United States Virtual Power Plant Market to Grow at an Impressive Rate until 2025
Growing awareness in the
market concerning the opportunities in renewable energy to drive the growth of
United States virtual power plant market
According to
TechSci Research report, “United
States Virtual Power Plant Market By Technology (Demand Response,
Distributed Generation, Mixed Asset), By End User (Residential, Commercial,
Industrial (Petroleum Refining, Chemicals Industry, Metals & Mining,
Others), By Source (Renewables, CHP, Energy Storage, Other Local Generation),
By Component (Software vs. Service), By Company, By Region, Forecast &
Opportunities, 2025”, the United States virtual power
plant market is expected to grow at an impressive rate during the forecast
period on account of increasing penetration of smart grid technologies.
Additionally, ongoing technological advancements in the power generation sector
are further expected to create lucrative opportunities for the market growth. Moreover,
easy accessibility of energy storage is further estimated to aid the growth of
US virtual power plant market over the coming years. Changes in dynamics of
power grids from being centralized to distributed is propelling the market
growth. Furthermore, moderating costs coupled with easy accessibility of energy
storage are some other factors that are projected to aid the growth of market
in the country through 2025. Besides this, there is an emerging shift towards adoption
of electric vehicles which is further boosting the market growth. Due to the promotion
of intelligent office buildings and smart grids, the virtual power plant market
is anticipated to rev up during the next 5 years. However, the factor that
might act as major impediment to the growth of US virtual power plant market during
the forecast period is health concerns over high frequency human exposure of
electromagnetic and radio waves.
Browse XX market data Tables and XX Figures spread through XX Pages and an in-depth TOC on "United States Virtual Power Plant Market"
The
United States virtual power plant market is segmented based on technology, end
user, source, component, company and region. Based of technology, the market is
fragmented into demand response, distributed generation and mixed asset. Out of
these, the demand response segment dominated the market until 2019 and is
projected to maintain its dominance in the market during the forecast period as
well. This is mainly due to various advantages it offers, which include peak
load management and earning incentives by participating in demand response
program. Also, the mixed asset segment is forecast to register high growth in
the years to come which can be attributed to its efficiency in reducing energy
consumption as well as suppling clean power in targeted ways. This is expected
to drive the segmental growth. In terms of source, the market is segregated
into renewables, CHP, energy storage, other local generation. Out of these, the
renewable segment is expected to dominate the market oner the coming years, on
account of surging requirement for renewable energy in power generation sector.
EnerNOC,
Inc., Comverge, Cpower, ABB Ltd, Siemens AG, Schneider Electric SE, General
Electric Company, Flexitricity Limited, AGL Energy and others are some of the
leading players operating in United States virtual power plant market. The
companies operating in the market are using organic strategies such as product
launches, mergers and collaborations to boost their market share.
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“The United
States virtual power plant market is expected to grow at a high pace during the
forecast period.
The market is expected to grow significantly on account of expanding infrastructure
and industrial sectors. In addition to this, extensive use of these solutions
in commercial as well as residential sectors is further expected to fuel the
market in the country during the forecast period.” said Mr. Karan Chechi, Research
Director with TechSci Research, a research based global management consulting
firm.
“United States Virtual Power Plant Market By Technology
(Demand Response, Distributed Generation, Mixed Asset), By End User
(Residential, Commercial, Industrial (Petroleum Refining, Chemicals Industry,
Metals & Mining, Others), By Source (Renewables, CHP, Energy Storage, Other
Local Generation), By Component (Software vs. Service), By Region, Forecast
& Opportunities, 2025”, has evaluated the future growth potential of United
States virtual power plant market and provides statistics & information on
market size, structure and future market growth. The report intends to provide
cutting-edge market intelligence and help decision makers take sound investment
decisions. Besides, the report also identifies and analyzes the emerging trends
along with essential drivers, challenges and opportunities in United States virtual
power plant market.
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