Press Release

North America to Dominate the Global Virtual Power Plant Market through 2025

Growing share of renewable energy in the power generation mix and power grids changing from centralized to distributed to drive global virtual power plant market through 2025

According to TechSci Research report, Global Virtual Power Plant Market By Component, By Technology, By Source, By End Users, By Region, Competition, Forecast & Opportunities, 2025, the global virtual power plant market is forecast to grow at a rate of 30% during 2020 – 2025 to reach $ 5.6 billion by 2025. Anticipated growth in the global virtual power plant market can be attributed to growing opportunities in renewable energy and battery storage systems, rising demand for power generation from renewable sources of energy, increase in penetration of smart grid technologies, shift from centralized to distributed generation, favorable government initiatives to mitigate power outages and increasing demand for power in various key industries such as petroleum refining, chemicals, metals and mining, among others.

Browse 108 market data Figures spread through 140 Pages and an in-depth TOC on " Global Virtual Power Plant Market"

https://www.techsciresearch.com/report/global-virtual-power-plant-market/2494.html

The global virtual power plant market can be segmented based on component, technology, source, end user and region. Based on technology, the market can be segmented into Demand Response, Distributed Generation, and Mixed Asset segments. Demand Response segment currently holds the largest share and is expected to hold its dominance in the virtual power plant market during the forecast period. Mixed assets technology-based virtual power plant is expected to display the highest growth during the forecast period owing to the increasing concerns over the continuous source of power supply for bidirectional flow of electricity.

Based on source, the market can be segmented into Renewables, CHP, Energy storage, and other local generation. Renewable sources, including solar, wind, hydro, and bio are widely used sources for virtual power plant as they are naturally occurring sources of energy that can be easily replenished, and play an important role in reducing greenhouse gas emissions. The increasing share of renewables in the power generation mix will positively impact the global virtual power plant market In terms of end user, the global virtual power plant market is segmented into residential, commercial & industrial segments. Industrial end-users are among the highest adopters of the virtual power plant setups and services, with peak load of the electricity being the highest in various industries such as petroleum refining, chemical industry, metals, and mining, etc.

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ABB Limited, AGL Energy, AutoGrid Systems Inc, Siemens AG, Schneider Electric, Enbala Power Network, Robert Bosch Gmbh, General Electric, Comverge, Next Kraftwerke, Cisco Systems, Limejump, Flextricity are among the leading players operating in global virtual power plant market. “North America is at the forefront of the global virtual power plant market with a huge market concentration in the US as of 2020.  However, over the next five years, the market scenario is expected to change with APAC outperforming other regional market by a considerable margin.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm

Global Virtual Power Plant Market By Component, By Technology, By Source, By End Users, By Region, Competition, Forecast & Opportunities, 2025” has evaluated the future growth potential of global 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 global virtual power plant market.

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