“Global Virtual Power Plant Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Virtual Power Plant providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go-to-Market Strategies.
According to MarkNtel Advisors’ research report titled “Global Virtual Power Plant Market Analysis, 2020”, the Global Virtual Power Plant market is anticipated to grow at a CAGR of around 20.2% during 2020-25. Demand response is projected to capture largest share in the Global Virtual Power Plant market in 2020 on account of rising demand for continuous power supply in the remote locations and grid upgradation.
North America Exhibited the Majority Market Share
The USA in North America is projected to dominate the Global Virtual Power Plant market in 2020 on an account of higher rate of adoption for demand response technology.
However, the Asia-Pacific is also expected to witness the highest growth rate during the forecast period, owing to an increasing demand for large-scale electricity in the region. Therefore, this is strongly contributing toward the market growth of the virtual power plants in the forecast period as stated in the MarkNtel Advisors’ research report “Global Virtual Power Plant Market Analysis, 2020”.
According to MarkNtel Advisors’, the key players with a considerable market share in the Global Virtual Power Plant market include ABB Ltd, AutoGrid Systems, Advanced Microgrid Solutions, Inc., CISCO Systems Inc., Enbala Power Networks Inc., Enel X North America Inc., General Electric, Itron Inc., Hitachi Ltd, Mitsubishi Electric Corporation, Next Kraftwerke, Siemens AG, Schneider Electric, Tesla Inc. Etc. To gain a competitive edge over the established market competitors, new players are also entering the market by launching modern virtual power plants in order to strengthen their foothold in the Global Virtual Power Plant market.
Along with this, Norwegian energy group Statkraft also launched the virtual power plant in the UK that connects wind, solar and gas engines with battery storage and can respond to market demands in seconds.
Key questions answered in the study