According to MarkNtel Advisors’ research report, “Global Virtual Power Plant Market Analysis, 2021,” the market is likely to witness around 27% CAGR during 2021-26. Virtual power plants help integrate & optimize power generation from existing renewable energy sources and reduce the carbon footprint on the environment. Moreover, the surging usage of renewable energy in the 'power generation mix' fuels the market growth. Additionally, less cost of solar generation than that of fossil-fuel-based power generation is another critical factor likely to boost the Virtual Power Plant Market growth across the globe.
Significant Findings From this Study Suggest:
Key Questions Answered in the Study
Demand Response Accounted Largest Market Share
Based on Technology, the market bifurcates into Demand Response, Distributed Generation, and Mixed Asset. The Demand Response segment acquired the largest share in the Global Virtual Power Plant market in the previous few years. The segment growth owes to numerous benefits offered to the end-user verticals. Additionally, it helps enhance the overall energy efficiency of the grid. Thus, the demand for demand response technology is significantly high among others.
“Global Virtual Power Plant Market Analysis, 2021” provides comprehensive, qualitative, and quantitative insights on the market potential, key factors impacting the market growth, hotspots, and opportunities available for Virtual Power Plant providers across the globe. Moreover, the report also encompasses the key strategic imperatives for competitors' success and strategic factorial indexing to measure their capabilities on 16 parameters, which will help companies formulate 'Go to Market' strategies and identify the blue ocean for their offerings.
Asia-Pacific Exhibits Fastest Growth
The Asia-Pacific region is likely to register the fastest growth in the Global Virtual Power Plant market during 2021-26 due to the abundant presence of numerous renewable resources. In addition to this, the rising development in commercial & residential sectors, technological advancements, and excessive energy demand in emerging countries like India and China also contribute to the overall market growth in the Asia-Pacific region in the forecast period, reveals MarkNtel Advisors in their research report, “Global Virtual Power Plant Market Analysis, 2021.”
According to MarkNtel Advisors, the major leading players in the Global Virtual Power Plant Market are ABB Ltd, AutoGrid Systems, Advanced Microgrid Solutions, Inc., CISCO Systems Inc., Enbala Power Networks Inc., Enel X North America Inc., General Electric, Itron Inc., Schneider Electric, and Tesla Inc.