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.
- The COVID-19 pandemic has resulted in a considerable decrease in load and electricity prices for many grids globally. However, the renewable power generation remained unaffected, amid the COVID-19 lockdown.
- However, the power generation from thermal sources has witnessed decreased demand for power amid global lockdown.
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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.
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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-
- ABB Ltd.
- AGL Energy
- AutoGrid Systems, Inc.
- Enbala Power Networks
- Enel X Inc.
- General Electric Company
- Siemens AG
- Schneider Electric SE
- Limejump Ltd.
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