Global Virtual Power Plant Market Anticipated to Reach $4.5 Billion by 2024 - Mixed Assets Technology-based Virtual Power Plant is Expected to Display the Highest Growth of 33.09%
DUBLIN, July 23, 2019 /PRNewswire/ -- The "Global Virtual Power Plant Market: Focus on Source, Technology (Distributed Generation, Demand Response, Mixed Asset), End User (Industrial, Commercial, Residential), Stakeholder Analysis, and Regulatory Landscape - Analysis and Forecast, 2019-2024" report has been added to ResearchAndMarkets.com's offering.
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According to the report, the virtual power plant market is expected to reach $4,502.5 million by 2024.
Market growth is expected to be driven by the gradually growing affinity for reducing the electricity demand as well as the rising concern for sustainable power generation.
High growth in the global market in the coming future is expected to be driven by rising awareness among governments of various countries about the need to mitigate power outages while also making attempts to preserve the environment. The growing awareness in the market concerning the opportunities in renewable energy and battery storage systems has stimulated large-scale investments in the sector over the last decade.
The increasing demand for power generation from renewable sources of energy across the globe has propelled the need for virtual power plants. Moreover, there is an increased concern for decentralized power generators in the electricity distribution supply chain to reduce electricity demand. The growth of the market is likely to be aided by increasing demand for decentralized power generation, growing demand for renewable sources of energy, and favorable government initiatives to mitigate power outages.
Expert Quote on Global Virtual Power Plant Market
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 the continuous source of power supply for bidirectional flow of electricity.
Scope of the Market Intelligent
The virtual power plant market research provides a detailed perspective regarding the technologies used, its value and estimation, among others. The purpose of this market analysis is to examine the virtual power plant market in terms of factors driving the market, trends, technological developments, and funding scenario, among others.
The report further takes into consideration the market dynamics and the competitive landscape along with the detailed financial and product contribution of the key players operating in the market. The virtual power plant market report is a compilation of different segments including market breakdown by source, technology, end user, and region.
Market Segmentation
The virtual power plant is based on various technologies which include demand response, distributed energy generation units, and mixed assets. Demand response accounted for the largest share in the market as a result of the increasing demand for continuous power supply worldwide. During the forecast period, mixed assets technology-based virtual power plant is expected to display the highest growth owing to the increasing demand for prosumers and bidirectional flow of electricity in the supply chain to meet the electricity demand.
The emerging trends of the virtual power plant market vary across different regions. In 2018, North America was at the forefront of the market, with a huge market concentration in the U.S. During the forecast period, Asia-Pacific region is expected to flourish as one of the most lucrative markets for virtual power plant. Rising demand for electricity generation from renewable energy sources and low grid strength drive the growth of the virtual power plant market. Regions such as South America and Africa are also expected to exhibit significant growth opportunities for virtual power plant due to the increased optimism in the economic conditions in these countries.
Key Companies
The prominent players in the virtual power plant market include Schneider Electric, ABB Ltd, Cisco Systems, General Electric Company, and Siemens AG, Mitsubishi Electric Corporation, Hitachi Ltd, Tesla Inc., Itron Inc., Enel X Nsorth America, Next Kraftwereke, AutoGrid Systems Inc., Advanced Microgrid Solutions Inc., Enbala Power Networks, and energy & meteo systems.
Key Questions Answered
-- 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 is the revenue generated by different types of virtual power plants
based on technologies such as demand response, distributed generation,
and mixed assets?
-- What is the revenue generated by the virtual power plant in different
end users such as industrial, commercial, and residential at a global
and regional level?
-- What is the market size and what are the various market opportunities of
a virtual power plant across different regions?
-- 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 are the emerging market trends and technologies global virtual
power plant market?
-- What are the major challenges inhibiting the growth of the global
virtual power plant market?
-- Who 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 the analysis of their recent developments,
product offerings, and regional presence?
