The findings of a report made available by Radiant Insights, Inc. predict that the global virtual power plants market would exhibit substantial growth over the forecast period (from 2017 to 2021). This growth is attributed to factors such as increased share of renewable energy in power generation mix and decreasing costs of energy storage and solar generation systems. Various government bodies across the globe are introducing new incentive programs and mandates to help boost the use of renewable energy in the primary energy mix. This is also projected to propel market demand over the coming years.
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On the downside, various health safety concerns about radio frequency and electromagnetic frequency exposure may have a negative impact on the overall market growth. However, widening scope of application in residential, commercial, and industrial sectors and growing penetration and development of smart grid technologies are likely to prove lucrative for market expansion.
Escalating demand for electric vehicles (EVs) to tackle global pollution issues is expected to present new growth opportunities for the global market during the estimated years. In addition, government initiatives encouraging the production of clean energy such as wind energy, solar energy, and hydro energy generation are estimated to fuel the demand for virtual power plants. Furthermore, growing shift from centralized to decentralized generation is projected to spur global demand.
The global virtual power plants market is categorized as per product type, end use or application, and region. Based on product type, the market is categorized into technical VPP and commercial VPP. Based on end user, the market is categorized into low-voltage power network and medium-voltage power network. Based on geography, the market is divided into Asia Pacific (APAC), Europe, and North America, with key countries being Germany, United States, United Kingdom, South Korea, Japan, and China.
North America virtual power plants market occupied the maximum market share in the past and is anticipated to continue its dominance throughout the forecast years. Factors such as increased use of renewable energy to reduce CO2 footprint and reducing costs of solar PV and battery energy storage are responsible for the region’s expansion. Another key driver is escalating power demand and stringent government regulations regarding energy efficiency.
The APAC region is expected to witness fast-paced growth in the coming years. Many countries in this region, such as Japan and India, are increasingly focusing on decreasing CO2 footprint by generating clean energy using renewable sources, which is likely to fuel the region’s growth. The Europe region is also predicted to showcase strong growth with U.K. being the major contributor over the next few years.
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Major companies operating in the global virtual power plants market are Shandong Electric Power Engineering Consulting Institute Corp., Ltd. (SDEPCI); China General Nuclear Power Group; Fujitsu Ltd.; and Duke Energy. Mergers, acquisitions, and new product and technology development are key market strategies followed by some of these players.
Tesla Inc. announced the first program to aggregate the capabilities of its commercial and residential stationary storage systems in partnership with Green Mountain Power (GMP) Corp. Tesla states that the two companies will be working toward creating a single resource of shared energy. The company also said that this is the next step in tapping the energy storage systems’ potential in the field. In this program, the companies will install a Powerwall battery in the homes of their customers and this battery will provide energy backup in case of a grid outage.
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