The global will touch USD 6.37 billion at a 20.61% CAGR by 2030, states the latest Market Research Future (MRFR) report.
COVID-19 Analysis
The sudden COVID-19 outbreak has affected the worldwide economy adversely and has disrupted several businesses in different countries. Owing to the government imposed lockdown across the world, there has been a decline in the investments in energy grid projects. Also the crisis resulted in the decline in the prices of electricity for the majority of the networks. The power generation however through renewable sources remained unchanged. With the lifting of the lockdown, the government has reconsidered its focus on the various renewable energy sources. Thus the market is expected to boost for the increase in investments to create energy infrastructure.
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Key Players
Eminent industry players profiled in the global virtual power plant market report include ABB Ltd. (Switzerland), Autogrid Systems, Inc. (U.S.), Blue Pillar, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Comverge (U.S.), Cpower Energy Management (U.S.), Enbala Power Networks, Inc. (Canada), Enernoc, Inc. (U.S.), Flexitricity Limited (U.K.), General Electric Company (U.S.), Hitachi, Ltd. (Japan), International Business Machines Corporation (U.S.), Robert Bosch GmbH (Germany), Schneider Electric SE (France), and Siemens AG (Germany).
The global virtual power plant market is both fragmented and also competitive due to the presence of several international as well as domestic industry players. These players have utilized innumerable innovative strategies for staying at the vanguard and also sufficing to the surging need of the customers including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and more. Further, they are also investing in numerous research and development activities.
Drivers
Growing Need for Power via Reliable Power Source to Boost Market Growth
The growing need for power via a reliable power source will boost market growth over the forecast period. Virtual power plants help to deliver energy peak usage tines and the end-users save the surplus energy in the energy storage devices like batteries.
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Opportunities
Shift to Centralized Generation to offer Robust Opportunities
The paradigm shift towards centralized generation from distributed generation that helps to decrease the overall carbon footing and a fall in the price of solar generation as well as energy storage may offer robust opportunities for the virtual power plant market over the forecast period.
Restraints and Challenges
Information Privacy and Data Protection to act as Market Restraint
The issues related to information privacy and data protection may act as market restraint over the forecast period.
Market Segmentation
The global virtual power plant market is bifurcated based on end user and technology.
By technology, the demand response segment will lead the market over the forecast period.
By end user, the residential segment will dominate the market over the forecast period.
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Regional Analysis
North America to Hold Lions Share in Virtual Power Plant Market
North America will hold the lions share in the virtual power plant market over the forecast period. Increasing adoption of such solutions in commercial and industrial sectors, the presence of strict government regulations about greenhouse gas emissions, the growing popularity of green energy, increasing investments by key players, and technological advances are adding to the global virtual power plant market growth in the region.