At 21.3% Growth Rate, Virtual Power Plant Market Set to Hit $5.9 Billion by 2027
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Rise in demand for renewable energy in the power generation sector, changes in preference of power grids from centralized to distributed grids, and moderate costs and easy accessibility of energy storage drive the growth of the global virtual power plant market. However, complex design structure and health concerns due to exposure of high-frequency of electromagnetic and radio waves hinder the market growth. On the other hand, shift towards electric vehicles and promotion of intelligent office buildings and smart grids create new opportunities in the coming years.
Based on technology demand response emerged as the leading segment in virtual power plant market. This is attributed to the grid modernization with virtual power plant leading to increase in demand response. Growing application of mixed asset due to increasing demand for smart devices to control customer-sited loads.
Based on end user the industrial segment accounted for 53% share of global market in 2019, and is expected to maintain its dominance during the forecast period, owing to energy efficiency of VPPs. However, residential user segment is also expected to grow with a highest CAGR, due to rise in demand for renewable energy.
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Europe accounted for the highest market share in 2019, owing to the presence of large number of industry players and new government initiatives across different European countries on 100% green energy initiative. Asia-Pacific possesses highest growth in the global virtual power plant market, owing to rise in energy demand in countries such as China and India with rapid industrialization.
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 Virtual Power Plant Market: https://www.alliedmarketresearch.com/request-for-customization/4154?reqfor=covid
• Virtual power plants have been impacted negatively due to the restrictions on residential and commercial projects in the construction industry during the few months of the coronavirus pandemic.
• The installation of new virtual power plants has been postponed during the Covid-19 pandemic to avoid social gathering and control the transmission of virus.
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