Virtual Power Plant 2018 Market is Expected to Grow at 22% CAGR | Global Industry Overview and Competitive Analysis Research Report 2023

“The global virtual power plant market is expected to grow at 22% CAGR during the forecast period.rnrn”
Virtual Power Plant Global Market Report by Technology, by End-User (Commercial, Industrial and Residential) and by Region – Global Forecast to 2023.

Virtual Power Plant Market Highlights:-

Virtual power plants are supposed to be the most cost-efficient producer of dynamic suppleness in advanced electricity systems. A virtual power plant comprises of portfolio of technical and contractual assists such as, distribution generation, demand response, and mixed asset, which are able to deliver electrical capacities when needed. The mask assignment of a virtual power plant is to spontaneously deliver positive or negative capacities of electric energy according to a random call signal from the market end.

The global rise in the demand for non-conventional energy in the power generation sector, the dynamic changes in the power grids from centralized to distributed, and diminishing costs of electricity and easy access to store energy in energy storage devices such as, batteries is driving the global Virtual Power Plant Market. However, the growing health concerns over the human exposure to the high frequency of electromagnetic and radio waves is restraining the potential of market growth at different end-user level. Contrarily, the emerging shift toward electric automobiles and promotion of smart offices and buildings with smart grids is expected to create an immense opportunity in the global virtual power plant market.

 

Industry News:-

In July, 2017 – MAN Diesel & Turbo has commissioned the planning and investment approval of the construction of a 30 MW gas engine power plant at Energie Baden-Württemberg AG (EnBW). The combined heat and power plant (CHP) at the Stuttgart-Gaisburg site will be functioned by the use three MAN type 20V35/44G gas engines and will not only source electrical power but also an supplementary 30 MW of district heating.

In May, 2017 – Cummins launched its latest natural gas generator set across all 50 Hz Counties. The newest member of the QSK60 Series, the C1540 N5CC, porposes a new customer choices that brand it an ideal fit for both independent power producer (IPP) and combined heat and power (CHP) applications.

 

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Virtual Power Plant Global Market – Competitive Analysis

The global virtual power plant industry is expected to have a huge number of technological progression over the forecast period owing to enormous developments in power sector coupled with growing consumer preferences for uninterruptible energy supply. The market is also expected to have high expansion activities by conglomerates and well-established companies. Mergers and acquisition strategies are anticipated to be seen over the forecast period.

 

Top 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).

 

Market Segmentation:-

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 have 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 plants in the industrial sector.

 

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North America Virtual Power Plants market holds the highest market share in 2016.

Currently, the North America region is the largest consumer of virtual power plants. U.S., Canada, and prominent South American countries are among the major markets of virtual power plants globally. The North America virtual power plants market is projected to register the highest market share during the forecast period. The North American market for virtual power plant is prominently dominated due to the rapidly growing use of non-conventional energy in to diminish the carbon footprint, shift from centralized to distributed generation and phenomenal decline in the cost of renewable energy generation technology and energy storage devices would propel the global virtual power plant market. Asia Pacific possess the maximum potential for market growth in the global virtual power plant owing to growing energy demand from the emerging economies such as, China, Japan and India. 

 

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