February 03, 2021
According to the research report titled ‘Global Virtual Power Plant Market Analysis, 2020’, available with Market Study Report LLC, global virtual power plant market is expected to grow with a CAGR of 20.2% CAGR between 2020 and 2025.
Focus towards integrating renewable energy sources in power generation mix coupled with shifting preferences towards adopting centralized generation systems over distributed generation technologies are some of the key factors driving the growth of global virtual power plant market.
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Decreasing cost of solar generation and energy storage systems is facilitating the overall market scenario. Mounting R&D investments and relevant technological innovations among key players is also adding traction to global virtual power plant industry size.
By source type, the market is classified into energy storage systems and distributed energy generation system. In terms of technology, global virtual power plant industry is split into mixed asset, distributed generation, and demand response.
The end-user scope of the overall market consists of commercial, industrial and residential segments. The report states that global virtual power plant industry size from industrial segment is predicted to expand significantly during the estimated timeframe.
Factors such as collective inclination among industrialists towards adopting renewable sources of energy coupled with growing energy demand are key factors favoring the overall market scenario. Additionally, upcoming renewable power development projects in UAE and Saudi Arabia is also augmenting the demand for virtual power plant systems across the globe.
Tesla Inc., Schneider Electric, Siemens AG, Next Kraftwerke GmbH, Mitsubishi Electric Corporation, Hitachi Ltd., Itron Inc., General Electric Co., Enel X North America Inc., ENBALA Power Networks Inc., Cisco Systems Inc., Advanced Microgrid Solutions Inc., AutoGrid Systems Inc., and ABB Ltd. are the leading companies operating in global virtual power plant industry.