Global Virtual Power Plant Market overview:
The growing demand for Virtual Power Plant has provided a major boost to the Global Virtual Power Plant Market as more people are shifting their preferences to this growing sector. The market is expected to keep rising at a high CAGR and reach values of high millions by the end of the forecast period of 2020 up to 2024.
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Virtual power plants are employed to optimize power generation from existing sources, integrate various renewable energy sources, and, ultimately, reduce the carbon footprint on the environment. Any growth in the smart grid would directly impact the market of virtual power plant. Moreover, factors such as an increasing share of renewable energy in the power generation mix and decreasing costs of solar generation and energy storage would also boost the market for virtual power plant. The global Virtual Power Plant Market is primarily segmented based on Product Type, Application, End-Use Industry and Regions.
Based on Product Type, the market is divided into:
1 Demand Response
2 Distribution Generation
3 Mixed Asset
On the basis of End Use Industry, the market is split into:
1 Commercial & Industrial
2 Residential
Renewable energy is a naturally occurring source of energy that can be easily replenished, and plays an important role in reducing greenhouse gas emissions. Renewable energy is more expensive when compared with fossil fuel-based power generation. Owing to environmental conservation, and rising awareness, countries around the globe are veering towards renewable sources for power generation. As per IEA in 2015, renewables accounted for more than half of the net annual addition to power capacity and overtook coal in terms of cumulative installed capacity in the world. The increasing share of renewables in the power generation mix will positively impact the market.
The report segments market based on end-user segment such as commercial & industrial and residential. The residential segment is expected to grow at the fastest pace during the forecast period. The global market is growing in residential homes through participating in demand response programs, energy storage system and distributed generation. It helps in delivering energy at peak usage times and the end users can save up the surplus power in energy storage devices such as solar panels, batteries, among others. Also, government mandates and initiatives for customer engagement, and incentives programs might prove to be an added boost for the residential end-user segment. The growing infrastructure sector, especially in Asia-Pacific region is likely to drive the overall market during the forecast period.
Objectives of the Study
To describe and forecast the global Virtual Power Plant Market on the basis of Product Type, industry verticals, Channel and regions.
To forecast the Virtual Power Plant Market size of the five main regional segments, namely North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and Latin America.
To strategically analyzesubsegments with respect to individual growth trends, future prospects, and contribution to the total market.
To provide detailed information regarding the major factors influencing the growth of the Virtual Power Plant Market (drivers, restraints, opportunities, and challenges).
To analyze the opportunities in the market for stakeholders and to provide details of competitive landscape for major players.
To strategically profile key players and comprehensively analyze their core competencies and positioning.
To track and analyze competitive developments such as mergers and acquisitions, new product developments, and partnerships, agreements & collaborations in the Virtual Power Plant Market.
Some of the Virtual Power Plant Market manufacturers involved in the market are Abb, Ltd, Autogrid Systems, Inc, Blue Pillar, Cisco Systems, Inc, Comverge, Cpower Energy Management, Enbala Power Networks, Inc, Enernoc, Inc, Flexitricity Limited, General Electric, Hitachi, Ltd, Ibm, Limejump Limited, Next Kraftwerke, Olivene, Inc, Open Access Technology International, Inc, Osisoft, Power Analytics Corporation, Robert Bosch Gmbh, Schneider Electric, Siemens Ag, Spirae, Inc, Sunverge, Toshiba Corporation, Upside Energy, Ltd, Acquisitions and effective mergers are some of the strategies adopted by the Virtual Power Plant Market manufacturers. New product launches and continuous technological innovations are the Virtual Power Plant Market strategies adopted by the major players.
Latest Industry Updates:
IBM and Cisco have provided the Region of Madrid with the access, management and support of the Cisco Webex teleworking and collaboration tool, which offers simple and intuitive functionalities for e- education. The solution – already working since yesterday – connects teachers and students in real time. More than 100,000 teachers from the Madrid already have a personal account in the service to start virtual classes. All those teachers registered in EducaMadrid (in the 2019-2020 academic year) will be able to use the platform.
“At Cisco, all workers are committed to positively impacting the country with our collaboration and our technology. We want to help everyone benefit from digitization, especially in critical situations such as the current one”, highlights Andreu Vilamitjana, CEO of Cisco Spain. “Through the Digitaliza program, we collaborate with the Administrations to guarantee the activity of companies, health centers and schools and help people preserve their health.”
From IBM we want to contribute with our professionals, technology and knowledge in the collective effort to alleviate this health and social crisis. Our goal as a company is to create innovations that help society progress and improve, with technology always aimed at the common good.
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Asia Pacific was a prominent market for Virtual Power Plants in 2016. Among the countries in Asia Pacific, the demand was substantially high in developing countries such as China and India. These countries have been witnessing rapid increase in its population along with expansion of their overall economies, which has led to increase in disposable income. Increased spending on home interiors is fuelling the Virtual Power Plant market in Asia Pacific.
There are several manufacturers of Virtual Power Plants in Europe and North America. In North America, the demand for Virtual Power Plants is primarily driven by the residential sector. Improved standards of living and rising usage of Virtual Power Plants for flooring purpose are anticipated to drive the market in North America.
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Table of Contents:
Global Virtual Power Plant Market Report 2020
1 Virtual Power Plant Definition
2 Global Virtual Power Plant Market Major Player Share and Market Overview
3 Major Player Virtual Power Plant Business Introduction
4 Global Virtual Power Plant Market Segmentation (Region Level)
5 Global Virtual Power Plant Market Segmentation (Product Type Level)
6 Global Virtual Power Plant Market Segmentation (Industry Level)
7 Global Virtual Power Plant Market Segmentation (Channel Level)
8 Virtual Power Plant Market Forecast 2020-2024
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