Market Research Future published a research report on “Virtual Power Plant Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023.
Industry Insight
The ‘virtual power plant market 2020 analysis’ is a specialized and in-depth study of the energy and power industry, with a scrupulous focus on the global market trend analysis. Market Research Future digs the reality and states that the global virtual power plant market can garner to reach a higher valuation, at a CAGR of 22% during the forecast period of 2017–2023. The study also provides key statistics on the status of the leading market by focusing on key drivers, market players, key trends, and opportunities for the future.
Top Impacting Factors: Virtual Power Plant Market
As per the study conducted, the factors leading the market came forward from the need for aggregation of distributed electricity, which has created increased demand within the global Virtual Power Plant Market. The existence of a seamless industry for controlling power distribution units and systems has played a pivotal role in making the market mature. The sale of power in the electricity market also necessitates the development of a cloud-based virtual power plant that has initiated the market to reach its valuation. These factors have been considered as the most important ones influencing the market’s growth to a great extent.
The power industry has evolved as the torchbearer of growth across local and national regions across the globe. The need for power distribution has led to the induction of improved systems across the industry. Henceforth, the entire volume of revenues within the global virtual power plant market is slated to increase in the years to follow, finds MRFR in its latest study. Moreover, the need for surged flexibility and efficiency in the power sector shall lead to an era of growth in the global virtual power plant market, making it gain more valuation than previous years. With this, there is humongous demand for power across the residential, commercial, and industrial sectors. Such a factor has played a pivotal role in the induction of virtual power plants across several regions, creating massive opportunities flourishing in the future time frame.
At present, the global energy market is in the midst of a paradigm shift, from a model led by large centralized power plants by big utilities to a mixed bag of distributed energy generation facilities and smaller residential, commercial, and industrial power generation systems. Many of them are used renewable resources, thus making the market more authentic and valuable in the forecast period.
Key Market Contenders
The top contenders of global Virtual Power Plant market are listed as Autogrid Systems, Inc. (U.S.), ABB Ltd. (Switzerland), Cisco Systems, Inc. (U.S.), Blue Pillar, Inc. (U.S.), Cpower Energy Management (U.S.), Comverge (U.S.), Enernoc, Inc. (U.S.), Enbala Power Networks, Inc. (Canada), General Electric Company (U.S.), Flexitricity Limited (U.K.), International Business Machines Corporation (U.S.), Hitachi, Ltd. (Japan), Schneider Electric SE (France), Robert Bosch GmbH (Germany), and Siemens AG (Germany).
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Segmentation of Market: Virtual Power Plant
From the viewpoint of segmentation, the global virtual power plant has been studied among the various segments such as technology and end-user.
The segment of technology of the market has presently acquired the largest share. It is now expected to occupy the position of leader in the virtual power plant market during the forecast period. As per the study, demand response is massively lucrative for investment owing to undying benefits for end-users and improving the energy efficiency of the grid. Therefore, demand response is anticipated to display a high growth rate.
The segment of end-user acquired the largest market share back in 2016 and is now likely to own the most significant share over the assessment period. Industrial end-users are among the highest adopters of the virtual power plant setups and services and providing a substantial contribution to the market expansion course. The peak load of the electricity is the highest in various industries of paper & pulp, petroleum, and chemical, which has created a productive market for the virtual power plant in the industrial sector, which will serve incredibly during the growth course of the market.
Regional Framework
From the viewpoint of the regional aspect of the global virtual power plant, the study is carried out among the key regions of Asia Pacific (APAC), Europe, North America, and the Rest of the World (ROW).
The Asia-Pacific region possesses the maximum potential for growth in the global virtual power plant market in support of the growth mechanism in energy demand from rising economies. Virtual power plant market share is likely to increase in the North America region, also at a fast pace owing to a surge in emphasis on the utilization of renewable energy. The U.S. is now anticipated to lead the market and witness high demand for virtual power plants.
The study has also detailed that many companies have adopted expansion, product development, and merger strategies to prolong the intense market competition. Thus, to stay competitive in the market, market giant players are actively pursuing product launches, product developments, acquisitions, and partnerships. In the case of point, one of the key players in the market, AGL launched a project that connects 1,000 households and businesses with rooftop solar systems and batteries so as to develop a virtual power plant.
Table of Content:
Chapter 1-Virtual Power Plant Market Overview
Chapter 2-Global Virtual Power Plant Competition by Players/Suppliers, Type and Application
Chapter 3-United States Virtual Power Plant (Volume, Value and Sales Price)
Chapter 4-China Virtual Power Plant (Volume, Value and Sales Price)
Chapter 5-Europe Virtual Power Plant (Volume, Value and Sales Price)
Chapter 6-Japan Virtual Power Plant (Volume, Value and Sales Price)
Chapter 7-Southeast Asia Virtual Power Plant (Volume, Value and Sales Price)
Chapter 8-India Virtual Power Plant (Volume, Value and Sales Price)
Chapter 9-Global Virtual Power Plant Players/Suppliers Profiles and Sales Data
Chapter 10-Virtual Power Plant Manufacturing Cost Analysis
Chapter 11-Industrial Chain, Sourcing Strategy and Downstream Buyers
Chapter 12-Marketing Strategy Analysis, Distributors/Traders
Chapter 13-Market Effect Factors Analysis
Chapter 14-Global Virtual Power Plant Market Forecast (2019-2023)
Chapter 15-Research Findings and Conclusion
Chapter 16-Appendix
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