North America to Dominate the Global Virtual Power Plant Market through 2025
Growing share of renewable energy
in the power generation mix and power grids changing from centralized to
distributed to drive global virtual power plant market through 2025
According to
TechSci Research report, “Global
Virtual
Power Plant Market By Component,
By Technology, By Source, By End Users, By Region, Competition, Forecast &
Opportunities, 2025”, the global virtual power plant market is forecast to
grow at a rate of 30% during 2020 – 2025 to reach $ 5.6 billion by 2025. Anticipated growth
in the global virtual power plant market can be attributed to growing
opportunities in renewable energy and battery storage systems, rising demand
for power generation from renewable sources of energy, increase in penetration
of smart grid technologies, shift from centralized to distributed generation, favorable
government initiatives to mitigate power outages and increasing demand for power
in various key industries such as petroleum refining, chemicals, metals and
mining, among others.
Browse 108 market data Figures spread through 140
Pages and an in-depth TOC on " Global Virtual Power Plant
Market"
https://www.techsciresearch.com/report/global-virtual-power-plant-market/2494.html
The global
virtual power plant market can be segmented based on component, technology,
source, end user and region. Based on technology, the market can be segmented
into Demand Response, Distributed Generation, and Mixed Asset segments. Demand Response
segment currently holds the largest share and is expected to hold its dominance
in the virtual power plant market during the forecast period. Mixed assets
technology-based virtual power plant is expected to display the highest growth during
the forecast period owing to the increasing concerns over the continuous source
of power supply for bidirectional flow of electricity.
Based on source,
the market can be segmented into Renewables, CHP, Energy storage, and other
local generation. Renewable sources, including solar, wind, hydro, and bio are
widely used sources for virtual power plant as they are naturally occurring
sources of energy that can be easily replenished, and play an important role in
reducing greenhouse gas emissions. The increasing share of renewables in the power generation mix will
positively impact the global virtual power plant market In terms of end user, the
global virtual power plant market is segmented into residential, commercial
& industrial segments. Industrial end-users are among the highest adopters
of the virtual power plant setups and services, with peak load of the
electricity being the highest in various industries such as petroleum refining,
chemical industry, metals, and mining, etc.
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ABB Limited, AGL Energy, AutoGrid Systems Inc, Siemens AG, Schneider
Electric, Enbala Power Network, Robert Bosch Gmbh, General Electric, Comverge,
Next Kraftwerke, Cisco Systems, Limejump, Flextricity are among the leading
players operating in global virtual power plant market. “North America is at the forefront of the global
virtual power plant market with a huge market concentration in the US as of
2020. However, over the next five years,
the market scenario is expected to change with APAC outperforming other
regional market by a considerable margin.”, said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm
“Global Virtual Power Plant
Market By Component, By Technology, By Source, By End Users, By Region, Competition,
Forecast & Opportunities, 2025” has evaluated
the future growth potential of global 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 global virtual power plant market.
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