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As electricity has become a basic need in today’s world, the demand for electricity has increased at a considerable rate all over the world. To satisfy this increased demand, a drift towards renewable sources of energy for power generation has been observed. Backed with the government's ambitious green energy targets, renewable energy has become a significant attraction for investors.
Virtual power plants provide the advantage of energy generation from various sources like wind, solar, reciprocating engines, turbines, biomass, etc. and this energy generated from multiple sources is then clubbed to operate as an integrated power plant. This provides low capital cost, less financial and political risk and flexibility in operation as energy is coming from various sources. With the increasing adoption of renewables sources of energy and increasingly decentralized power generation, the market for virtual power plants will witness healthy growth during the given forecast period.
On the basis of the technology the global virtual power plant market can be segmented into demand response, distributed generation and mixed asset. The demand response segment held the largest market share owing to maximum utilization during peak loads, and high energy demands and this trend is set to continue over the given forecast period.
Key Market Driver -
Key Market Driver – Demand Shift towards clean energy
Key Market Restraint -
Key Market Restraint – Reluctance to adoption owing to health concerns
Based on end-use customers the global virtual power plant market can be segmented into residential, commercial and industrial. The residential segment is expected to grow at a reasonable rate during the given forecast period owing to increased urbanization observed in various countries.
The major market driver for the global virtual power plant market is the growth in the adoption of clean energy sources such as wind and solar with the increasing energy demand. Also, the shift from centralized to decentralized energy generation will boost market growth for virtual power plants.
The key market restraint for the global virtual power plant market is the reluctance to adoption of virtual power plants shown mainly due to the health considerations as increased exposure to radiofrequency and electromagnetic frequency. Concerns over cybersecurity in energy sector can also hinder the global virtual power plant market growth.
Some of the major companies that are present in the global virtual power plant market are Next Kraftwerke, EnerNOC, Schneider Electric, AGL Energy, Flexitricity, Siemens, Cummins, GE, ABB, Comverge, Mitsubishi Heavy Industries, AutoGrid, Capstone, Caterpillar Inc, and Ameresco.
The global virtual power plant market has now been spread into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Asia Pacific region holds significant opportunities for the growth of the virtual power plants market in the region. Major factors attributing the growth are the increasing demand for energy with the increased population, growing urbanization taking place in the region, and the rural electrification schemes rolled out by the governments of various countries in the region.
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China is the leading country in the region followed by Southeast Asian countries and India. Europe currently holds a significant market share in the market owing to the drift towards renewable sources of energy and specifically solar. The decentralized energy generation being carried out in North America will act as a growth opportunity for the virtual power plant market.
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