Virtual Power Plant - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Virtual Power Plant market is accounted for $315.28 million in 2018 and is expected to reach $2,843.2 million by 2027 growing at a CAGR of 27.7% during the forecast period. Some of the key factors propelling the market growth are a shift from centralized to distributed generation and rising share of renewable energy in power generation. However, health safety concerns regarding electromagnetic frequency & radiofrequency exposure are the restraining factor for the growth of the market.
Virtual power plants (VPP) are clusters of distributed generator units, manageable loads, and energy storage systems gathered to work as an integrated power plant. The distributed nature of the energy resources results in lower capital costs, thus less financial and political hazards. A virtual power plant improves distribution system dependency. The aim of the virtual power plant is to integrate renewable energy units into existing systems. It does as such by providing flexibility coming from all connected units. Moreover, power traders within a virtual power plant are able to use live information to improve forecasting and trading of renewable energies.
By technology, the demand response segment is expected to grow at a significant market share during the forecast period due to everlasting advantages for end-users and improving the energy efficiency of the grid. In this way, it is anticipated to show a high development rate along with a significant return on investment for the partners, owing to its notable revenue contribution and high growth rate. On the basis of geography, Asia Pacific is anticipated to hold considerable market share during the forecast period. The phenomenal development in the construction industry is expected to propel the overall market in the region. Additionally, the growing government mandates and initiatives for customer engagement and incentive programs may prove to be an additional boost for the end-user segment in the region.
Some of the key players in Virtual Power Plant Market include ABB Ltd, Autogrid Systems Inc, Blue Pillar, Cisco Systems Inc, Comverge, Cpower Energy Management, Enbala Power Networks Inc, Enernoc Inc, Flexitricity Limited, General Electric, Hitachi Ltd, IBM, Limejump Limited, Next Kraftwerke, Olivene Inc, Open Access Technology International Inc, Osisoft, Power Analytics Corporation, Robert Bosch GmbH, Schneider Electric, Siemens AG, Spirae Inc, Sunverge, Toshiba Corporation and Upside Energy Ltd.
• Centralized Controlled VPP
• Decentralized Controlled VPP
• Distributed Energy Generation System
• Energy Storage Systems
• Engine Oil
• Demand Response
• Distribution Generation
• Mixed Asset
• Commercial & Industrial
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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