Virtual Power Plant Market: Depth Analysis of Industry Growth & Forecast 2023

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Market Research Future published a research report on “Virtual Power Plant Market Research Report- Forecast to 2023” – Market Analysis, Scope, Stake, Progress, Trends and Forecast Report to 2023

Market Synopsis

The global virtual power plant market to expand at 22% CAGR by 2023, reveals Market Research Future (MRFR). As per MRFR study, the virtual power plant market size can rise exponentially. MRFR’s virtual power plant market report states that Europe virtual power plant market to emerge as a powerful market. The virtual power plant market 2020 can register a decent growth through the assessment period. The growing utility of solar plants, wind farms, and combined heat and power (CHP) units can underpin the expansion of the virtual power plant market across the study period. In addition, the rise in need for batteries and flexible power consumers are responsible for the high unified units dispatch via the principal control room. The self-governing feature of virtual power plants can spur the expansion of the market. The major virtual power plant objective is the rapid release of load on the grid that can dispense the produced power to individual units at peak load. Thus, these factors can trigger the rise of the global virtual power plant market. 

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Key Players

MRFR profiled some reputed virtual power plant global dealer. They are; Autogrid Systems, Inc. (U.S.), ABB Ltd. (Switzerland), Cisco Systems, Inc. (U.S.), Blue Pillar, Inc. (U.S.), Cpower Energy Management (U.S.), Comverge (U.S.), Enernoc, Inc. (U.S.), Enbala Power Networks, Inc. (Canada), General Electric Company (U.S.), Flexitricity Limited (U.K.), International Business Machines Corporation (U.S.), Hitachi, Ltd. (Japan), Schneider Electric SE (France), Robert Bosch GmbH (Germany), and Siemens AG (Germany). New product lunches and mergers among these players are expected to spur the virtual power plant global market. 

Segmental Study

The world Virtual Power Plant Market study is based on technology and end-user. The technology based segments of the market are engine oil, demand response, mixed assets, and distribution generation. The demand response currently holds the highest share of the global virtual power plant market, and is expected to secure its position through the forecast period. The high investment into demand response owing to their everlasting benefits to consumers and improved grid energy efficiency can prompt the rise of the worldwide virtual; power plant market. The end-user based segments of virtual power plant market are industrial, residential, and commercial. Sectors, such as petroleum, chemical, paper & pulp, and textile are commercial industries that used heavy electricity. Thus, the industrial segment is expected to gain considerable traction across the review period. 

Regional Study

Technological advances are expected to promote the virtual power plant market in North America. The rigorous developments taking place in the power sector, alongside the rise in preferences of consumer for uninterruptible power supply can underpin the expansion of the regional market. North America virtual power plant market is expected to exhibit high expansion activities as well-established companies and multinationals are observed to undergo mergers and acquisition activities to improve their position in the market through the forecast period. The rise in demand for clean energy and the presence of different tools to improve the production and supply of alternative energy can support the need for virtual power plant in APCA. The drastic populace and constant depletion in fossil fuel can spur the expansion of Asia Pacific virtual power plant market. The rise of the virtual power plant market in APAC can be due to various demographic causes in the region. One of the prime factor that can boost APAC market is the rise in demand for reliable power sources. In Europe, the virtual power plant market can make business due to the launch of innovations. 

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Table of Content: 

  • Executive Summary
  • Scope of The Report
  • Virtual Power Plant Market Landscape
  • Virtual Power Plant Market Sizing
  • Virtual Power Plant Market Segmentation by Product
  • Five Forces Analysis
  • Customer Landscape
  • Geographic Landscape
  • Decision Framework
  • Drivers and Challenges
  • Virtual Power Plant Market Trends
  • Vendor Landscape
  • Vendor Analysis

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