According to a new market research report “Global Virtual Power Plant Market Size, Share, Development, Growth and Demand Forecast to 2023 – Industry Insights by Type (Centralized Controlled VPP, Decentralized Controlled VPP), by Technology (Demand Response, Distribution Generation, Mixed Asset), by End-Use (Industrial, Commercial, Residential)” published by P&S Market Research, the global market for virtual power plant is projected to reach USD1,187.5 million by 2023, growing at a CAGR of 30.3% during the forecast period (2017 – 2023).
Global virtual power plant market worth USD191.5 million in 2016
As per the research, the global market for virtual power plant is likely to grow from USD191.5 million in 2016 to USD1,187.5 million by 2023. With increasing infrastructural development activities in the Asia-Pacific region and rising government initiatives to reduce the carbon footprints, the demand for virtual power plant is expected to gain traction during the forecast period. Government of various nations are focusing on increasing the share of renewable energy in the primary energy mix by introducing mandates and incentive programs to encourage end-users to shift towards clean energy sources. This is expected to further propel the demand for virtual power plant during the forecast period.
Insights on market segments
As per the findings of research, the industrial sector emanated the largest demand for virtual power plant. The segment is expected to exhibit similar trends during the forecast period. Centralized controlled VPP has been the largest revenue generator in the global market for virtual power plant. Demand response is the largest segment in virtual power plant market, by technology; while mixed asset is expected to exhibit the fastest growth in the global virtual power plant market, by technology.
Browse Report Description at: https://www.psmarketresearch.com/market-analysis/virtual-power-plant-market
North America stands as the largest virtual power plant market
North America accounted for the largest region in the global virtual power plant market, where the U.S. contributed to the largest revenue. The U.K. was the major market for virtual power plant in Europe, whereas Japan contributed to the largest revenue in the Asia-Pacific region. Saudi Arabia generated the largest revenue for virtual power plant market in the Rest of the World, which also includes South Africa, Brazil and Mexico.
Increasing shift towards clean energy sources bolsters market growth
The factors driving the growth of the global virtual power plant market include rising applications in the industrial, commercial and residential sectors and increasing penetration of smart grid technologies. The increasing government initiatives to produce clean energy including renewable sources such as hydro energy, wind energy and solar energy generation is expected to spur the demand for virtual power plant during the forecast period.
The increasing demand for electric vehicles is also a major factor that is expected to drive the market for virtual power plant during the forecast period. Growing popularity of VPP in developed and developing economies due to various benefits offered to the end-users such as incentives for managing power usage and energy savings on a large scale is likely to spur the demand for VPP during the forecast period. The increasing demand from residential sector on account of various incentive programs and mandates introduced by the government is expected to boost the demand for virtual power plant during the forecast period. Additionally, the increasing growth in the infrastructure and industrial sector in the Asia-Pacific region is likely to spur the demand for virtual power plant during the forecast period.
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Major players have stronghold in the global virtual power plant market
Some of the key players in the global virtual power plant market include ABB, Ltd., Enernoc, Inc, Schneider Electric, General Electric, Comverge, Inc., Limejump Ltd., Cisco Systems, Inc., Blue Pillar, Cpower Energy Management and Open Access Technology International, Inc.
Product launches and strategic expansion plans by key players have been the major recent developments in the global market for virtual power plant. Companies including ABB, Ltd. and Enernoc, Inc. are increasingly investing in R&D activities and focusing on strategic partnerships and other expansion plans to enhance their market presence across the globe.
GLOBAL VIRTUAL POWER PLANT MARKET SEGMENTATION
- Centralized controlled VPP
- Decentralized controlled VPP
- Demand response
- Distribution generation
- Mixed asset
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