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Virtual Power plant Market Size, Share & Industry Analysis, By Technology (Demand Response, Distributed Generation, Mixed Asset), By End-User (Industrial, Commercial, Residential)and Regional Forecast, 2019-2026

Region : Global | Report ID: FBI101669 | Status : Ongoing

 

KEY MARKET INSIGHTS

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.


Key Players Covered:


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.


Regional Analysis:


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.


Segmentation






















 ATTRIBUTE


 DETAILS

By Technology




  • Demand Response

  • Distributed Generation

  • Mixed Asset



By End-User




  • Industrial

  • Commercial

  • Residential



By Geography




  • North America (U.S. and Canada)

  • Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)

  • Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)

  • Latin America (Brazil, Mexico, and Rest of Latin America)

  • Middle East & Africa (South Africa, GCC, and Rest of the Middle East & Africa)



Key Industry Developments



  • In October 2019, EMA and Sembcorp jointly awarded the contract to Nanyang Technological University for the development of Singapore’s first Virtual power plant. The project is expected to be completed by the end of 2022. 

  • In September 2019, Sunrun and Open Access Technology Joined hands to produce the world’s largest residential virtual power plant by managing electricity from around 1000 rooftop solars and storage systems to be installed on Hawaiian island of O’ahu. The virtual power plant would be providing peak demand shaving, on-demand reserve capacity, and ancillary services.


 


Virtual Power plant Market Size, Share and Global Industry Trend Forecast till 2026
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