Market overview
The Virtual Power Plant Market is expected to register USD 6.37 billion by 2027 with a CAGR of 20.61% during the forecast period. The virtual power plant is an aggregated decentralized power plant that consists decentralized p[power system to integrate different distributed energy sources like wind turbines, hydroelectric plants, and many more. Virtual power plants are efficient power generation in the trading market. The growing shift to renewable energy resources combined with a change in dynamics of power grids from centralized to distributed is expected to drive the market growth. Reduction in energy and easy accessibility of energy storage will propel the market. Flexibility in trading using virtual power plant due to the price attr ats many new entrants to the market. COVID 19 mostly affected places like China and India. It brought significant change to the market with multiple restrictions on movement and industries production. The global economy got affected, affecting the overall market value of the industries. Decarbonization is propelling the market because of the cost-effectiveness of renewable sources and people following digitalization. The local regulation and policies in different regions towards environment-friendly safety measures encourage the market’s benefits. Many countries do not have the adequate infrastructure for the virtual power plant, and high cost and less experience and skilled workforce is backfiring the market growth. The market players carry out several opportunities to develop the market value globally.
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Market segmentation
The Virtual Power Plant Market is classified by technology and end-user. Based on the technology segment, the market is bifurcated into distribution generation, demand response, and mixed assets. The demand response segment registers high growth and is the highest good impact on the market. The demand response provides peak load management and long-lasting benefits for end-users. The distribution segment is also growing significantly due to the increasing energy and pollution crisis. The variables of the end-user segments are commercial, residential and industrial. The residential segment dominates the market because of the smart meter’s wide application, HEMs and smart appliances. The market will experience many technological advancements during the forecast period. Several key players are, like converge, blue pillar etc., are pushing the market upward.
Regional analysis
The market is studied in North America, Asia Pacific, Europe, Latin America and middle east and Africa. North America is expected to register the largest market growth due to many projects sanctioned in the region. The presence of high-end companies is another factor for the region’s development. The Asia Pacific will strengthen the Virtual Power Plant Market share. The rapid emergence of the commercial and residential sectors and developing economics in regions like china, japan and India are experiencing high energy demand by making the market grow. The rising need for decentralized power generation is also driving the market. The Middle East and Africa are showcasing constant growth due to the rising development in projects acceptance of people for clean, renewable sources, making the region hold market share. Europe is growing significantly in renewable energy storage systems, propelling the market’s demand.
Key Players
Eminent players profiled in the global virtual power plant market report include Siemens AG (Germany), Schneider Electric SE (France), Robert Bosch GmbH (Germany), International Business Machines Corporation (U.S.), Hitachi, Ltd. (Japan), General Electric Company (U.S.), Flexitricity Limited (U.K.), Enernoc, Inc. (U.S.), Enbala Power Networks, Inc. (Canada), Cpower Energy Management (U.S.), Comverge (U.S.), Cisco Systems, Inc. (U.S.), Blue Pillar, Inc. (U.S.), Autogrid Systems, Inc. (U.S.), and ABB Ltd. (Switzerland).
Industry news
Origin energy announces they will build the massive Earing battery in two stages and grow a virtual power plant in the house.
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