Virtual Power Plant Market Size to Grow at a CAGR of 22% | Industry New Tech Developments and Growth by Leading International Manufacturers with its Applications, Usage and Types by 2023

Global Virtual Power Plant Market
– Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2023
Global Virtual Power Plant Market Report by Technology (Distribution Generation, Demand Response, and Mixed Asset), by End-User and by Region – Global Forecast to 2023.

Market Highlights:-

The main objective of the virtual power plant is to relief the load on the grid by instantaneously providing the energy produced by the particular units during the peak load. Additionally, the combined power generation and power consumption of the interacted units in the virtual power plant is retailed on the energy exchange platforms. As per the study conducted by Market Research Future, the global market for Virtual Power Plant is likely to grow at the CAGR of around 5%.

Virtual power plants  prime objective is to integrate smooth functioning of large number of the non-conventional energy units into the existing central energy systems, this mainly occurs due to the flexibility coming from all networked units. Additionally, the power vendors within a frame of virtual power plant setup can use live data so as to enhance projecting and trading of renewables energies. As a result, virtual power plants gradually take over the role of the conventional power plants by vending their output on the wholesale markets and reassuring the authority for a balanced grid.

 

Global Market Segmentation:-

The scope of global virtual power plant market is segmented into two major segments which are explained below:

  • By End-User
    • Commercial
    • Industrial
    • Residential
  • By Technology
    • Distribution Generation
    • Demand Response
    • Mixed Asset

 

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Industry Major Key Players:-

Cisco Systems, Inc. (U.S.), Comverge (U.S.), Cpower Energy Management (U.S.), ABB Ltd. (Switzerland), Autogrid Systems, Inc. (U.S.), Blue Pillar, Inc. (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) among others. are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global virtual power plant market.

 

Major Point of Virtual Power Plant Market TOC:-

1 Executive Summary

2 Scope Of The Report

3 Market Landscape

4 Market Dynamics

5 Global Virtual Power Plant Market, By Technology

6 Global Virtual Power Plant Market, By End-User

7 Global Virtual Power Plant Market, By Region

8 Competitive Landscape

9 Company Profile

 

Industry News:-

In May, 2017 – Itron to Acquire Comverge for USD 100 Million, Diving Into the Demand Response Business. The company is making a bet that networking smarts can revitalize Comverge in a somewhat battered contender in the U.S. demand response industry.

In June, 2017 – Blue Pillar, the IoT provider which connects all Energy Things, announced its Aurora Energy Network-as-a-Service (ENaaS) offering a new powered by Microsoft Azure. Aurora’s utmost competitive benefit has been its capability to utilize a software-automated deployment method to attach any Distributed Energy Resource (DER) or legacy asset which generates, stores, consumes, switches or measures electricity.

 In October, 2017 – ABB Ltd. reinforces operations efficiency of Quezon power plant. ABB will offer a virtual recreation of the actual Quezon power plant, including non-standard situations and faults, permitting both newly recruited staff and current operators to become more acquainted with their working atmosphere and learn how to react in challenging circumstances.

 In January, 2018 – Autogrid System’s Flexibility Management Software is creating value in the in the new distributed electric grid.

 

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Market Research Analysis:-

The major factor boosting the market growth is the growing demand for power through a reliable power source is expected to drive the global industry over the forecast period. Virtual power plant helps in delivering energy peak usage times and the end-users can save up the excess energy in the energy storage devices such as batteries. Also the growing government mandates and initiatives for customer engagement, and incentives programs might prove to be an added boost for the end-user segment. The global rise in the demand for non-conventional energy in the power generation sector, changes in dynamics of power grids from centralized to distributed, and regulating costs and easy convenience of energy storage drive the development of the virtual power plant market.

 

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