The Asia Pacific virtual power plant market is anticipated to grow with a CAGR of 25.54%, during the forecast years of 2019 to 2028. The key market propellers include increased government initiatives to reduce greenhouse gas emissions, technical advancements, and rising awareness regarding the value proposition of adopting virtual power plants.
The Asia Pacific virtual power plant market growth is evaluated by studying Japan, Australia, China, South Korea, and the rest of the Asia Pacific. Over the forecast period, South Korea is projected to be among the most prospective markets for virtual power plants. The country’s market is expected to observe strong growth due to the swift market penetration of control technologies and automation, particularly in digital energy monitoring applications. South Korea is also endeavoring to satisfy its long-term energy demand, and minimize greenhouse gases by utilizing limited amounts of carbon-intensive fuel. Moreover, this measure would improve energy-efficiency, considerably.
South Korea has also introduced numerous initiatives and technical advancements for setting up virtual power plants in the country. For Instance, Busan City Bas collaborated with Shihwa SNC, to develop a virtual power plant pilot project in April 2019. With a duration of 30 months, this project would be operational in South Korea and Malaysia.
In 2018, South Korea’s renewable energy share accounted for 8% of the total power generated. Likewise, the government also issued policy measures to hike the percentage stake of renewable energy, within the energy mix to 20%, by the end of the next decade. Thus, these factors are expected to drive the region’s market growth for virtual power plants.
Some of the distinguished players operating in the market are, Hitachi Ltd, Autogrid Systems Inc, Viridity Energy, Tesla, IBM Corporation, Open Access Technology International Inc, etc.
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