The global virtual power plant market accounted for a value of USD 1.1 billion in 2019 and is projected to register growth at a CAGR of 20.0% during forecast period.
COVID-19 has impacted the virtual power plant market. The energy and power industry is disrupted due to spread of corona virus across the world. All the activities in power and energy sector are halted due and many projects are either postponed or stopped due to lockdown. The supply chain is disrupted due to travel restriction. The virtual power plant market is likely to recover from 2021.
For more details, visit: Global Virtual Power Plant Market By Technology (Demand Response, Mixed Asset and Distributed Generation), By End-Users (Industrial, Commercial and Residential), By Region (Asia-Pacific, Europe, Others), Forecast & Opportunities to 2026
The share of renewable energy is increasing in the power generation mix. Renewable energy is a naturally occurring source of energy and it is vital for reducing greenhouse gas emission in the environment. The awareness about harmful effects of fuel based power plants on environment is increasing in the world which leads to increase in renewable energy sources in power generation. This dives growth in virtual power plants segment during forecast period.
On the basis of technology, the virtual power plants market is segmented into demand response, mixed asset and distributed generation. The demand response segment is estimated to hold largest market share during forecast period. The grid modernization is increasing around the world. This increases demand for demand response segment and drives growth in this segment during forecast period.
On the basis of end-user, the virtual power plants market is segmented into industrial, commercial and residential end-user. Industrial segment is estimated to hold highest market share during forecast period. The medium and small sized virtual power plants application is increasing in industrial segment. The virtual power plants are suitable for energy generation as it is highly efficient. The adoption of virtual power plant is increasing in industrial segment and this drives growth in industrial segment during forecast period.
Europe region is estimated to hold largest market share during forecast period. Europe has presence of large number of industry players. Government in this region is adopting various initiatives to promote green energy in many countries in European region. However, Asia-Pacific region is estimated to register highest growth during forecast period. The countries such as India and China are responsible for highest growth due to increase in industrialization in these countries. This drives growth in Asia-Pacific region during forecast period.
The key market players in virtual power plant market are ABB Ltd., Autogrid System, Blue Pillar, Cisco System Inc., Comverge, Cpower energy management, Enbala Power Networks, Enernoc Inc., Flexitricity ltd., general electric, Hitachi, IBM, Limejump Ltd., Next kraftwerke, Olivene inc., Osisoft, Robert Bosch GmbH, Schneider electric and Siemens AG.
- What are the expected industry trends over the next three to five years?
- Which of the virtual power plant technology is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
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