U.S. Virtual Power Plant Market is Projected to Grow at Impressive Rate through 2028
US Virtual Power Plant Market
is Driven by Extensive Use of Renewable Energy and IoT/Cloud Platform Across
the Nation
According to TechSci Research report, "U.S. Virtual Power Plant Market - By Region,
Competition Forecast & Opportunities, 2018-2028F", The Market is growing due to the rising proportion
of renewable energy and decreasing solar energy generation and storage prices.
The market expansion for virtual power plants is also driven by the growing use
of cutting-edge technologies in the power sector, such as cloud platforms and
internet of things (IoT) applications. The demand for renewables has increased dramatically over the past
several years as people's understanding of the advantages of renewable energy
grows. Furthermore, the need for VPPs is driven by government efforts that
assist the development of renewable energy sources. According to the U.S. Energy
Information Administration's International Energy Outlook 2019 report,
renewable energy sources provided 28% of the world's electricity in 2018, with
wind, solar, and hydropower making up most of that share.
Additionally, a growing movement from centralized to distributed
generation is anticipated to boost the demand for virtual power plants, supporting
future worldwide market expansion. The rising consumer demand for
electric cars is another factor that could keep major virtual power plant
market companies generating significant income in the coming years. Virtual energy
plants, which enable aggregators and utility companies to combine energy
generation from several distributed sources and plants, are set to dominate and
be an essential part of the energy industry. Due to the evolving energy
environment and their significance in the decentralized grid, they are
anticipated to become ever more critical. Owing to all factors positively
influencing the market, the demand for Virtual Power
Plant will increase with a high CAGR.
However, integrating cutting-edge technologies and procedures in
a VPP is expensive and requires a highly qualified team. As a result, it is
anticipated that insufficient infrastructure and high prices associated with
advanced technologies would limit market expansion throughout the projection
period.
Browse over XX market data Figures spread
through 70 Pages and an in-depth TOC on the "U.S. Virtual Power Plant Market"
The United States virtual power plant market is
segmented based on technology, end user, source, component, company, and
region. Based on component, the market is segmented into software and service. Based on source, the market is segmented
into renewables, CHP, energy storage, other local generation. Based on technology, the market is
segmented into demand response, distributed generation, mixed asset. The virtual power plant market's biggest
revenue share was accounted for by demand response. The requirement for demand
response would increase as a result of grid modernization and the burgeoning
virtual power plant business. Because smart devices are being used more often
to regulate customer-sited loads, the mixed asset market is anticipated to
increase faster. The market share for distributed generation in the world is
also growing. The creation of new renewable energy technology is essential due
to the growing energy and environmental crises. Grid operations may be
effectively optimized by integrating dispersed power production resources with
VPPs.
Based on the end user, the market can be residential,
commercial, and industrial (petroleum refining, chemicals industry, metals
& mining, others. In terms of revenue contribution, the residential market is
expected to continue to lead the sector. The U.S. residential housing
business is boosted by participation in demand response programs, energy
storage systems, and distributed generation. Government mandates, consumer
participation programs, and the
virtual power plant market's most significant revenue share were accounted for
by demand response. The demand for demand response would increase due to grid
modernization and the burgeoning virtual power plant business. Because smart
devices are being used more often to regulate customer-sited loads, the mixed
asset market is anticipated to increase faster. Incentive programmers may also contribute
to expanding the residential end-user virtual power plant market.
Major market players in the U.S. Virtual Power Plant
Market are: -
- Enel X
- EnerNOC, Inc.
- Comverge
- Cpower
- ABB Ltd,
- Siemens AG,
- Schneider Electric SE,
- General Electric Company,
- Flexitricity Limited,
- AGL Energy
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"Cost-effectiveness
of solar generation and storage systems development is projected to fuel the market
growth. Water, milk, wine, and other beverages are among those that may be
purified using membrane filtration techniques. Over the course of the forecast
period, government laws pertaining to food safety and pollution prevention are
anticipated to drive the growth of the membrane filtering technology market in
this application sector. The cost-effectiveness of generating electricity and its
easy accessibility through VPP platforms have raised the demand for renewable
energy sources and their production, due to which the market is expected to
grow in the forecast period," said Mr. Karan Chechi, Research Director
with TechSci Research, a research-based global management consulting firm.
U.S. 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 and Service),
By Region, Competition Forecast & Opportunities, 2018-2028F has evaluated the future growth potential of U.S. 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
U.S. Virtual Power Plant Market.
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