At 21.3% CAGR, Virtual Power Plant Market will Exceed 5.9 Billion by 2027

Rise in demand for renewable energy in power generation sector, changes in dynamic of power grids from centralized to distributed, and moderating costs and easy accessibility of energy storage drive the growth of the global market.

Global Virtual Power Plant market size was valued at $1.3 billion in 2019, and is projected to reach $5.9 billion by 2027, growing at a CAGR of 21.3% from 2020 to 2027. Virtual power plant is an aggregation of decentralized generators with the outline to integrate different distributed energy sources such as biomass plants, biogas block heating plants, wind turbines, and hydroelectric plants.

In addition, virtual power plant offers enhanced power generation with a scope to trade or sell power on the electricity market. It is a medium-scale power generating unit for solar, wind, and other flexible power consumers and storage systems. A virtual power plant consists of different assets that are connected via central control system processing wide range of information, such as current prices at the power exchange, price and weather forecasts, and grid information of the system operators.

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Proliferating demand for renewable energy in power generation sector coupled with changes in dynamics of power grids from centralized to distributed is expected to drive the market growth. In addition, VPP is more efficient and flexible to deliver the peak load electricity in a short notice period compared to conventional power plant set up that will further drive the market growth. However, high-frequency human exposure of electromagnetic and radio waves leads to health concerns, which may hamper the market growth.

Based on technology demand response emerged as the leading segment in virtual power plant market. This is attributed to the grid modernization with virtual power plant leading to increase in demand response. Growing application of mixed asset due to increasing demand for smart devices to control customer-sited loads.

Based on end user the industrial segment accounted for 53% share of global market in 2019, and is expected to maintain its dominance during the forecast period, owing to energy efficiency of VPPs. However, residential user segment is also expected to grow with a highest CAGR, due to rise in demand for renewable energy.

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Based on geography, Europe held the highest share in 2019, and is expected to rule the roost by 2027, accounting for around half of the global virtual plant market. This is owing to rise in demand for demand response system and government initiatives on carbon footprint reduction across countries. However, the region across Asia-Pacific would also portray the fastest CAGR of 26.5% during the study period. This is due to shifting trend towards renewable green energy systems for both on-site and central grid power. In addition, the North America region is anticipated to manifest the fastest CAGR of 24.1% during the forecast period.

The key players operating in the virtual power plant market share adopted product launch and business expansion to sustain the intense market competition. The key players profiled in the report include

• ABB Ltd.
• AGL Energy
• AutoGrid Systems, Inc.
• Enbala Power Networks
• Enel X Inc.
• General Electric Company
• Siemens AG
• Schneider Electric SE
• Limejump Ltd.

Get detailed COVID-19 impact analysis on the Virtual Power Plant Market @ https://www.alliedmarketresearch.com/request-for-customization/4154?reqfor=covid

COVID-19 scenario-
• The COVID-19 pandemic has resulted in a considerable decrease in load and electricity prices for many grids globally. However, the renewable power generation remained unaffected, amid the COVID-19 lockdown.
• However, the power generation from thermal sources has witnessed decreased demand for power amid global lockdown.

Key Findings of The Study
• China is projected to grow at the highest CAGR of approximately 30.3%, in terms of revenue, during the forecast period.
• By technology, the mixed asset segment is anticipated to grow with a CAGR 23.1%, in terms of revenue, during the forecast period.
• The rest of the Europe region dominated the market with highest revenue shares in 2019

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Name: David Correa
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Organization: Allied Market Research
Website: https://www.alliedmarketresearch.com/

Release ID: 89032537