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Pune, India, October 26, 2021 (GLOBE NEWSWIRE) – The virtual power plant market height is expected to grow rapidly from $ 0.87 billion in 2019 at $ 2.85 billion in 2027 due to increasing government initiatives for the development of renewable energy sources, observes Fortune Business Insightsâ„¢ in his report entitled “Virtual power plant market share, 2020-2027», The virtual power plant market amounted to $ 3.80 billion in 2020. It is expected to post a CAGR of 27.2% during the forecast period.

The government has invested more and more in the production of renewable energy due to the profitability of renewable energy sources and the easy availability of energy that can be generated by virtual power plants. This is considered to be a major factor responsible for the growth of this market. Besides, the reduction in the cost of producing solar power and its energy storage is expected to increase the demand of the virtual power plant market, thereby fueling the growth of this market. For example, according to data released by the US Energy Information Administration’s International Energy Outlook in 2019, about 28% of the total electricity produced from renewable energy sources came from wind, solar and electricity. hydroelectricity.

However, the relatively high costs required for installing virtual power plants are expected to hamper the growth of this market.

Highlights / Summary:

The Virtual Power Plant market size report provides an exhaustive assessment of each market segment and also offers an in-depth analysis of market drivers, trends, opportunities, and hurdles. Further, the report contains a granular examination of regional developments impacting the market along with an in-depth assessment of the major market players and their key strategies.

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List of Major Players Covered By The Virtual Power Plant Market Report:

  • ABB
  • Siemens
  • Schneider Electric
  • Automatic grid
  • Next Kraftwerke
  • AGL Energy
  • Enel X
  • General Electric
  • Blue Pillar Inc.
  • Cisco Systems Inc.
  • Hitachi Ltd.
  • Enbala Electrical Networks Inc.
  • Robert Bosch GmbH

Scope and segmentation of Virtual Power Plant Market report:

Cover of the report Details
Forecast period 2020 to 2027
Forecast period 2021 to 2028 CAGR 27.2%
2027 value projection $ 2.85 billion
Year of reference 2019
Market size in 2019 $ 0.87 billion
Historical data for 2016 to 2018
Number of pages 220
Covered segments Technology, end user (industrial, commercial, residential) and geography
Growth drivers Growing adoption of the latest technologies to propel the market
Increase in number of virtual power plant installations to fuel North American market growth

Pitfalls and challenges

Inadequate infrastructure and high costs to slow growth

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Regional insights:

Increase in number of virtual power plant installations to fuel North American market growth

The North America region is expected to dominate the virtual power plant market due to an increasing number of virtual power plant installations in countries such as the United States and Canada.

Europe is expected to expand rapidly in this market due to increased investment in renewable energy sources. For example, the virtual power plant in Germany is considered to be one of the largest power plants in the entire European region.

The Asia-Pacific region is expected to experience substantial growth in this market due to the rapid growth of residential and commercial complexes in countries such as India and China. Moreover, increasing investments in energy storage is another major factor responsible for the growth of this market in this region.

Conductors / Holdbacks:

Growing adoption of the latest technologies to propel the market

There has been an increasing use of advanced technologies such as Internet of Things (IoT), cloud services and others by leading companies in the virtual power plant market to generate electricity from power sources. renewable energy. This is an important factor that contributes to the growth of this market. Additionally, key companies in this market are focused on reducing carbon dioxide emissions that can harm nature. As a result, the energy produced by solar energy has seen high demand from most of the developed countries which is another driving factor responsible for the growth of this market.

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Market segmentation :

On the basis of technology, this virtual power plant market is divided into demand response, distributed generation and mixed asset. On the basis of the end user, the market is categorized into industrial, commercial and residential. In terms of geography, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.

Impact of COVID-19:

The outbreak of the COVID-19 pandemic around the world has significantly affected economies and businesses. This has resulted in lower demand for virtual energy due to the reduction in the number of consumers inclined to these types of energy sources, which is expected to hamper the growth of this market in several regions.

Competitive landscape:

Increase in the number of mergers and acquisitions to stimulate competition

The major players in the growth of the virtual power plant market are focused on the production and storage of clean energy sources and the reduction of emissions of hazardous gases harmful to the environment. In addition, the growing number of mergers and acquisitions in this market has resulted in increased competition among leading companies, which may prove beneficial for expanding their business and expanding their presence in the market.

Industry development:

September 2020: Tesla has announced the introduction of Phase 3 of its gigantic virtual power plant in South Australia and has confirmed the connection of nearly 4,000 homes with electric walls and solar power that will be connected to the system.

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Contents:

  • introduction
  • Abstract
  • Market dynamics
  • Key ideas
    • Main emerging trends – for the main countries
    • Latest technological advances
    • Regulatory landscape
    • SWOT Analysis of the Industry
    • Porters Five Forces Analysis
  • Qualitative analysis – Impact of COVID-19
    • Impact of COVID-19 on the Virtual Power Plant Market
    • Measures taken by the government to overcome the impact
    • Key developments by industry players in response to COVID-19
    • Opportunities and potential challenges due to the COVID-19 epidemic
  • Global Virtual Power Plant Market Analysis (USD Billion), Information and Forecast, 2016-2027
    • Main conclusions / Summary
    • Market Analysis, Information & Forecast – By Technology
      • Response to request
      • Distributed generation
      • Mixed asset
    • Market analysis, information and forecasts – by end user
      • Industrial
      • Commercial
      • Residential
    • Market analysis, information and forecasts – by region
      • North America
      • Latin America
      • Europe
      • Asia Pacific
      • Middle East and Africa
  • North America Virtual Power Plant Market Analysis (USD Billion), Outlook and Forecast, 2016-2027
    • Main conclusions / Summary
    • Market Analysis, Information & Forecast – By Technology
      • Response to request
      • Distributed generation
      • Mixed asset
    • Market analysis, information and forecasts – by end user
      • Industrial
      • Commercial
      • Residential
    • Virtual Power Plant Market Analysis, Outlook and Forecast – by Country

TOC Continued…!

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