Virtual Power Plant Market Technology, Product Scope, Demand, Business Scenario, Trends, Share, Applications, Types and Forecasts 2021 – 2028
The global virtual power plant market is expected to reach a market size of USD 3,724.2 million by 2028 at a relatively robust CAGR over the forecast period, according to latest analysis by Emergen Research. This growth can be attributed to factors such as increasing initiatives of various governments regarding adoption of renewable sources of energy, which is driving renewable power generation activities. Rapid urbanization and rising focus on decarbonization, along with the rapid digitalization trend, are other factors driving adoption of virtual power plants, and the trend is expected to continue during the forecast period.
Increasing energy consumption is
another factor driving demand for virtual power plants to monitor and increase
production of energy from renewable sources. Technological advancements on the
traditional power grid for development of a new smart decentralized grid with
bi-directional energy is contributing to growth of the virtual power plants
market. The global shift towards renewable and distributed power generation is another
factor driving demand for virtual power plants. Rising demand for a low-carbon
future and smaller and decentralized power generation units is expected to
continue to present future growth opportunities for players operating in the
global virtual power plant market.
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Competitive Outlook:
The global Virtual Power Plant market is
highly consolidated due to the presence of a large number of companies across
this industry. These companies are known to make hefty investments in research
and development projects. Also, they control a considerable portion of the
overall market share, thus limiting the entry of new players into the
sector. The global Virtual Power Plant
market report studies the prudent tactics undertaken by the leading market
players, such as partnerships and collaborations, mergers & acquisitions,
new product launches, and joint ventures. Some players analyzed
in the report are:
ABB, AutoGrid Systems, Inc., Blue Pillar,
Cisco systems, Inc., Cpower Energy Management, Enel X, General Electric,
Hitachi, Ltd., IBM, and Next Kraftwerke.
The global Virtual Power Plant market is
broadly segmented on the basis of different product types, application range,
end-use industries, key regions, and an intensely competitive landscape. This
section of the report is solely targeted at readers looking to select the most
appropriate and lucrative segments of the Virtual Power Plant sector in a
strategic manner. The segmental analysis also helps companies interested in
this sector make optimal business decisions and achieve their desired goals.
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Emergen Research
has segmented the global virtual power plant market on the basis of end-use,
technology, and region:
End-use Outlook (Revenue,
USD Million; 2021–2028)
Residential
Industrial
and Commercial
Technology
Outlook (Revenue, USD Million; 2021–2028)
Distributed
Generation
Demand
Response
Mixed Asset
Regional Segmentation
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South
Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina,
Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South
Africa, Rest of MEA)
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Key Highlights of
Report
In December
2020, ABB entered into a strategic partnership with AFC Energy, which is a
provider of hydrogen generation technology. The partnership was formed to
manufacture next generation of high power electric vehicle charging solutions
which are sustainable for grid-constrained locations.
The
residential segment accounted for largest market share of 61.4% in 2019.
Increasing adoption of new technologies such as smart meters, smart home
appliances, and fully functional smart grids in the residential sector is
driving growth of virtual power plants in the residential segment.
The demand
response segment revenue is expected to expand at a rapid CAGR of 29.1% during
the forecast period. Growing investments in demand response solutions due to
the benefits provided by them, such as peak load management, is further
contributing to increasing demand for demand response solutions.
Radical Features of the Virtual Power Plant Market Report:
The report encompasses Virtual Power Plant
market overview along with market share, demand and supply ratio, production
and consumption patterns, supply chain analysis, and other ley elements
An in-depth analysis of the different
approaches and procedures undertaken by the key players to conduct business
efficiently
Offers insights into production and
manufacturing value, products and services offered in the market, and fruitful
information about investment strategies
Supply chain analysis along with technological
advancements offered in the report
The report covers extensive analysis of the
trends, drivers, restraints, limitations, threats, and growth opportunities in
the Virtual Power Plant industry
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