Exhibiting a CAGR of 26.42%, the North American Virtual Power Plant (VPP) market is predicted to showcase a significant growth for the forecast period of 2018-2026. The market is driven by substantial investments for installation of VPPs by private companies and rapid shift towards distributed energy generation from centralized generation.
An increasing focus on clean energy generation through the use of renewable energy is expected to boost the deployment of virtual power plants in North American countries like the U.S and Canada. In 2017, the United States dominated the North American virtual power plant market. The country is also expected to maintain the highest CAGR during the forecast period. According to the Yale School of Forestry & Environmental Studies, there is a notable adoption of VPP through strategic linkage of the networks of solar-powered batteries and installations and energy-efficient buildings in the US. In Canada, initiatives like Clean Energy Fund are expected to proactively finance the renewable energy research projects and boost the deployment of renewable energy across the country. Also, the substantial government funding for boosting the production of renewable energy with the introduction of Green Budget Coalition of 2016 is expected to increase the adoption of VPPs in Canada.
Companies like Open Access Technology International Inc, IBM Corporation, Autogrid Systems Inc, Enbala, Power Analytics Corporation (Causam Energy), Robert Bosch, Siemens, Abb Ltd, Viridity Energy (Acquired By Ormat Technologies), Blue Pillar, Cisco Systems Inc, General Electric, EnerNOC (Acquired By Enel Green Power North America, Inc) and Schneider Electric are competing in this market.