As COVID-19 breakthrough and its fears are blowing up, Market Research Future finds in its study that the global virtual power plant market 2020 might see a bright future and expand at a CAGR of around ~22% during the forecast period 2017-2023. Despite the long-term impact of COVID-19, the market would reach towering valuation by 2023.
Global Virtual Power Plant Market – Notable Developments
A considerable necessitate for aggregation of distributed electricity has created surged demand within the global Virtual Power Plant Market. Incidence of a seamless industry for controlling power distribution units and systems has played a pivotal role in market maturity. The sale of power in the electricity market also necessitates the progress of the cloud-based virtual power plant market. This information shows how the global virtual power plant market is combating amid COVID-19 situation, as it promises to spur in the coming years at a rapid pace.
MRFR decodes that multiple sources of power exist across various regional territories. With this, there requires recording the capacity of each of these units. The aptitude of a virtual power plant to integrate multiple power sources has created spanking new opportunities for growth within the market. Moreover, the relevance of flexible power load has brought virtual power plants under the spotlight of attention, which is grabbing towering valuations for the past five years. With such an approach, the market is nowhere going to mark a high-end position during the forecasted period.
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Further, the study also spotlights on the fact that the power industry has emerged as the torchbearer of growth through local and national territories. The need for power distribution has led to the orientation of enhanced systems throughout the industry. Henceforth, the total volume of revenues within the global virtual power plant market is slated to augment in the years to follow. The need for improved flexibility and efficiency in the power sector shall marshal an era of growth in the worldwide virtual power plant market. Also, a humongous demand for power in residential, commercial, and industrial sectors. This factor has played an essential role in the induction of virtual power plants across several regions.
The top contenders of global Virtual Power Plant market are listed as 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).
MRFR’s report offers a comprehensive evaluation of the global virtual power plant market with the help of segmental analysis. The segments covered are technology and end-user.
In terms of the technology segment, the market has included distribution generation, mixed asset, and demand response.
In terms of the end-user segment, the market has included commercial, industrial, and residential.
In terms of geography, the global virtual power plant market has been separated into North America, Europe, Asia Pacific, and Middle East & Africa.
Regions such as Australia, Europe, and the United States are amongst the most prominent integrators of virtual power plants. These regions have revealed immense dexterity in developing virtual power plants that can collate electricity. Furthermore, the incidence of a sophisticated power industry across these regions has helped in driving sales in the current year. The key players in the virtual power plant market are focusing on acquiring new regions. This trend shall help in rising sales in the overall virtual power plant market, and could progress the performance index of the overall market.
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