Portland, OR, Nov. 09, 2020 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global virtual power plant market generated $1.3 billion in 2019, and is estimated to reach $5.9 billion by 2027, registering a CAGR of 21.3% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key winning strategies, top player positioning, major segments, and competitive heat map.
Rise in demand for renewable energy in the power generation sector, changes in preference of power grids from centralized to distributed grids, and moderate costs and easy accessibility of energy storage drive the growth of the global virtual power plant market. However, complex design structure and health concerns due to exposure of high-frequency of electromagnetic and radio waves hinder the market growth. On the other hand, shift towards electric vehicles and promotion of intelligent office buildings and smart grids create new opportunities in the coming years.
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Covid-19 scenario:
- Virtual power plants have been impacted negatively due to the restrictions on residential and commercial projects in the construction industry during the few months of the coronavirus pandemic.
- The installation of new virtual power plants has been postponed during the Covid-19 pandemic to avoid social gathering and control the transmission of virus.
The report offers a detailed segmentation of the global virtual power plant market based on technology, end user, and region.
Based on technology, the demand response segment contributed to the largest share in 2019, accounting for more than three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the mixed asset segment is expected to register the highest CAGR of 23.1% from 2020 to 2027.
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Based on end user, the industrial segment accounted for the largest share in 2019, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the residential segment is estimated to portray the highest CAGR of 22.4% during the forecast period.
Based on region, Europe contributed the highest share, accounting for more than half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 26.5% from 2020 to 2027.
Leading market players analyzed in the research include ABB Ltd., AutoGrid Systems, Inc., AGL Energy, Enel X Inc., Enbala Power Networks, Siemens AG, General Electric Company, Limejump Ltd., and Schneider Electric SE.
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