New York, Aug. 12, 2021 (GLOBE NEWSWIRE) — Virtual Power Plant Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Virtual Power Plant Market Research Report, Technology, End-User and Region – Forecast till 2027” the market is projected to be worth USD 6.37 Billion by 2027, registering a CAGR of 28.61% during the forecast period (2021 – 2027), The market was valued at USD 1.85 billion in 2020.
Several Factors to Boost Market Growth
The virtual power plant assists in delivering energy during high-demand times, and end users can save excess energy in energy storage devices like batteries. In addition, the expanding government mandates and initiatives for customer engagement and reward programs may prove to be a boon to the end-user segment. The global increase in demand for non-conventional energy in the power generation sector, changes in power grid dynamics from centralized to distributed, and the ease of regulating costs and energy storage promote the development of the virtual power plant market. During the forecast period, the amazing rise in the construction industry, particularly in the Asia Pacific region, is likely to boost the global virtual power plant market.
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The market is likely to see significant technological advancements throughout the forecast period as a result of rigorous improvements in the power sector and expanding consumer preferences for uninterruptible power supply. The sector is also likely to see significant expansion by international corporations and well-established businesses. Mergers and acquisitions are projected to occur over the forecast period.
The key players of worldwide virtual power plant industry are –
- ABB Ltd. (Switzerland)
- Comverge (U.S.)
- Autogrid Systems Inc. (U.S.)
- Cpower Energy Management (U.S.)
- Blue Pillar Inc. (U.S.)
- Cisco Systems Inc. (U.S.)
- Enbala Power Networks Inc. (Canada)
- Flexitricity Limited (U.K.)
- General Electric Company (U.S.)
- Enernoc Inc. (U.S.)
- Hitachi Ltd. (Japan)
- International Business Machines Corporation (U.S.)
- Schneider Electric SE (France)
- Robert Bosch GmbH (Germany)
- Siemens AG (Germany).
Browse In-depth Market Research Report (111 pages) on Virtual Power Plant
Increasing share of renewable energy in the power generation mix drives the global market
Renewable energy is a naturally occurring source of energy that can be easily replenished, and plays an important role in reducing greenhouse gas emissions. Renewable energy is more expensive when compared with fossil fuel-based power generation. Owing to environmental conservation, and rising awareness, countries around the globe are veering towards renewable sources for power generation. As per IEA in 2015, renewables accounted for more than half of the net annual addition to power capacity and overtook coal in terms of cumulative installed capacity in the world. The increasing share of renewables in the power generation mix will positively impact the market.
The global virtual power plant market has been segmented into technology and end-user.
By technology, the worldwide virtual power plant market has been segmented into distribution generation, demand response, and mixed assets. The demand response technology segment currently has the greatest share and is likely to maintain its dominance in the virtual power plant market during the assessment period. Demand response is a very profitable investment due to the long-term advantages to end users and the improvement of grid energy efficiency. As a result, demand response is likely to increase rapidly.
By end-user, the global virtual power plant market has been segmented into commercial, industrial and residential. Industrial by end-user held the biggest market share in 2016 and is likely to continue to hold the biggest share over the assessment period. Industrial end-users are among the most active adopters of virtual power plant configurations and services, contributing significantly to market growth. Peak electricity demand is highest in diverse industries such as petroleum, paper & pulp, and chemical, among others, creating a profitable market for virtual power plants in the industrial sector.
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APAC to Lead the Global Market
The Asia Pacific region is experiencing the fastest growth in the worldwide virtual power plant market. This can be attributed to increased energy demand in rapid industrialization in countries such as China and India. For instance, China accounts for 36% of the steel industry’s annual contribution to global GDP.
Segmentation of Market covered in the research:
Information by Technology (Distribution Generation, Demand Response, and Mixed Asset), by End-User (Commercial, Industrial and Residential) and Region (North America, Europe & Asia-Pacific))
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