July 22, 2020
According to the research report titled ‘Global Virtual Power Plant Market Analysis, 2020‘, available with Market Study Report LLC, global virtual power plant (VPP) market is expected to register a CAGR of 20.2% over 2020-2025.
The global virtual power plant (VPP) market is witnessing tremendous growth owing to the factors such as paradigm shift towards renewable resources for power generation along with preference for centralized generation to reduce the carbon footprint. Also, decrease in cost of energy storage and solar power generation are contributing to the market growth. Further, introduction of new VPPs by the major companies for industrial and commercial sector is projected to augment the market outlook.
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With respect to source type, the market is divided into distributed energy generation system and energy storage system. Based on technology spectrum, global virtual power plant industry is segmented into distributed generation, demand response, and mixed asset. With regards to the end-user scope, the market is divided into industrial, residential, and commercial.
The report claims that industrial sector held significant market share in 2020. Growing demand for energy from the power sector across the globe, active trading in electricity business, collective preference for renewable energy, and inclination of industries and municipalities towards generating their own power are impelling the deployment of VPP across the industrial sector.
Besides this, announcement of new renewable power projects in countries such as Saudi Arabia and the U.A.E. in order to bring diversity in their power sector through the promotion of renewable energy is projected to fuel the demand for virtual power plants in the coming years, cites the report.
Key players operating in global virtual power plant market include AutoGrid Systems, Enbala Power Networks Inc., CISCO Systems Inc., General Electric, Itron Inc., Schneider Electric, ABB Ltd., Tesla Inc., Enel X North America Inc., and Advanced Microgrid Solutions Inc. among others.