Global Virtual Power Plant Market is expected to reach US$800 million by 2026 at a CAGR of 30.50% during the forecast period. Virtual Power Plant (VPP) refers to a group of small-scale generators, such as Power Units (CHPs) and Combined Heat and Standby Generators, Biogas Plants, which collectively act as one large Power plant.
Virtual Power Plan Market
Rise in residential energy storage system, along with increasing penetration of smart grid technologies, are some of the major driving factors that are expected to propel the virtual power plant market over the forecast period. Health issues related to human exposure to high frequency radio and electromagnetic waves are hampering the market potential for various end users.
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The global virtual power plant market is segmented by technology, end-user application, and region. Among the technology segments, the demand response segment is likely to have a higher virtual power plant market share during the forecast period, due to various benefits including incentives to earn by participating in the program demand response and peak load management.
Based on the end-user segment, the commercial and industrial segment is expected to have the large virtual power plant market size over the forecast period. Industrial end-users are among the largest users of virtual power plant services and solutions and thus make a major contribution to the growth of the market. In the petroleum refining industry, the peak electricity load is the highest and closely followed by the chemical industry.
North America is expected to account for the largest virtual power plant market share during the forecast period. North America is advanced in terms of infrastructure and technology adoption. Increasing the use of renewables to reduce solar PV costs, reduce carbon footprint and battery energy storage, and shift from centralized generation to distribution generation would propel the growth of the Marlet. However, Asia-Pacific is expected to register the highest growth rate during the forecast period, owing to the larger market for the industrial sector and the infrastructure sector is taking various measures to reduce carbon footprint and produce clean energy which includes renewable energies such as hydroelectricity. energy, solar energy and wind power generation.
Some of the key players are Alstom Grid, Bosch, GE Digital Energy, IBM, Schneider Electric Siemens, ENBALA Power Networks, Joule Assets, Power Analytics
The scope of the global virtual power plant market
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Global Virtual Power Plant Market, By Technology
• Response to request
• Distributed generation
• Mixed assets
Global Virtual Power Plant Market, By End User:
Global Virtual Power Plant Market, By Region:
• North America
• Asia Pacific
• Middle East and Africa
• South America
Key Players operating in the Virtual Power Plant Market:
• ABB, Ltd.
• Autogrid Systems, Inc.
• Blue pillar
• Cisco Systems, Inc.
• Cpower energy management
• Enbala Power Networks, Inc.
• Enernoc, Inc.
• Limited flexibility
• General Electric
• Hitachi, Ltd.
• Limejump Limited
• Next Kraftwork
• Olivene, Inc.
• Open Access Technology International, Inc.
• Power Analytics Company
• Robert Bosch GmbH
• Schneider Electric
• Siemens SA
• Spirae, Inc.
• Toshiba Corporation
• Upside Energy, Ltd.