The Global Virtual Power Plant Market is projected to grow at a CAGR of 27% in the forecast period of 2022-27, reveals MarkNtel Advisors in their recent research report. The growth of the market owes primarily to rigorous developments in the power industry and the mounting requirements for an uninterrupted power supply, i.e., resulting in rapid technological advancements in Virtual Power Plants expected over the forecast years. Moreover, the increasing need for decentralized power generation also boosts the demand for virtual power plants.
Besides, the swiftly increasing expansion of numerous multinational & well-established companies and the surging number of mergers & acquisitions are other crucial aspects projected to accelerate the market growth during 2022-27. Owing to benefits like cost efficiency & easy accessibility to raw materials used in the power farms, the competition among leading players is mounting substantially, resulting in substantial investments in the market.
Moreover, favorable government policies encouraging the adoption of renewable energy resources are augmenting cost-competitiveness for power generation and driving the global market, further states the research report, “Global Virtual Power Plant Market Analysis, 2022.”
Demand Response Technology to Continue its Prevalence during 2022-27
Based on the Technology, Demand Response acquired the lion's share of the Global Virtual Power Plant Market and is anticipated to prevail the same trend during the forecast period. Demand Response solutions facilitate end-users to preserve energy during peak requirement times, which helps take the strain off the grid. Their dominance owes principally to their capabilities to enhance the energy efficiency of the grid entwined with the growing investments in these solutions by the leading industry players to exercise their benefits like peak load management.
North America Rules the Virtual Power Plant Market through 2027
Geographically, amongst all regions, North America acquired the largest share of the Virtual Power Plant Market in recent years. It owes principally to the rapid adoption of virtual power plants across the region's industrial & commercial sectors to deliver sufficient energy supply and monitor & balance renewable energy generation.
In addition, stringent government regulations associated with the increasing Green House Gas (GHG) emissions and the growing need to curb these levels entwined with the mounting inclination toward clean energy generation in the region are further promoting the adoption of Virtual Power Plants across North America & driving the regional market.
Moreover, the constant technological advancements like the integration of the Internet of Things (IoT) & Artificial Intelligence (AI) into Virtual Power Plants is another prominent aspect projected to fuel the market growth across North America in the coming years, reveals MarkNtel Advisors in their research report, "Global Virtual Power Plant Market Analysis, 2022."
According to MarkNtel Advisors, the leading players 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, and Tesla Inc.
Key Questions Answered in the Study