The latest report on Virtual Power Plant Market by Infinium Global Research gives complete coverage of the Virtual Power Plant Market by in terms of key trends, market size, forecast and CAGR growth over the period of 2019 to 2025. In addition, the study covers deep dive into key product and applications trends in the regional markets of Virtual Power Plant such as North America, Europe, Asia-Pacific and Latin America over the short run and long run.
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Increasing Demand for Renewable Energy in Power Generation the Sector is the Major Growth Factor of the Virtual Power Plant Industry
Energy utilities are developing towards greater reliance on flexibility to respond to an increasing supply and demand difference. Distributed energy generation becomes a major trend in many countries. The fast upward saturation of Distributed Energy Resources (DER) and the ongoing trend towards a more competitive electricity market requires new technologies and policies to handle both emerging technical and economic issues.
In order to handle distributed generation and to intensify its visibility within power markets, numerous researchers use the idea of a virtual power plant (VPP). A virtual power plant has the objective of releasing pressure on grids with the help of intelligent power distribution during peak hours. Power traders can employ the live data produced for improving trades and forecasts of renewable energies.
Increasing demand for renewable energy in power generation the sector is the major growth factor of the virtual power plant market. Furthermore, factors such as changes in the dynamic of power grids from central to distributed and controlling costs and easy accessibility of energy storage are also driving the growth of the market.
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The Growing Demand for Power Through a Reliable Power Source and the Decreasing Costs of Solar Generation and Energy Storage is Fueling the Market Growth
The growing demand for power through a reliable power source and the decreasing costs of solar generation and energy storage is fueling the market growth. However, health concerns over high-frequency human contact of electromagnetic and radio waves hinder the potential of the market. Moreover, an emergent shift towards electric vehicles and the development of smart grids are anticipated to provide growth opportunities to the market players.
Geographically, Asia-Pacific dominates the global virtual power plant market due to the growth in energy demand from developing countries. North America is the second-largest market for virtual power plant due to the rise in emphasis on the utilization of renewable energy. The United States is projected to drive the market and witness high demand for virtual power plant owing to the expanding capacity of renewable power projects along with the development of a smart grid network equipped with VPP technology in the country.
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- Comprehensive analysis of global as well as regional markets of the Virtual Power Plant.
- Complete coverage of all the product type and applications segments to analyze the trends, developments, and forecast of market size up to 2025.
- Comprehensive analysis of the companies operating in this market. The company profile includes analysis of product portfolio, revenue, SWOT analysis and the latest developments of the company.
- Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus to invest, consolidate, expand and/or diversify.