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Witness the Excellent Long-Term Growth Outlook of Virtual Power Plant Market 2021 – 709.2 Million USD

The report Virtual Power Plant Market by Enabling Technology (Demand Response, Distributed Generation, and Mixed Asset), End-Use Customer (Commercial & Industrial, and Residential), and by Region – Global Trends & Forecasts to 2021″, The virtual power plant market is expected to grow from an estimated USD 193.4 Million in 2016 to USD 709.2 Million by 2021, registering a CAGR of 29.68% from 2016 to 2021. The global market is witnessing significant growth, which is driven by increasing share of renewable energy in the power generation mix as well as shift from centralized to distributed generation and lowering costs for solar and energy storage.

To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the virtual power plant solutions market, namely, ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), General Electric Company (U.S.), EnerNOC, Inc. (U.S.), Comverge, Inc. (U.S.), Limejump Ltd. (U.K.), among others. Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.

Get Sample Copy of Report @ https://www.marketsandmarkets.com/requestsample.asp?id=173730863

Report Scope:

By Technology:

  • Demand Response
  • Distributed Generation
  • Mixed Asset

By End-User Application:

  • Industrial and Commercial
  • Residential

By Region:

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the world

Demand Response – the largest virtual power plant market by technology

Among the three major technologies of virtual power plant solutions: demand response held the largest market share in 2015. This virtual power plant technology has become more popular due to its various benefits such as end users earn incentives by managing power usage and also save electricity on a large scale. The U.S. is the world’s first country to implement demand response and thus North America is the largest market for this technology as well as for virtual power plant solutions as a whole.

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Commercial & Industrial: held the largest application segment of virtual power plant market

Based on end-user, commercial & industrial have larger market for virtual power plant solutions compared to residential end-user segment. Industrial end-users are among the highest adopters of virtual power plant solutions and services and hence provide major contribution to the market growth. The peak load of electricity is highest in the petroleum refining industry, followed closely by the chemical industry. This growth is attributed to rapidly increasing industrial activities especially in Asia-Pacific & rising focus on renewable energy in developed countries like the U.S.

North America: The leading market for virtual power plant solutions

The North American region holds the largest market for virtual power plant solutions, driven by rapidly growing use of renewables in order to reduce carbon footprint, shift from centralized to distribution generation and decline in costs of solar PV and battery energy storage would propel the market growth. The other major drivers include increasing power demand, and strict government regulations on energy efficiency.

View Report Summary – https://www.marketsandmarkets.com/Market-Reports/virtual-power-plant-market-173730863.html

Critical questions the report answers:

  • Where will all these developments take the industry in the mid to long term?
  • What are the upcoming industry applications for virtual power plants?

To speak to our analyst for a discussion on the above findings, click Speak to Analyst

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MarketsandMarkets’s flagship competitive intelligence and market research platform, “Knowledgestore” connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

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