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Virtual Power Plant Market by Technology (Distribution Generation, Demand Response, and Mixed Asset) and by End User (Commercial, Industrial, and Residential) - Global Opportunity Analysis and Industry Forecast, 2017-2023
Virtual Power Plant Market
Rise in demand for renewable energy in power generation sector, changes in dynamic of power grids from centralized to distributed, and moderating costs and easy accessibility of energy storage drive the growth of the virtual power plant market. However, health concerns over high frequency human exposure of electromagnetic and radio waves hamper the potential of the market for different end users.
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The global virtual power plant market is segmented based on technology, end user, and geography. Based on technology, it is categorized into distribution generation, demand response, and mixed asset. Based on end user, it is divided into commercial, industrial, and residential. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2016, the demand response segment, accounted for around five-eighths of the global market share. This segment is highly lucrative for investment due to long-term benefits for end users and improving the energy efficiency of the grid. Thus, demand response is anticipated to show high growth rate along with significant return on investment for the stakeholders, owing to its notable revenue contribution and high growth rate.
Asia-Pacific possesses maximum potential for growth in the global virtual power plant market, on account of the growth in energy demand from emerging economies. The U.S. is expected to lead the market and witness high demand for virtual power plant, owing to increase in emphasis on utilization of renewable energy.
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A lot of companies have adopted product development, expansion, and merger strategies to sustain the intense market competition. The key players profiled in the report include ABB Ltd., AGL Energy, AutoGrid Systems, Inc., Comverge, Inc., Enbala Power Networks, EnerNOC, Inc., General Electric Company, Siemens AG, Schneider Electric SE, Limejump Ltd., and others.
Analyst Review:
Virtual power plant (VPP) as a power grid management system, links several types of distributed generation as one power plant, and operate the one power plant on demand response and ancillary service in power grid. VPP is a technology to efficiently manage different resources related to generation, storage, and demand resources by using software. It strengthens the flexibility of power grid operation based on Information Communication Technology (ICT), totally managing both supply and demand side resources.
The use of renewable energy sources and energy storage systems is on an increase while fostering new policies for energy industries. Changes in power systems from centralized power systems to distributed power systems include sustainable and renewable energy sources, emergency generators, and energy conversion & savings. However, distributed energy resources can cause instability and unreliability of power grids, and there is a lack of business models permitting general consumers to participate in the wholesale and retail markets for profit.
North America is expected to have a significant market share in the global market by 2023. Inclination toward renewable energy is projected to expand North America's market share as such systems are available and integrated in the region. In addition, robust industrial development is expected to expand the Asia-Pacific market share.
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