Virtual Power Plant Market Outlook and Growth Opportunities with Driving Factors Analysis - 2027

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 global virtual power plant market. On the other hand, limited options for complex design structure and several health concerns over human exposure to high-frequency electromagnetic and radio waves impede the growth to some extent. However, emerging shift toward electric vehicles and promotion of intelligent office buildings and smart grids are expected to create multiple opportunities for the key players in the industry.

Global Virtual Power Plant market size was valued at $1.3 billion in 2019, and is projected to reach $5.9 billion by 2027, growing at a CAGR of 21.3% from 2020 to 2027.

Proliferating demand for renewable energy in power generation sector coupled with changes in dynamics of power grids from centralized to distributed is expected to drive the market growth. In addition, VPP is more efficient and flexible to deliver the peak load electricity in a short notice period compared to conventional power plant set up that will further drive the market growth. However, high-frequency human exposure of electromagnetic and radio waves leads to health concerns, which may hamper the market growth.

Download the Sample PDF@ https://www.alliedmarketresearch.com/request-sample/4154

Based on technology, the demand response segment contributed to more than three-fifths of the global virtual power plant market revenue in 2019, and is expected to lead the trail by the end of 2027. This is owing to its high efficiency to provide continuous power supply even at peak load time. On the other hand, mixed asset segment would grow at the fastest CAGR of 23.1% throughout the forecast period. This is due to the growing application of smart devices to control customer-sited loads and renewable capacity.

Based on end user, the industrial segment accounted for the largest share in 2019, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the residential segment is estimated to portray the highest CAGR of 22.4% during the forecast period.

Make Purchase Enquiry @ https://www.alliedmarketresearch.com/purchase-enquiry/4154

Based on geography, Europe held the highest share in 2019, and is expected to rule the roost by 2027, accounting for around half of the global virtual plant market. This is owing to rise in demand for demand response system and government initiatives on carbon footprint reduction across countries. However, the region across Asia-Pacific would also portray the fastest CAGR of 26.5% during the study period. This is due to shifting trend towards renewable green energy systems for both on-site and central grid power. In addition, the North America region is anticipated to manifest the fastest CAGR of 24.1% during the forecast period.

The key players operating in the virtual power plant market share adopted product launch and business expansion to sustain the intense market competition. The key players profiled in the report include ABB Ltd., AGL Energy, AutoGrid Systems, Inc., Enbala Power Networks, Enel X Inc., General Electric Company, Siemens AG, Schneider Electric SE, Limejump Ltd., and others.

Get detailed COVID-19 impact analysis on the VPP Market @ https://www.alliedmarketresearch.com/request-for-customization/4154?reqfor=covid

Key Findings of The Study
• China is projected to grow at the highest CAGR of approximately 30.3%, in terms of revenue, during the forecast period.
• By technology, the mixed asset segment is anticipated to grow with a CAGR 23.1%, in terms of revenue, during the forecast period.
• The rest of the Europe region dominated the market with highest revenue shares in 2019

Contact us:
David Correa
5933 NE Win Sivers Drive
#205, Portland, OR 97220
United States
Toll Free: 1-800-792-5285
UK: +44-845-528-1300
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Fax: +1-855-550-5975
help@alliedmarketresearch.com
Web: www.alliedmarketresearch.com
Follow us on: https://www.linkedin.com/company/allied-market-research

About Us:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP, based in Portland, Oregon. AMR provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
AMR introduces its online premium subscription-based library Avenue, designed specifically to offer cost-effective, one-stop solution for enterprises, investors, and universities. With Avenue, subscribers can avail an entire repository of reports on more than 2,000 niche industries and more than 12,000 company profiles. Moreover, users can get an online access to quantitative and qualitative data in PDF and Excel formats along with analyst support, customization, and updated versions of reports.

This release was published on openPR.