Press Release Description

Global Virtual Power Plant market likely to grow at a CAGR of 27% during 2021-26

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:

  • Rising technological advancements and developments in the power sector entwined with growing consumer preferences for continuous power supply fuel the growth of the Global Virtual Power Plant market.
  • The market is also likely to experience rapid expansion and mergers & acquisition activities in the forecast period.
  • Stringent government norms regarding eco-friendly power generation propel the demand for renewable energy sources, thus fueling the growth of the Virtual Power Plant Market across the globe.
  • Besides this, upcoming new renewable power projects in countries such as Saudi Arabia, the UAE, while trying to diversify their power sector through the promotion of renewable energy, are likely to fuel the setting up of virtual power plants in the coming years for these countries.

Key Questions Answered in the Study

  1. What are the current and future trends in the Global Virtual Power Plant market? 
  2. How has the industry been evolving in terms of geography and services adoption?
  3. How has the competition been shaping across the countries, followed by their comparative factorial indexing?
  4. What are the key growth drivers and challenges for the Global Virtual Power Plant market?
  5. What is the customer orientation, purchase behavior, and expectations from the Global Virtual Power Plant market service providers across various regions?

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.

Market Segmentation:

  1. By Source (Distributed Energy Generation System, Energy Storage Systems)
  2. By Technology (Demand Response, Distributed Generation, Mixed Asset)
  3. By End-User (Residential, Industrial, Commercial)
  4. By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
  5. By Country (U.S, Canada, Brazil, Argentina, Mexico, Germany, France, The UK, Italy, Denmark, China, Japan, Australia, South Korea, UAE, Saudi Arabia, South Africa)
  6. By Competitors (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, Tesla Inc., etc.)