Menu ×

ENERGY & POWER

Virtual Power Plant Market Segmentation by Technology (Demand Response, Mixed Asset, and Distributed Generation); by End-User (Residential, Industrial, and Commercial) – Global Demand Analysis & Opportunity Outlook 2029

  • Text Size:

Extensive insights into the Growth of Virtual Power Plant Market amidst COVID-19

Before we witness the stabilization of economic growth in Europe and North America, Asia Pacific is estimated to bounce back progressively with countries such as China, India, South Korea and Japan witnessing more opportunities to recover from the losses sustained during COVID-19.

Being the biggest market in Eastern Europe, Russia is estimated to take the lowest hit, offering a sigh of relief to the businesses operating in the country. Whereas, GCC is estimated to observe low investments due to the sliding prices of crude oil.

We evaluate the strategies and commitment of the Giant Players in the market towards creating products and services that customers value and rely on.

In an attempt to control and eliminate the surge of coronavirus cases and meet the demand for required medical devices along with providing efficient medical services, there is a drastic shift of investments from authoritative bodies towards the healthcare sector. Where the aftermath of this pandemic may take years to be measured, Research Nester estimates notable expansion of e-health, gaming, and media and entertainment industries till the whole situation is contained and the plan of action for the recovery process is determined. There is an estimated probability of the growth in businesses going back a year if the condition is controlled in the next 2-3 months.                                                         Request Insights

Read More

Virtual Power Plant Market Highlights 2020 – 2029

The virtual power plant market is anticipated to garner a sizeable revenue by recording a noteworthy CAGR over the forecast period, i.e., 2021 – 2029, on account of the increasing demand for cheap and renewable energy sources among people around the world. In 2019, more than 7000 TWh of energy worldwide was generated by renewable sources. Along with these, ease of implementation and flexibility in trading associated with virtual power plants are other factors which are estimated to drive market growth in the coming years. Furthermore, as virtual power plants are considered to be more cost-effective and require minimum maintenance effort compared to the conventional power plants, the market is expected to witness ample expansion opportunities over the forecast period.

Virtual Power Plant Market Graph

The market is segmented by end-user segment into residential, industrial and commercial, out of which the industrial segment is projected to hold the largest market share, which can be credited to the growing user base of the VPP services in industrial settings. However, the segment for residential end-users is anticipated to grow at a faster rate during the forecast period owing to the rise in urbanization and increasing demand for green energy worldwide. Additionally, on the basis of technology, the demand response segment is expected to grab the largest market share over the forecast period on the back of the advantages such as smart load management during peak hours and improved energy efficiency of the grid. CLICK TO DOWNLOAD SAMPLE REPORT

Global Virtual Plant Market Regional Synopsis

On the basis of regional analysis, the virtual power plant market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is projected to acquire largest market share during the forecast period, which can be ascribed to rapid industrialization in the region and rising energy demand in major economies, such as China and India. It was estimated that China’s gas consumption increased by almost 20% in 2019. Moreover, North America is expected to be the second-largest market shareholder owing to the extensive use of VPP and increasing demand for hydro energy, wind energy and solar energy generation in the commercial & industrial sectors of the region. However, the Middle East & Africa region is assessed to demonstrate major growth prospects for the market, on account of the emergence of new renewable energy projects in countries such as Saudi Arabia, the U.A.E, and South Africa and increasing demand to effectively manage the distributed energy supplies in the region.

The virtual power plant market is further classified based on the region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the virtual power plant market includes the following segments:

By Technology

  • Demand Response
  • Distributed Generation
  • Mixed Asset

By End-User Application

  • Industrial
  • Commercial
  • Residential

Growth Drivers

  • Rising Demand for Renewable Energy
  • Easy Implementation and Flexibility in Trading in Virtual Power Plants

Restraints

  • High-Frequency Electromagnetic Radiation from Virtual Power Plants
  • Rising Cyber Security Attacks

Top Companies Dominating the Market

  • ABB Ltd.
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • AutoGrid Systems, Inc.
  • Cisco Systems, Inc.
  • Cpower
  • Flexitricity Limited
  • Schneider Electric
  • General Electric Company
  • GreenSync
  • Siemens AG

FREQUENTLY ASKED QUESTIONS


Related Reports


Disclaimer | Privacy Policy | Terms & Conditions

Copyright © 2021 Research Nester. All Rights Reserved