Virtual Power Plant Market Overview:-
The virtual power plant is an aggregation of decentralized energy sources that integrates several types of small-scale energy sources and acts as a single large power plant. As per the report that has been recently published by Market Research Future (MRFR), the global virtual power plant market is anticipated to expand remarkably at a strong CAGR of over 22% during the forecast period of 2017-2023.
The increasing demand for renewable energy sources such as wind energy, biogas, biomass energy, solar energy and others due to the rapid depletion of conventional energy sources such as fossil fuels is majorly driving the expansion of the global virtual power plant market. The virtual power plant acts as a single large power supply facility based on sophisticated software for operation, hence the rapid adoption of advanced technology in energy and power sector is fueling the expansion of the global virtual power plant market.
The change in dynamics of power grid from centralized to distributed sources, ability of virtual power plants to provide peak load electricity on short notice and easy accessibility of energy through virtual power plants are acting as driving factors for the growth of the global virtual power plant market. However, the health concerns regarding the overexposure to high-frequency electromagnetic waves are likely to act as a restraint on the expansion of the global virtual power plant market during the forecast period.
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Industry Top Key Players:-
The major players profiled by MRFR in a report on global virtual power plants market are ABB Ltd. (Switzerland), Autogrid Systems, Inc. (U.S.), Blue Pillar, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Comverge (U.S.), Cpower Energy Management (U.S.), Enbala Power Networks, Inc. (Canada), Enernoc, Inc. (U.S.), Flexitricity Limited (U.K.), General Electric Company (U.S.), Hitachi, Ltd. (Japan), International Business Machines Corporation (U.S.), Robert Bosch GmbH (Germany), Schneider Electric SE (France), and Siemens AG (Germany).
Virtual power plant, being a nascent technology, has created a tremendous amount of opportunities for the players to invest in the virtual power plant market, which in turn has led to the increased competition in the global virtual power plant market. The players in the global market are focusing on the expansion of their businesses by increasing the research and development expenditure for the introduction of unique and advanced technologies in order to create dominance in the global virtual power plant market.
On 13th July 2018, Next Kraftwerke, one of the largest virtual power plants in Europe, has partnered with Eneco Belgium, a sustainable energy company and battery supplier Alfen for the integration of a 2-megawatt battery to its virtual power plant ‘Next Pool.’ The battery provides the virtual power plant with frequency control reserve (FCR) to the Belgian grid.
On 16th July 2018, Tesla Inc., a pioneer in the energy market, has announced the successful first trial of its virtual power plant initiative in the state of South Australia. This project envisions around 50,000 home solar and Powerwalls installed to strengthen the grid and lower the electricity bills for the consumers.
Virtual Power Plant Market Segmentation:
The global virtual power plant market has been segmented on the basis of technology and end-users. Based on technology, the virtual power plant market is segmented into distribution generation, demand response and mixed assets. The demand response segment accounts for the largest market share in the global virtual power plant market due to its high demand as it improves the energy efficiency of the grid.
Based on end-users, the virtual power plant market is segmented into commercial, industrial and residential. The increased power consumption in the industrial sector has led to the rise in demand for renewable energy sources in this sector, which in turn is driving the growth of industrial segment in the global virtual power plant market.
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The global virtual power plant market has been geographically segmented into four major regions such as North America, Europe, Asia Pacific and the rest of the world. The Asia Pacific region is anticipated to project significant growth in the global virtual power plant market owing to the high consumption of energy due to increasing population and rise in demand for reliable energy sources in this region.
The virtual power plant market in the North America region is majorly driven by increasing emphasis on consumption of renewable energy over conventional energy. The rise in demand for non-conventional sources of energy is fueling the expansion of the global virtual power plant market in the rest of the world.
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