Press release
Virtual Power Plant Market to Register an 18.6% CAGR in Coming Years | Top Players are Enbala Power Networks Inc., AutoGrid Systems Inc., Sunverge Energy Inc., AGL Energy Limited (AGL), Limejump Ltd., EnerNoc Inc., ENGIE Storage Services NA LLC, and Sieme
"The global virtual power plant (VPP) market was valued at $1,975.1 million in 2017, and it is expected to display a CAGR of 18.6% during the forecast period (2018-2023), reaching $5,510.2 million by 2023."
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Further, the emerging economies face the problem of extreme power failures, and also, they are witnessing high power demand due to the improving economy, which is boosting the industries and living standards. In both the scenarios, the power transmission network is incapable of supplying the required amount of power. This can be taken care of by the inclusion of virtual power plants. They can help in solving such problems by accurately estimating the electricity demand and supply, and these plants can control the power generated by the renewable energy generation projects. They can further ensure the stability of the entire power transmission network by maintaining the continuous flow of electricity.
Virtual power plants help various sectors, such as residential, commercial, and industrial meet their energy requirements and also supply energy to electric vehicles. These plants supplied the maximum electricity to the industrial users in 2017. This was observed due to the rapid industrialization in developing countries, such as India, Brazil, Indonesia, and China. In the coming years, the fastest growth in demand in the virtual power plant market is predicted to be witnessed by electric vehicles, as to cut back on vehicular emission, governments are focusing on the utilization of clean energy for charging these vehicles, which can be supplied via these plants.
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North America was the largest virtual power plant market during the historical period (2013-2017), and it is expected to maintain the same trend during the forecast period. This can be mainly attributed to the shift toward renewable energy sources, rise in the sale of electric vehicles, and the need for grid stability, which can be fulfilled through VPPs.
Some of the key players in the virtual power plant market are Enbala Power Networks Inc., AutoGrid Systems Inc., Sunverge Energy Inc., AGL Energy Limited (AGL), Limejump Ltd., EnerNoc Inc., ENGIE Storage Services NA LLC, and Siemens AG.
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P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.
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