Global Virtual Power Plant Solutions Market Size to reach USD 3.0 billion by 2025 | CAGR: 35.7%
New York 11 February 2018,Global Virtual Power Plant Market was valued approximately USD 192.5 million in 2016, is anticipated to grow at a CAGR of 35.7% during forecasted period 2017-2025. The market growth is primarily attributed to the increasing demand for renewable energy, transition in power grids from centralized to distributed, and arbitrating costs and easy accessibility offered to store the electricity. Moreover, significant development in smart infrastructure and growth in electric vehicles charging infra structure in most of the emerging countries such as Japan, China, UK and India are expected to create significant growth opportunities for global virtual power plant market.
A virtual power plant is connected network of various cloud based distributed power units. These decentralized power units may include wind farms, solar parks, combined heat & power units and others. All these units are aggregated and dispatched through a common control room or Virtual Power Plant.
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Global Virtual Power Plant Market Size Study, by Enabling Technology (Demand Response, Distributed Generation, Mixed Asset), End-Use Customer (Commercial, Residential) and Regional Forecast, 2017-2025
Key findings of the study:
- The North American region accounted for the largest market share, more than 35% of the total market in 2016, followed by Europe.
- Demand Response technology currently holds the highest revenue share, attributed to high demand from commercial end-use segment.
- Significant focus on smart infrastructure in developing countries such as India and China is expected fuel growth in Asia Pacific, which is anticipated to grow at highest CAGR during 2017-2025.
- Partnerships & Agreements are the primary strategies adopted by the key market players.
Bizwit Research & Consulting LLPhas considered following segments for the study:
- Demand Response
- Distributed Generation
- Mixed Asset
- North America
- Asia Pacific
- Latin America
- Rest of the World
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