Virtual Power Plant Market to Chart an Impressive Growth Trajectory; Rising Investments in Energy Infrastructures to Fuel Market Growth: Fortune Business Insights™
May 21, 2021 at 04:30 AM EDT
Pune, India, May 21, 2021 (GLOBE NEWSWIRE) -- The global virtual power plant market size is projected to experience rapid growth from USD 0.87 billion in 2019 to USD 2.85 billion in 2027 owing to the rising government initiatives for the development of renewable energy sources, observes Fortune Business Insights™ in its report, titled “Virtual Power Plant Market, 2020-2027”, the virtual power plant market stood at USD 3.80 billion in 2020. It is set to exhibit a CAGR of 27.2% during the forecast period.
There has been an increasing investment by the government in the generation of renewable power due to the cost-efficiency of the renewable energy sources and easy availability of power which can be generated through virtual power plants. This is considered as a major factor responsible for the growth of this market. Further, the reduction in the cost of generation of solar power and their storage of energy is projected to increase the demand for virtual power plant market, thus, fuelling this market’s growth. For instance, according to the data published by the US Energy Information Administration’s International Energy Outlook in 2019, approximately 28 percent of the total power generated from renewable energy sources was contributed by wind, solar, and hydro-electricity.
However, the relatively high costs required for the installation of virtual power plants is projected to hamper this market’s growth.
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The outbreak of the COVID-19 pandemic worldwide has significantly affected the economies and businesses. This has resulted in the decreasing demand for virtual power due to the reduction in the number of consumers inclined towards these types of energy sources, which is anticipated to hinder the growth of this market across several regions.
On the basis of technology, this market is divided into demand response, distributed generation, and mixed asset. Based on end-user, the market is classified into industrial, commercial, and residential. In terms of geography, the market is categorized into North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
The Virtual Power Plant Market report provides an exhaustive assessment of each market segment and also offers an in-depth analysis of the market drivers, trends, opportunities, and hindrances. Furthermore, the report contains a granular examination of the regional developments impacting the market, along with a thorough evaluation of the top market players and their key strategies.
Click here to get the short-term and long-term impact of COVID-19 on this Virtual Power Plant Market.
Increasing Adoption of Latest Technologies to Propel the Market
There has been an increasing utilization of advanced technologies such as Internet of Things (IoT), cloud services, and others by the leading companies in the virtual power plant market in order to generate the power from renewable energy sources. This is an important factor contributing this market’s growth. Further, the key companies in this market are focusing on decreased carbon dioxide emissions which can cause harm to the nature. Hence, the energy generated through solar power has witnessed a high demand from most of the developed countries, which is another driving factor responsible for the growth of this market.
Rising Number of Virtual Power Plant Installations to Fuel the North America Market Growth
North America region is anticipated to dominate the virtual power plant market due to an increasing number of virtual power plant installations in the countries such as the US and Canada.
Europe is expected to grow speedily in this market on account of the rising investments in the renewable energy sources. For instance, the virtual power plant in Germany is considered as one of the largest power plant in the entire European region.
Asia Pacific region is expected to witness substantial growth in this market due to the speedy growth of the residential and commercial complexes in the countries such as India and China. Further, the rising investment in the storage of energy is another major factor responsible for this market’s growth in this region.
Rising Number of Mergers and Acquisitions to Boost the Competition
The key players in the virtual power plant market are focusing on the production and storage of clean energy sources and less emission of hazardous gases which are harmful to the environment. Further, the rising number of mergers and acquisitions in this market has resulted in the increased competition among prominent companies which can prove beneficial for their expansion of business and widen their market foothold.
September 2020: Tesla announced the introduction of phase 3 of its massive virtual power plant in South Australia and confirmed to connect almost 4,000 homes with power walls and solar power which will be connected to the system.
List of Key Players Covered in Virtual Power Plant Market Report:
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