The global virtual power plant market is anticipated to gain momentum from the increasingly decentralized power generation and rising adoption of renewable energy sources. This information is provided by Fortune Business Insights™ in an upcoming report, titled, “Virtual Power Plant Market Size, Share & Industry Analysis, By Technology (Demand Response, Distributed Generation, Mixed Asset), By End-User (Industrial, Commercial, Residential) and Regional Forecast, 2019-2026.” The report further states that the governments of several countries are putting forward stringent norms to reduce emission in the atmosphere and promote the usage of green energy. In addition to that, as the population is rising, the demand for electricity is also increasing. It would affect the market positively in the coming years.
What Does This Report Contain?
- Competitive landscape, consisting of investments, innovative product launches, strategic partnerships, agreements, contracts, and mergers and acquisitions.
- Extensive analysis of the virtual power plant market trends, growth drivers, barriers, opportunities, and other related challenges.
- Detailed information about all the segments.
- Significant strategies followed by the top companies.
Centrica & Sonnen Create Novel Power Plant; NTU Bags Contract from EMA & Sembcorp
The market houses various big, small, and medium companies that are engaging in unique product launches and awarding contracts to the other key players for broadening their product portfolio and strengthening their position in the market. They are also aiming to gain more virtual power plant market revenue in the coming years. Here are a couple of key industry developments:
- January 2020: Centrica, a multinational energy and services company headquartered in Windsor, and Sonnen GmbH, an energy industry company based in Germany, announced the creation of their most innovative virtual power plant. They have installed a network of around 100 domestic batteries in a cloud platform. Both companies have also bagged approval for this project from the National Grid to deliver Dynamic Firm Frequency Response (FFR) storage space.
- October 2019: Sembcorp, a leading utilities and marine group based in Singapore, and the Energy Market Authority (EMA), a statutory board under the Ministry of Trade and Industry of Singapore, jointly awarded a contract to Nanyang Technological University (NTU) for developing a virtual power plant in Singapore. The plant will be able to optimize the power output of distributed energy resources across the country by using real-time data. At the same time, the creation of this plant would help Singapore in allowing more distributed and cleaner energy resources to be blended into the energy mix.
Fortune Business Insights™ profiles some of the most renowned organizations present in the virtual power plant market. They are as follows:
- Caterpillar Inc.
- Next Kraftwerke
- Schneider Electric
- AGL Energy
- Mitsubishi Heavy Industries
- Other key market players
Increasing Demand for Clean Energy Resources to Propel Growth
In today’s world, where a reliable and stable supply of electricity is one of the priorities, there is rising adoption of clean energy sources, such as solar and wind. It is aiding in meeting the upsurging demand for energy. Besides, a rapid shift of the masses to decentralized from centralized energy generation is likely to boost the virtual power plant market growth during the forecast period. However, concerns over cybersecurity in the energy sector and rising exposure to electromagnetic frequency may obstruct the growth of the market.
- By Type
- By Application
- By Geography
Rising Rural Electrification Schemes by Governments to Favor Growth in Asia Pacific
In terms of region, the market can be segregated into the Middle East and Africa, North America, Europe, Asia Pacific, and Latin America. Out of these, Asia Pacific is set to grow significantly during the forthcoming period owing to the increasing number of rural electrification schemes introduced by the governments of numerous countries in this region. Apart from that, rising urbanization and high demand for energy would accelerate the growth of the market in this region. China is one of the major countries that would contribute to maximum growth, followed by India and the other Southeast Asian countries. Europe, on the other hand, is projected to generate a considerable virtual power plant market revenue stoked by the inclination of people towards renewable energy sources, specifically solar. Lastly, the surging decentralization of power generation would propel the market in North America.
- North America (The USA and Canada)
- Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe)
- Asia Pacific (China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico and Rest of Latin America)
- Middle East & Africa (South Africa, GCC and Rest of the Middle East & Africa)
Major Table of Content for Virtual Power Plant Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Market Analysis, Insights and Forecast, 2015-2026
- North America Market Analysis, Insights and Forecast, 2015-2026
- Europe Market Analysis, Insights and Forecast, 2015-2026
- Asia Pacific Market Analysis, Insights and Forecast, 2015-2026
- Middle East and Africa Virtual Power Plant Market Analysis, Insights and Forecast, 2015-2026
- Latin America Analysis, Insights and Forecast, 2015-2026
- Competitive Landscape
- Company Profile
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