Europe Virtual Power Plant Market to Witness Significant Growth until 2025
Rising concern for
sustainable power generation to drive the growth of Europe virtual power plant
market
According to
TechSci Research report, “Europe
Virtual Power Plant Market By Technology (Demand Response, Distributed
Generation, Mixed Asset), By End User (Residential, Commercial, Industrial
(Petroleum Refining, Chemicals Industry, Metals & Mining, Others)), By
Source (Renewables, CHP, Energy Storage, Other local Generation), By Component
(Software vs. Service), By Country, Forecast & Opportunities, 2025”, the Europe virtual power plant market is expected to
witness significant growth during the forecast period on account of the need
for increased flexibility and efficiency across the power sector. Moreover, massive
demand for power across the residential, commercial, and industrial sectors is
further estimated to aid the growth of Europe virtual power plant market over
the coming years. Existence of a sophisticated power industry across the region
has helped in driving sales, thereby propelling the market growth. Furthermore,
number of technological developments in field of power generation are projected
to aid the growth of market in the region through 2025. Besides this, growing
demand for renewable energy in power generation sector is further boosting the
market growth. Also, prevalence of intelligent office buildings and smart grids,
is anticipated to rev up the market during the next five years. However, the
factor that might act as major impediment to the growth of US virtual power
plant market during the forecast period is health concerns over high frequency
human exposure of electromagnetic and radio waves.
The
Europe virtual power plant market is segmented based on technology, end user,
source, component, company and region. In terms of source, the market is segregated into
renewables, CHP, energy storage, other local generation. Out of these, the
renewable segment is expected to dominate the market in the coming years, which
can be attributed to growing requirement for renewable energy in power
generation sector. Based of technology, the market is fragmented into demand
response, distributed generation and mixed asset. Among which, the demand
response segment dominated the market until 2019 and is projected to maintain
its dominance in the market during the forecast period as well. This is mainly
due to certain advantages it offers such as peak load management and earning
incentives by participating in demand response program. On basis of end user, the
residential segment held the largest market share until 2019 and is expected to
grow at the fastest rate during the forecast period. This high growth can be
accredited to high participating in demand response programs, energy storage
system and distributed generation.
Major
players operating in the Europe virtual power plant market include ABB Ltd.,
AGL Energy, AutoGrid Systems, Inc., Comverge, Inc., Enbala Power Networks,
EnerNOC, Inc., General Electric Company, Siemens AG, Schneider Electric SE,
Limejump Ltd and others. The market players are adopting some competitive
strategies such as mergers & acquisitions, partnership, agreements in order
to expand their geographic reach and to increase their customer bases.
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“Europe virtual power plant
market is expected to witness robust growth during the forecast period, owing
to the increased optimism in the economic conditions of the region. Rising
demand for electricity generation from renewable energy sources and low grid
strength is further expected to spur the market growth. Furthermore, increase
in the sale of electric vehicles in the region is expected to create lucrative
opportunities for the market growth.” said Mr. Karan Chechi, Research Director with
TechSci Research, a research based global management consulting firm.
“Europe Virtual Power Plant Market By Technology
(Demand Response, Distributed Generation, Mixed Asset), By End User (Residential,
Commercial, Industrial (Petroleum Refining, Chemicals Industry, Metals &
Mining, Others)), By Source (Renewables, CHP, Energy Storage, Other local
Generation), By Component (Software vs. Service), By Country, Forecast & Opportunities,
2025”, has evaluated the future growth potential of Europe virtual power plant
market and provides statistics & information on market size, structure and
future market growth. The report intends to provide cutting-edge market
intelligence and help decision makers take sound investment decisions. Besides,
the report also identifies and analyzes the emerging trends along with
essential drivers, challenges and opportunities in Europe virtual power plant market.
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