Press Release Description
Ever-Increasing Need for Stabilized Power Supply Fuels the Virtual Power Plant Market Growth
The Global Virtual Power Plant Market is projected to grow at a CAGR of 27.68% during 2023-28, cites MarkNtel Advisors in their recent research report. The market growth would be propelled mainly by rigorous developments in the power industry and the mounting requirements for an uninterrupted power, which would result in remarkable technological advancements in virtual power plants in the forecast years. In addition, the increasing need for decentralized power generation, the swiftly increasing expansion of numerous multinational & well-established companies, and the surging number of mergers & acquisitions are also projected to boost the demand for virtual power plants in the future.
Owing to benefits like cost efficiency & easy accessibility to raw materials used in the power farms, the competition among leading players is mounting dramatically, resulting in substantial investments in the market. Moreover, favorable government policies encouraging the adoption of renewable energy resources, which are augmenting cost-competitiveness for power generation, are also driving the market, further states the research report, “Global Virtual Power Plant Market Analysis, 2023.”
The Demand Response Model Acquired the Highest Market Share
Demand Response(DR) facilitates 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 grid's energy efficiency, entwined with the growing investments in these solutions by the leading industry players to exercise their benefits like peak load management.
North America to Rule the Virtual Power Plant Market through 2028
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, 2023."
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including 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 are looking forward to strengthening their market position.
Key Questions Answered in the Research Report:
- What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
- What are the trends influencing the current scenario of the market?
- What key factors would propel and impede the industry across the region?
- How has the industry been evolving in terms of geography & product adoption?
- How has the competition been shaping across various countries?
- How have the buying behavior, customer in- inclination, and expectations from product manufacturers been evolving during 2018-28?
- Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?
- By Source (Renewables, Energy Storage, Cogeneration)
- By Component (Distributed Energy Generation Systems, Energy Storage Systems, Information Communication Technology (ICT))
- By Model (Demand Response (DR), Supply-Side, Mixed-Asset)
- By End-Users (Residential, Industrial, Commercial)
- By Region (North America, South America, Europe, Asia-Pacific, Middle East & Africa)
- By Country (the US, Canada, Brazil, Argentina, Mexico, Germany, France, The UK, Italy, Denmark, China, Japan, Australia, South Korea, UAE, Saudi Arabia, South Africa)
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