Virtual Power Plant Market Size, Share, Growth, Competitive Market Strategies and Forecasts To 2023

Market Highlights:

The virtual power plant is an aggregation of decentralized energy sources that integrates several types of small-scale energy sources and acts as a single large power plant. As per the report that has been recently published by Market Research Future (MRFR), the global virtual power plant market is anticipated to expand remarkably at a strong CAGR of over 22% during the forecast period of 2017-2023.

The increasing demand for renewable energy sources such as wind energy, biogas, biomass energy, solar energy and others due to the rapid depletion of conventional energy sources such as fossil fuels is majorly driving the expansion of the global virtual power plant market. The virtual power plant acts as a single large power supply facility based on sophisticated software for operation, hence the rapid adoption of advanced technology in energy and power sector is fueling the expansion of the global virtual power plant market.

 

Competitive Analysis:

Virtual power plant, being a nascent technology, has created a tremendous amount of opportunities for the players to invest in the virtual power plant market, which in turn has led to the increased competition in the global virtual power plant market. The players in the global market are focusing on the expansion of their businesses by increasing the research and development expenditure for the introduction of unique and advanced technologies in order to create dominance in the global virtual power plant market.

On 13th July 2018, Next Kraftwerke, one of the largest virtual power plants in Europe, has partnered with Eneco Belgium, a sustainable energy company and battery supplier Alfen for the integration of a 2-megawatt battery to its virtual power plant ‘Next Pool.’ The battery provides the virtual power plant with frequency control reserve (FCR) to the Belgian grid.

 

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Leading Key Players:

The key players of global Virtual Power Plant market are ABB Ltd. (Switzerland), Autogrid Systems, Inc. (U.S.), Blue Pillar, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Comverge (U.S.), Cpower Energy Management (U.S.), Enbala Power Networks, Inc. (Canada), Enernoc, Inc. (U.S.), Flexitricity Limited (U.K.), General Electric Company (U.S.), Hitachi, Ltd. (Japan), International Business Machines Corporation (U.S.), Robert Bosch GmbH (Germany), Schneider Electric SE (France), and Siemens AG (Germany).

 

Scope of the Report:-

This study provides an overview of the global virtual power plant market, tracking two market segments across four geographic regions. The report studies key players, providing a five-year annual trend analysis that highlights market size, volume and share for North America, Europe, Asia Pacific (APAC) and Rest of the World (ROW). The report also provides a forecast, focusing on the market opportunities for the next five years for each region. The scope of the study segments the virtual power plant market by its technology, by end-user and by region.

By Technology

• Distribution Generation


• Demand Response


• Mixed Asset

By End-User

• Commercial


• Industrial


• Residential

By Regions

• North America


• Asia Pacific


• Europe


• Rest of the World 

 

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Market Research Analysis:

Demand response and Industrial segment is expected to grow at the highest CAGR and have the largest market share.

Global Virtual Power Plant market has been segmented based on technology, end-user, and region. Demand response segment by technology currently holds the largest share and is expected to hold its dominance in the virtual power plant market during the forecast period. Demand response is highly lucrative for investment due to everlasting benefits for end-users and improving the energy efficiency of the grid. Hence, demand response is expected to show high growth rate. However, the industrial, by end-user held the largest market share in 2016 and is expected to hold the largest share over the forecast period. Industrial end-users are among the highest adopters of the virtual power plant setups and services and thus provide great contribution to the market expansion. The peak load of the electricity is the highest in various industries such as petroleum, paper & pulp, and chemical among others, which has created a productive market for virtual power plant in industrial sector.

 

About Market Research Future:           

At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services.

MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.

In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.

 

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