-- What is the regulatory landscape in different regions for virtual power
plant?
Key Topics Covered
Executive Summary
1 Overview: Virtual Power Plant
1.1 Types of Virtual Power Plant Solutions
1.1.1 Technical Virtual Power Plants (TVPP)
1.1.2 Commercial Virtual Power Plants (CVPP)
1.2 Use Cases of Virtual Power Plant
1.2.1 Energy Storage System Mechanism
1.2.2 Demand-Response Control Mechanism
1.2.3 Distributed Energy Resource Management
1.2.4 Asset Remote Control Aggregator
2 Market Dynamics
2.1 Market Drivers
2.1.1 Increasing Demand for Decentralized Power Generation
2.1.2 Increasing Demand for Renewable Sources of Energy
2.1.3 Favorable Government Initiatives
2.2 Market Restraints
2.2.1 High Initial Investment
2.2.2 Privacy and Security Risk
2.3 Market Opportunities
2.3.1 Integration of Blockchain in Virtual Power Plant
2.3.2 Emerging Market of Electric Vehicles
2.3.3 Increasing Necessity for Smart Grids
3 Competitive Landscape
3.1 Key Market Developments and Strategies
3.1.1 Partnerships, Collaborations, and Joint Venture
3.1.2 Mergers and Acquisitions
3.1.3 Product Launches and Developments
3.1.4 Business Expansions and Contracts
3.1.5 Others (Awards and Recognitions)
3.2 Competitive Positioning of Key Players in Virtual Power Plant Market
3.3 Competitive Benchmarking
3.3.1 By Technology
3.3.2 By End User
3.3.3 By Region
4 Industry Analysis
4.1 Role of Internet of Things in Virtual Power Plant Market
4.2 Stakeholder Analysis
4.2.1 Transmission System Operators
4.2.2 Distribution System Operators
4.2.3 Energy Management and Automation Companies
4.2.4 Aggregators
4.2.5 End Users (Industrial, Commercial, and Residential)
4.3 Emerging Trends in the Virtual Power Plant Market
4.3.1 Growing Role of Big Data Analytics in the Power Industry
4.3.2 Rise of Aggregators in the Ecosystem
4.3.3 Market Consolidation
4.4 Investment and Funding Landscape
4.5 Regulatory Landscape
4.5.1 North America
4.5.1.1 U.S.
4.5.1.2 Canada
4.5.2 Europe
4.5.2.1 Germany
4.5.3 Asia-Pacific
4.5.3.1 Australia
4.5.3.2 China
4.6 Consortiums and Associations
5 Global Virtual Power Plant Market (by Source)
5.1 Assumptions and Limitations for Analysis and Forecast of the Global Virtual Power Plant Market
5.2 Market Overview
5.3 Distributed Energy Generation System
5.4 Energy Storage Systems
6 Global Virtual Power Plant Market (by Technology Type)
6.1 Market Overview
6.2 Demand Response
6.3 Distributed Generation
6.4 Mixed Asset
7 Global Virtual Power Plant Market, (by End User)
7.1 Market Overview
7.2 Industrial
7.3 Commercial
7.4 Residential
8 Global Virtual Power Plant Market (by Region)
8.1 North America
8.1.1 North America (by End User)
8.1.1.1 The U.S.
8.1.1.2 Canada
8.1.1.3 Rest-of-North America: Adoption Scenario
8.2 Europe
8.2.1 Europe (by End User)
8.2.2 Europe (by Country)
8.2.2.1 U.K.
8.2.2.2 Germany
8.2.2.3 France
8.2.2.4 Italy
8.2.2.5 Denmark
8.2.2.6 Rest-of- Europe
8.3 Asia-Pacific
8.3.1 Asia-Pacific (by End User)
8.3.2 Asia-Pacific (by Country)
