The global virtual power plant market is expected to grow from USD 193.4 million in 2016 to USD 709.2 million by 2021, at a CAGR of 29.68% from 2016 to 2021. Virtual power plants are employed to optimize power generation from existing sources, integrate various renewable energy sources, and, ultimately, reduce the carbon footprint on the environment. Any growth in the smart grid would directly impact the virtual power plant market. Moreover, factors such as an increasing share of renewable energy in the power generation mix and decreasing costs of solar generation and energy storage would also boost the market for virtual power plant. The base year considered for the study is 2015, and the forecast has been provided for the period between 2016 and 2021.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the virtual power plant solutions market, namely, ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), General Electric Company (U.S.), EnerNOC, Inc. (U.S.), Comverge, Inc. (U.S.), Limejump Ltd. (U.K.), among others. Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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Report Scope:
By Technology:
• Demand Response
• Distributed Generation
• Mixed Asset
By End-User Application:
• Industrial and Commercial
• Residential
By Region:
• North America
• Europe
• Asia-Pacific
• Rest of the world
Demand Response – the largest virtual power plant market by technology
Among the three major technologies of virtual power plant solutions: demand response held the largest market share in 2015. This virtual power plant technology has become more popular due to its various benefits such as end users earn incentives by managing power usage and also save electricity on a large scale. The U.S. is the world’s first country to implement demand response and thus North America is the largest market for this technology as well as for virtual power plant solutions as a whole.
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Market Dynamics
Drivers
• Increasing share of renewable energy in the power generation mix
• Shift from centralized to distributed generation
• Decreasing costs of solar generation and energy storage
Restraints
• Health safety concerns regarding electromagnetic frequency (EMF) & radio frequency (RF) exposure
Opportunities
• Rising demand for electric vehicles
• Development of smart grids
Challenges
• Cybersecurity issues associated with the energy sector
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Critical questions the report answers:
• Where will all these developments take the industry in the mid to long term?
• What are the upcoming industry applications for virtual power plants?
The following are the major objectives of the study.
-To define and segment the virtual power plant market with respect to technology, end-user, and region
-To provide detailed information on major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
-To strategically analyze the virtual power plant market with respect to individual growth trends, future expansions, and contribution to the market
-To analyze market opportunities for stakeholders, and details of a competitive landscape for market leaders
-To forecast the growth of the virtual power plant market with respect to the major geographical regions (Asia-Pacific, Europe, North America, and Rest of the World)
-To strategically profile key players, and comprehensively analyze their market ranking and core competencies
To analyze competitive developments such as new product launches, mergers & acquisitions, expansions, and supply contracts in the virtual power plant marketTo speak to our analyst for a discussion on the above findings, click Speak to Analyst
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