The Global Virtual Power Plant Market Analysis, 2020 research report depicts a deep-dive market analysis of statistics of Global Virtual Power Plant market which consists of regional and country-wise market size, market forecast, CAGR market segmentation, market shares of diverse regions and countries, market share of various end users, applications, product type, technologies, competitive benchmarking, etc.
According to MarkNtel Advisors’ research report titled “Global Virtual Power Plant Market Analysis, 2020”, the Global Virtual Power Plant (VPP) market is anticipated to grow at a CAGR of around 20.2% during 2020-25. The rising integration of renewable energy in the power generation mix, a paradigm shift from distributed generation toward centralized generation decreases the overall carbon footing, and a slump in the cost of solar generation and energy storage are some of the driving factors influencing the growth of the Global Virtual Power Plant market.
Moreover, the launch of new VPPs by the key companies for the industrial and commercial sector is expected to propel the demand for VPP in the forthcoming years. For instance, ABB launched OPTIMAX for Industrials and Commercials and for Virtual Power Plants in 2018, to enable industrial, commercial, and power generation companies to reduce energy costs and site emissions by optimizing the aggregation and dispatch of energy sources.
Industrial Segment Registered the Fastest Growth
The industrial captured a considerable market share in the Global Virtual Power Plant market in 2020. Some of the key factors positively impacting the Global Virtual Power Plant market are the escalating demand for energy from the power industry worldwide, an inclination of industries for renewable energy, proliferation of industries and municipalities generating their own power, and active trading in electricity markets.
Besides this, upcoming new renewable power projects in countries such as Saudi Arabia, the U.A.E. in an attempt to diversify their power sector through the promotion of renewable energy is projected to fuel the setting up of virtual power plants in the coming years for these countries. For instance, South Africa’s Department of Energy (DoE) in its ten-year energy strategy, the Integrated Resource Plan, aims to allocate at least 6 GW of large scale solar by 2030. Thus, these aforementioned factors are anticipated to strongly contribute toward the growth of VPP in the near future 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., Schneider Electric, Tesla Inc.etc. The companies are launching virtual power plants in various countries to have gain a strong footing in the Global Virtual Power Plant market.
Key Questions Answered in the Market Research Report
Market Outlook, Segmentation and Statistics
Frequently Asked Questions
Q. What is the historical year, base year and forecast year considered in the research report on Global Virtual Power Plant Market?
A. The historical data has been provided since 2015, while the base year is 2019 and the data is forecast up-to 2025.
Q. What are the units or denomination for measuring market value and volume in the report?
A. The market size/industry size or the market value is measured in terms of USD Million.
Q. What would be the growth rate or CAGR of Global Virtual Power Plant Market during 2020-25?
A. The growth rate of Global Virtual Power Plant Market during 2020-25 is forecast to be around 20.2%.
Q. Who are the key competitors or players operating in Global Virtual Power Plant Market?
A. 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., are few of the leading players in the Global Virtual Power Plant Market.
Q. Which technology segment would emerge as an opportunity area for players in Global Virtual Power Plant Market?
A. Demand-response segment is expected to attain the highest CAGR during the forecast period and maintain its significant market share.
Q. Which region would emerge as an opportunity area for players in Global Virtual Power Plant Market?
A. The North America grabbed a significant market share continue to grow at a highest CAGR, presenting immense opportunities for manufacturers and suppliers of Global Virtual Power Plant Market.
