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Virtual Power Plant Market Expands Worldwide With Impressive Sales Trends By 2031
The global virtual power plant market is expected to witness strong growth during the forecast period between 2021 and 2031.
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Virtual power plants are a group of small-scale generators that collectively function as one large power plant. Some of the components of any virtual power plant include biogas plants, heat and power units, and reserve generators.The generators in any virtual power plant require a communication mode with a remote control software, handling the entire network.
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COVID-19 pandemic negatively impacted growth in global virtual power plant market. Increasing number of cases globally led to governments imposing social distancing regulations and lockdowns in a bid to contain the spread of the virus.
This led to reduced investments in different grid projects and reduced the demand for virtual power plants, thereby lowering overall market growth.
Virtual Power Plant Market - Trends and Opportunities
Rising demand for renewable energy sources for electricity generation in leading economies globally has emerged as key growth driver for virtual power plant market.
Also, growing shift from centralized to distributed generation is expected to increase virtual power plant demand and fuel the growth in global market, in future.
Another factor that could help prominent virtual power plant market players generate large amounts of revenue in the years ahead is the increasing consumer demand for electric vehicles.
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Demand response technology segment is expected to be the largest contributor, in terms of revenue, to overall virtual power plant market because of increasing investments in demand response solutions and growing demand to improve overall efficiency of any grid technology.
Residential end-use segment is projected to contribute the most to global market owing to rise in demand for smart meters in different application areas such as home energy management systems and smart home appliances.
Virtual Power Plant Market - Competitive Landscape
The global virtual power plant market is highly competitive, with the presence of several well-established market players, many of whom have become successful owing to years of delivering consistent results and are expected to account for a large share in future.
Launch of novel power plants could prove to be key growth strategy for prominent players and help generate large amounts of revenue.
In September 2020, leading market player Tesla announced the launch of phase 3 of its virtual power plant in Southern Australia and added that approximately 4000 residences containing powerwalls and solar capabilities would be integrated with the system.
Prominent market players could collaborate with smaller players in a bid to expand their market presence and increase their revenue shares.
Some of the leading players in global virtual power plant market include ABB Ltd., Schneider Electric SE, Tesla, General Electric, and Siemens AG.
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Virtual Power Plant Market - Regional Assessment
The global virtual power plant market is divided into five regions, namely, North America, Europe, Asia Pacific, Latin America, and Middle East and Africa.
Europe is expected to emerge as leader in global virtual power plant market because of presence of several prominent market players as well as increased number of government initiatives in countries such as UK and Germany.
Asia Pacific is anticipated to offer significant growth opportunities for well-established virtual power plant market players because of rapid industrialization and surge in energy demand in countries such as India and China.
North America is projected to witness moderate growth in global market due to reduced presence of leading virtual power plant market players in countries such as US and Canada.
Other parts of the world such as Middle East and Africa and Latin America are projected to witness sluggish growth in overall virtual power plant market, in the coming years.
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