Virtual Power Plant Market Estimate, Development, Opportunities, Key Players Depth Analysis, Competitive Landscape and Forecast to 2023

“Virtual Power Plant Market, predicted to grow at more than 22% by 2023 rn”
Virtual Power Plant Market, Predicted to Grow at More than 22% by 2023 | Global Virtual Power Plant Market Report by Technology, by End-User and by Region Global Forecast to 2023

Virtual Power Plant Global Market – Overview

The global virtual power plant market is anticipated to witness a steady expansion over the forecast period. The growing demand for virtual power plant market is driven mainly by the increasing use of renewable energy in the power generation mix. The rising shift of power distribution towards decentralized methods is another major driver for the growth of the global virtual power plant market. The declining cost of generating renewable energy, like solar power is expected to drive the growth virtual power plant market during the forecast period. The growing demand for electric vehicles and smart grids is estimated to have a substantial impact on the global virtual power plant market, during the forecast period. A virtual power plant is a cloud based distributed power plant which can combine distributed energy resources, which can be utilized for power trading in the open market. As per the study conducted by Market Research Future, the global  Virtual Power Plant Market is likely to grow at the CAGR of around 25%.

 

Virtual Power Plant Global Market – Competitive Analysis

The global market for virtual power plant is presently in an expansion stage. To uphold the market position and to propel the market growth, all the key players are involved new project development across the globe. Market leaders are innovating unceasingly and progressively seeking market growth opportunities through numerous strategic product development, innovation, boosting and focusing into investments in research and development and cost-effective product offering.

ABB Ltd. (Switzerland), AutoGrid Systems, Inc (US), Hitachi, Ltd. (Japan), International Business Machines Corporation (US), Robert Bosch GmbH (Germany), Schneider Electric SE (France), Siemens AG (Germany), Next Kraftwerke (Germany) and Energy Pool (France) are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global virtual power plant market.

 

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Global Virtual Power Plant Market – Segmentation

The scope of global virtual power plant market is segmented into two major segments which are explained below:

By Technology

  • Demand Response
  • Distribution Generation
  • Mixed Asset

 By End-User

  • Commercial
  • Industrial
  • Residential

 

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Market Segmentation:-

The global virtual power plant market is segmented based on technology and end-user. Based on technology, the market is segmented as demand response, distributed generation and mixed asset. Distributed generation segment is expected to hold the largest market share during the forecast period. Based on end-user, the market is segmented as commercial, industrial and residential. Commercial segment is estimated to hold the largest market share during the forecast period. However, health and safety impacts from the electromagnetic frequency exposure may hinder the growth of the market.

Geographically, the global virtual power plant market has been segmented into North America, Europe, Asia Pacific and Rest of the World. North America held the largest market share of global virtual power plant market in 2017 and is expected to remain the largest share holder of the market during the forecast period. Europe held the second largest market share of the market in 2017, followed by Asia-Pacific as the third largest share holder.

 

 

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