FREMONT, California, July 9, 2019 /PRNewswire/ -- According to a new market intelligence report by BIS Research titled 'Global Virtual Power Plant Market − Analysis and Forecast, 2019-2024', the virtual power plant market registered a revenue of $1.06 billion in 2018 and is expected to reach $4.5 billion by 2024. The market is projected to witness a CAGR of 27.15% from 2019 to 2024. The growth of the market is expected to be driven by the gradually growing affinity toward reducing the demand for electricity as well as rising concerns for sustainable power generation.
Browse more than 70 Data Tables and 115 Figures spread through 231 Pages and in-depth TOC on "Global Virtual Power Plant Market".
A virtual power plant aims to optimize the electrical transmission and distribution network by reducing the demand supply gap and making the electrical supply chain transparent and traceable to mitigate the issue of power outage. While installing a virtual power plant system, many industries and power utilities prefer to use efficient, economical, and environment-friendly solutions to meet their growing demand. Virtual power plants can be technical or commercial-based on the feature that the system provides, such as maximum capacity output of each distributed generation unit, strategy for the controllable loads during the peak hours, optimized energy prices and bilateral contracts between the energy supplier and consumer.
The increasing demand for power generation from renewable sources of energy across the globe has propelled the need for virtual power plant. Moreover, there is an increased concern for decentralized power generators in the electricity distribution supply chain to reduce the electricity demand. The growth of the market is likely to be encouraged by increasing demand for decentralized power generation, growing demand for renewable sources of energy, and favorable government initiatives to mitigate power outages.
BIS Research Report: https://bisresearch.com/industry-report/virtual-power-plant-market.html
According to Anirban Banerjee, Analyst at BIS Research, "Distributed generation, demand response, and mixed assets are the major technologies used by the virtual power plant solution providers for grid optimization and aggregation of distributed energy resources. In 2018, demand response technology-based virtual power plant accounted for more than 60% of the total virtual power plant market. During the forecast period, mixed assets technology-based virtual power plant is expected to display the highest growth of 33.09% owing to the increasing concerns over continuous source of power supply for bidirectional flow of electricity."
As of 2018, the industrial sector was the largest consumer of virtual power plant, followed by commercial and residential sectors, respectively. The industrial consumers include power utilities, small-scale enterprises, and manufacturing industries. At present, major focus of industrial consumers is on reducing the energy cost and achieve continuous electricity supply so as to meet the required demand. The consistent electricity supply can be achieved by intelligent integration of various energy generation sources present at the industrial site within the virtual power plant software. Region-wise, North America is expected to remain the dominant market for virtual power plant in the forecast period, with the U.S. being the manufacturing hub for the virtual power plant. However, regions such as Asia-Pacific, Latin America, and Middle East are expected to witness a robust growth in the next five years, owing to their increasing dependence on renewable energy sources.
The competitive landscape for the virtual power plant market demonstrates an inclination toward companies adopting strategies such as mergers and acquisitions as well as business expansions. Industry leaders in this market are opting for this strategy to maintain their market position and prevent new entrants from expanding their operations in the market.
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In October 2018, Siemens AG acquired Electrocon International Inc. to enhance grid protection using computer aided protection software. The major established players in the market are also focusing on product launches and developments to introduce new technologies or developing further on the existing product portfolio. Key players operating in this market have ramped up their product launch activities over the recent years, in order to generate public awareness about their existing and new products and technologies and to compete with the competitors' product portfolio. For instance, in November 2018, Schneider Electric launched EcoStruxure solutions for the optimization of microgrid.
This report is a meticulous compilation of research on more than 70 players in the virtual power plant ecosystem and draws upon insights from in-depth interviews with the key opinion leaders of more than 40 leading companies, market participants, and vendors. The report also profiles 15 leading companies across the virtual power plant supply chain. The companies profiled are include Schneider Electric, ABB Ltd, Cisco Systems, General Electric Company, Siemens AG, Mitsubishi Electric Corporation, Hitachi Ltd, Tesla Inc., Itron Inc., Enel X North America, Next Kraftwereke, AutoGrid Systems Inc., Advanced Microgrid Solutions Inc., Enbala Power Networks, and energy & meteo systems.
Key questions answered in the report:
- What is the global virtual power plant market size in terms of revenue from 2018-2024, and what is the expected growth rate during the forecast period 2019-2024?
- What are the emerging market trends and technologies in the global virtual power plant market?
- How much revenue the source segment, which includes distributed energy generation system and energy storage systems, of the global virtual power plant is expected to generate during the forecast period?
- How much revenue the technology type segment, which consists of demand response, distributed general, and mixed asset, of the global virtual power plant is expected to generate during the forecast period?
- How much revenue the end user segment, which includes industrial, commercial, and residential, of the global virtual power plant is expected to generate during the forecast period?
- What are the major driving forces that are expected to increase the demand for the global virtual power plant market during the forecast period?
- What is the market size, along with the various market opportunities, of virtual power plant across different regions?
- What are the major challenges inhibiting the growth of the global virtual power plant market?
- Which are the major stakeholders in terms of their contribution and impact in the virtual power plant ecosystem?
- What kind of new strategies are adopted by the existing market players to expand their market position in the industry?
- What is the competitive strength of the key players in the virtual power plant market on the basis of analysis of their recent developments, product offerings, and regional presence?
- What is the regulatory landscape in different regions for virtual power plant?
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