DUBLIN–(BUSINESS WIRE)–The "Global Virtual Power Plant Market, by Component (Software v/s Service), by Technology (Demand Response, Distributed Generation, Mixed Asset), by Source (Renewables, Energy Storage, CHP, Other local generation), by End User, by Region, Competition, Forecast & Opportunities, 2025" report has been added to ResearchAndMarkets.com's offering.
The Global Virtual Power Plant Market is forecast to witness a CAGR of 30% in the coming years and surpass $ 5.6 billion by 2025.
Growth in the Global Virtual Power Plant Market can be attributed to the 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 key industries such as petroleum refining, chemicals, metals and mining, etc.
The Global Virtual Power Plant Market can be segmented based on component, technology, source, end-user and region. In terms of component, the market can be bifurcated into software and service. In 2020, software segment dominated the market, however, service segment is expected to grow at a higher rate in the coming years. Based on technology, the market can be segmented into Demand Response, Distributed Generation, and Mixed Asset. 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. Demand response is highly lucrative for investment due to everlasting benefits for end-users and improving the energy efficiency of the grid.
Based on source, the market can be segmented into Renewables, CHP, Energy Storage, and Other Local Generation segments. 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 plays 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. The Industrial segment held the largest market share in 2019 and is expected to have the largest share over the forecast period as well. Industrial end-users are among the highest adopters of the virtual power plant setups and services. Regionally, North America is the largest virtual power plant market. Shift towards renewable energy sources, need for higher grid stability, and presence of major companies is driving the virtual power plant market in the region. Asia-Pacific is also expected to present lucrative opportunities in the coming years owing to the phenomenal growth in the construction industry, and government regulatory policies and initiatives towards clean energy, especially in China and India. Japan and South Korea are also among the industrialized countries in APAC region that is also expected to boost the region's virtual power plant in the coming years.
- ABB Limited
- AGL Energy Limited
- Autogrid Systems, Inc.
- Siemens AG
- Schneider Electric
- Enbala Power Networks
- Robert Bosch GmbH
- General Electric Company
- Comverge, Inc.
- Next Kraftwerke GmbH
- Cisco Systems, Inc.
The Objective of the Study:
- To analyze and forecast the market size of the Global Virtual Power Plant Market.
- To classify and forecast the Global Virtual Power Plant Market based on component, technology, source, end-user, and regional distribution.
- To identify major drivers & challenges for the Global Virtual Power Plant Market
- To identify major emerging trends of the Global Virtual Power Plant Market.
- To examine competitive developments such as expansions, new product launches, mergers & acquisitions, etc., in the Global Virtual Power Plant Market.
- To identify and profile major companies operating in the Global Virtual Power Plant Market.
Key Topics Covered:
1. Product Overview
2. Research Methodology
3. Executive Summary
4. Voice of Customer
5. Global Virtual Power Plant Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Component (Software vs. Service)
5.2.2. By Technology (Demand Response, Distributed Generation, and Mixed Asset)
5.2.3. By Source (Renewables, Energy Storage, CHP and Other local generation)
5.2.4. By End User (Residential, Commercial and Industrial (Petroleum Refining, Chemicals Industry, Metals & Mining and Others)
5.2.5. By Region
5.2.6. By Company (2019)
5.3. Product Market Map
6. North America Virtual Power Plant Market Outlook
7. Europe Virtual Power Plant Market Outlook
8. APAC Virtual Power Plant Market Outlook
9. South America Virtual Power Plant Market Outlook
10. Middle East and Africa Virtual Power Plant Market Outlook
11. Market Dynamics
12. Market Trends & Developments
13. Competitive Landscape
14. Strategic Recommendations
For more information about this report visit https://www.researchandmarkets.com/r/pgfx57
Laura Wood, Senior Press Manager
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