power sector. Moreover, detailed and in-depth scrutiny of information was done to understand each policy or external or internal factor which could increase or decrease the demand for virtual power plant, globally. Various secondary sources such as company websites, annual reports, white papers, investor presentation, and news articles were also studied by TechSci Research.
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Key Target Audience:
- Virtual Power Plant market players and other stakeholders
- Organizations, forums and alliances related to power industry
- Government bodies such as regulating authorities and policy makers
- Market research and consulting firms
The study is essential in delivering useful information to industry stakeholders such as providers, vendors and end users. The report also provides useful insights about which market segments should be targeted over the coming years in order to strategize investments and capitalize on growth opportunities.
Report Scope:
In this report, Global Virtual Power Plant Market has been segmented into the following categories in addition to the industry trends which have also been detailed below:
- Market, by Component:
- Software
- Service
- Market, by Technology:
- Demand Response
- Distributed Generation
- Mixed Asset
- Market, by Source:
- Renewables
- Energy Storage
- CHP
- Other local generation
- Market, by End User:
- Residential
- Commercial
- Industrial
- Petroleum Refining
- Chemicals Industry
- Metals & Mining
- Others
- Market, by Region:
- North America
- US
- Canada
- Europe
- Germany
- Denmark
- Italy
- UK
- Asia-Pacific
- Australia
- China
- India
- Japan
- South Korea
- South America
- Brazil
- Argentina
- Middle East & Africa
- UAE
- North America
Competitive Landscape
Company Profiles: Detailed analysis of the major companies present in Global Virtual Power Plant Market.
About TechSci Research
TechSci Research is a leading global market research firm publishing premium market research reports. Serving 700 global clients with more than 600 premium market research studies, TechSci Research is serving clients across 11 different industrial verticals. TechSci Research specializes in research-based consulting assignments in high growth and emerging markets, leading technologies and niche applications. Our workforce of more than 100 fulltime Analysts and Consultants employing innovative research solutions and tracking global and country specific high growth markets helps TechSci clients to lead rather than follow market trends.
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