The global virtual power plant market is estimated to record a CAGR of 22.54% during the forecast period, 2019-2028. The factors propelling the growth of the market are the growing renewable energy generation, government initiatives, increasing demand for cloud based energy management system, and rising trends in the adoption of decentralized power generation.
A virtual power plant is a cloud-based control center that is cable of functioning in a centralized or distributed manner. Energy generation has undergone tremendous transformation in the last decade, due to the growing demand for distributed energy resource management systems. The renewable energy continued to grow in 2019, with an increase of 12.2% from that of 2018. Energy generation was fueled by conventional sources like nuclear and coal, resulting in increased greenhouse gas emissions. At present, it is majorly driven by renewable energy sources like solar and wind, due to government initiatives and support. The fluctuations in the generation of renewables can be regulated by ramping up and down power generation, along with power consumption of controllable unites using VPP (virtual power plant). Such aspects are projected to increase the adoption of virtual power plants across the globe, during the forecast period.
Energy management has become a necessity for each and every organization operating across several sectors in the world. This has resulted in cloud-based energy management software becoming a critical tool for conducting proficient operations in the organizations. Thus, with the increasing adoption of cloud based energy management system, the market studied is expected to witness steady growth. However, privacy concerns and initial investment costs are projected to restrict market growth.
The global virtual power plant market is segregated into Asia Pacific, North America, Europe, and the rest of the world, for geographical analysis. North America dominated the global market in 2019. The regional growth prospects are characterized by favorable government initiatives, technological advancements, and policies that entail the reduction of greenhouse gas emissions.
The global market studied is deemed to be highly competitive. Some of the leading companies registering their presence in the market include, ABB, Autogrid Systems Inc, Statkraft, Next Kraftwerke, Enel X, etc.
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