Rise in demand for renewable energy in power generation sector, changes in dynamic of power grids from centralized to distributed, and moderating costs and easy accessibility of energy storage drive the growth of the global virtual power plant market.
PORTLAND, Ore., Aug. 10, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Virtual Power Plant Market by Technology (Distribution Generation, Demand Response, and Mixed Asset) and by End User (Commercial, Industrial, and Residential): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global virtual power plant industry was estimated at $1.3 billion in 2019 and is anticipated to hit $5.9 billion by 2027, registering a CAGR of 21.3% from 2020 to 2027.
Drivers, restraints, and opportunities-
Rise in demand for renewable energy in power generation sector, changes in dynamic of power grids from centralized to distributed, and moderating costs and easy accessibility of energy storage drive the growth of the global virtual power plant market. On the other hand, limited options for complex design structure and several health concerns over human exposure to high-frequency electromagnetic and radio waves impede the growth to some extent. However, emerging shift toward electric vehicles and promotion of intelligent office buildings and smart grids are expected to create multiple opportunities for the key players in the industry.
Download Report Sample (182 Pages PDF with Insights) @ https://www.alliedmarketresearch.com/request-sample/4154
The demand response segment to dominate by 2027-
Based on technology, the demand response segment contributed to more than three-fifths of the global virtual power plant market revenue in 2019, and is expected to lead the trail by the end of 2027. This is owing to its high efficiency to provide continuous power supply even at peak load time. On the other hand, mixed asset segment would grow at the fastest CAGR of 23.1% throughout the forecast period. This is due to the growing application of smart devices to control customer-sited loads and renewable capacity.
The industrial segment to maintain the dominant share-
Based on end-user, the industrial segment accounted for more than half of the global virtual power plant market share in 2019, and is projected to retain its dominance till 2027, owing to its high efficiency of virtual power plant to stabilize the power grid. Nevertheless, the residential segment would register the fastest CAGR of 22.4% from 2020 to 2027. This is due to the growth in demand for cost effective energy supply.
Get detailed COVID-19 impact analysis on the Virtual Power Plant Market: https://www.alliedmarketresearch.com/request-for-customization/4154?reqfor=covid
Europe garnered the major share in 2019, North America to grow at a significant pace-
Based on geography, Europe held the highest share in 2019, and is expected to rule the roost by 2027, accounting for around half of the global virtual plant market. This is owing to rise in demand for demand response system and government initiatives on carbon footprint reduction across countries. However, the region across Asia-Pacific would also portray the fastest CAGR of 26.5% during the study period. This is due to shifting trend towards renewable green energy systems for both on-site and central grid power. In addition, the North America region is anticipated to manifest the fastest CAGR of 24.1% during the forecast period.
Key players in the industry-
Interested in Procure Data? Visit Here: https://www.alliedmarketresearch.com/virtual-power-plant-market/purchase-options
Access AVENUE- A Subscription-Based Library (Premium on-demand, subscription-based pricing model) at: https://www.alliedmarketresearch.com/library-access
Avenue is a user-based library of global market report database, provides comprehensive reports pertaining to the world's largest emerging markets. It further offers e-access to all the available industry reports just in a jiffy. By offering core business insights on the varied industries, economies, and end users worldwide, Avenue ensures that the registered members get an easy as well as single gateway to their all-inclusive requirements.
Avenue Library Subscription | Request for 14 days free trial of before buying:
Similar Reports We Have:
Wind Turbine Market: Global Wind Turbine Market is projected to reach $134,600 million by 2023, growing at a CAGR of 7.2% from 2017 to 2023.
Renewable Energy: Global renewable energy market is expected to reach $1,512.3 Billion by 2025, registering a CAGR of 6.1% from 2018 to 2025.
Solar Energy Market: Global solar energy market is projected to reach $223.3 billion by 2026, growing at a CAGR of 20.5% from 2019 to 2026.
Geothermal Power Market: Global geothermal power market is projected to reach $6.8 billion by 2026, growing at a CAGR of 5.0% from 2019 to 2026.
Diesel Generator Market: Global diesel generator market size was valued at $20.8 billion in 2019, and is expected to reach $37.1 billion by 2027, registering a CAGR of 9.8% from 2020 tssso 2027.
Pre-Book Now with 12% Discount:
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domains. AMR offers its services across 11 industry verticals including Life Sciences, Consumer Goods, Materials & Chemicals, Construction & Manufacturing, Food & Beverages, Energy & Power, Semiconductor & Electronics, Automotive & Transportation, ICT & Media, Aerospace & Defense, and BFSI.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
5933 NE Win Sivers Drive
#205, Portland, OR 97220
Toll Free: 1-800-792-5285
Hong Kong: +852-301-84916
India (Pune): +91-20-66346060
Follow us on: LinkedIn Twitter