8.3.2.1 Japan
8.3.2.2 Australia
8.3.2.3 China
8.3.2.4 South Korea
8.3.2.5 Rest-of-Asia-Pacific
8.4 Rest-of-the-World (RoW)
8.4.1 RoW (by End User)
9 Company Profiles
9.1 ABB Ltd
9.1.1 Company Overview
9.1.2 Role of ABB Ltd. in Virtual Power Plant Market
9.1.3 Financials
9.1.4 SWOT ANALYSIS
9.2 AutoGrid Systems, Inc
9.2.1 Company Overview
9.2.2 Role of Autogrid Systems, Inc in Virtual Power Plant Market
9.2.3 SWOT Analysis
9.3 Advanced Microgrid Solutions, Inc.
9.3.1 Company Overview
9.3.2 Role of Advanced Microgrid Solutions, Inc. in Virtual Power Plant Market
9.3.3 SWOT Analysis
9.4 CISCO Systems Inc.
9.4.1 Company Overview
9.4.2 Role of Cisco Systems Inc. in Virtual Power Plant Market
9.4.3 Financials
9.4.4 Key Insights about the Financial Health of the company
9.4.5 SWOT Analysis
9.5 energy & meteo systems
9.5.1 Company Overview
9.5.2 Role of energy &meteo systems In Virtual Power Plant Market
9.5.3 SWOT Analysis
9.6 Enbala Power Networks Inc.
9.6.1 Company Overview
9.6.2 Role of Enbala Power Networks Inc. in Virtual Power Plant Market
9.6.3 SWOT Analysis
9.7 Enel X North America, Inc.
9.7.1 Company Overview
9.7.2 Role of Enel X North America, Inc. in Virtual Power Plant Market
9.7.3 SWOT Analysis
9.8 General Electric
9.8.1 Company Overview
9.8.2 Role of General Electric in Virtual Power Plant Market
9.8.3 Financials
9.8.4 Key Insights about the Financial Health of the Company
9.8.5 SWOT Analysis
9.9 Hitachi, Ltd.
9.9.1 Company Overview
9.9.2 Role of Hitachi Ltd. in Virtual Power Plant Market
9.9.3 Financials
9.9.4 Key Insights about the Financials Health of the Company
9.9.5 SWOT Analysis
9.10 Itron Inc.
9.10.1 Company Overview
9.10.2 Role of Itron Inc. in Virtual Power Plant Market
9.10.3 Financials
9.10.4 SWOT ANALYSIS
9.11 Mitsubishi Electric Corporation
9.11.1 Company Overview
9.11.2 Role of Mitsubishi Electric Corporation in Virtual Power Plant Market
9.11.3 Financials
9.11.4 SWOT ANALYSIS
9.12 Next Kraftwerke
9.12.1 Company Overview
9.12.2 Role of Next Kraftwerke in Virtual Power Plant Market
9.12.3 SWOT Analysis
9.13 Siemens AG
9.13.1 Company Overview
9.13.2 Role of Siemens AG in Virtual Power Plant Market
9.13.3 Financials
9.13.4 SWOT Analysis
9.14 Schneider Electric
9.14.1 Company Overview
9.14.2 Role of Schneider Electric in Virtual Power Plant Market
9.14.3 Financials
9.14.4 Key Insights about the Financial Health of the company
9.14.5 SWOT Analysis
9.15 Tesla, Inc.
9.15.1 Company Overview
9.15.2 Role of Tesla Inc. in Virtual Power Plant Market
9.15.3 Financials
9.15.4 SWOT ANALYSIS
10 Report Scope and Methodology
10.1 Report Scope
10.2 Virtual Power Plant Market Research Methodology
10.2.1 Assumptions
10.2.2 Limitations
10.2.3 Primary Data Sources
10.2.4 Secondary Data Sources
10.2.5 Data Triangulation
10.2.6 Market Estimation and Forecast
For more information about this report visit https://www.researchandmarkets.com/r/qgzfiz
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