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Virtual Power Plant Market- Trends Analysis, Opportunity & Forecast, 2027
Global Virtual Power Plant Market Size and Analysis By Technology [Distribution Generation, Mixed Asset, Demand Response], By End User [Industrial, Commercial and Residential], By Region [North America, Europe, Asia Pacific, Middle East & Africa and Latin America], Forecast & Opportunities, 2020-2027
Market Overview
Global Virtual Power Plant Market is expected to grow over US$ 5 Billion by 2027 due to the increasing energy demand and rising technological advancement in the energy sector.
The virtual Power plant is a cloud-based solution that aggregates the capacities of distributed energy resources to enhance power generation and also for trading power on the electricity market. The energy storage systems, energy loads are grouped to operate as an integrated power plant. It improves the distribution system dependency and lowers the capital cost.
The demand for the virtual power plant is increasing due to the rise of renewable energy in power generation mix and low cost of solar and energy storage. The global Virtual power plant market growth is largely attributed to the growing awareness of renewable energy, demand for decentralized power generation and favorable government policies.
Market Segmentation
Global Virtual Power Plant Market can be segmented into Technology, End User and Region.
By Technology, Global Virtual Power Plant Market can be segmented into Distribution Generation, Mixed Asset, and Demand Response. The demand response segment holds the largest market share and it is expected to grow significantly during the forecasted period of 2020-27. It is due to its high energy efficiency and lucrative investment option for long term benefits, the demand for this segment is high. The mixed asset segment is expected to grow highest during the forecasted period of 2020-27 due to the increasing demand for bidirectional flow of electricity in the supply chain to meet the electricity demand.
By End User, Global Virtual Power Plant Market can be segmented into Industrial, Commercial and Residential. The industrial segments hold the largest market share and it is expected to grow significantly during the forecasted period of 2020-27. The rapid industrialization in emerging economies has resulted
By Region, Global Virtual Power Plant Market can be segmented into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Regional Analysis
Regionally, Asia Pacific Virtual power Plant market holds the largest market share due to the increasing energy demand from emerging Asian countries. The region appears to be a lucrative market for virtual power plants as there is a great need for energy consumption due to the high population.
The North American Virtual power plant market is expected to grow significantly during the forecasted period of 2020-27 due to the growing emphasis on the utilization of renewable energy.
Competitor Analysis
The key players in Global Virtual Power Plant Market ABB Ltd., AutoGrid Systems, Limejump Ltd, EnerNOC, Inc., Comverge, Inc., AGL Energy, Enbala Power Networks, Siemens AG, General Electric Company, Schneider Electric SE.
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