The global virtual power plant market is expected to grow from USD 193.4 million in 2016 to USD 709.2 million by 2021, at a CAGR of 29.68% from 2016 to 2021. Virtual power plants are employed to optimize power generation from existing sources, integrate various renewable energy sources, and, ultimately, reduce the carbon footprint on the environment. Any growth in the smart grid would directly impact the virtual power plant market.
To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the virtual power plant solutions market, namely, ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), General Electric Company (U.S.), EnerNOC, Inc. (U.S.), Comverge, Inc. (U.S.), Limejump Ltd. (U.K.), among others. Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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Report Scope:
By Technology:
• Demand Response
• Distributed Generation
• Mixed Asset
By End-User Application:
• Industrial and Commercial
• Residential
By Region:
• North America
• Europe
• Asia-Pacific
• Rest of the world
Market Dynamics
Drivers
• Increasing share of renewable energy in the power generation mix
• Shift from centralized to distributed generation
• Decreasing costs of solar generation and energy storage
Restraints
• Health safety concerns regarding electromagnetic frequency (EMF) & radio frequency (RF) exposure
Opportunities
• Rising demand for electric vehicles
• Development of smart grids
Challenges
• Cybersecurity issues associated with the energy sector
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The following are the major objectives of the study.
• To define and segment the virtual power plant market with respect to technology, end-user, and region
• To provide detailed information on major factors influencing the growth of the market (drivers, restraints, opportunities, and industry-specific challenges)
• To strategically analyze the virtual power plant market with respect to individual growth trends, future expansions, and contribution to the market
• To analyze market opportunities for stakeholders, and details of a competitive landscape for market leaders
• To forecast the growth of the virtual power plant market with respect to the major geographical regions (Asia-Pacific, Europe, North America, and Rest of the World)
• To strategically profile key players, and comprehensively analyze their market ranking and core competencies
• To analyze competitive developments such as new product launches, mergers & acquisitions, expansions, and supply contracts in the virtual power plant market
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Major Market Developments
- In October 2016, ABB, Ltd. (Switzerland) launched a micro grid solution in order to address the demand for flexible technology for distributed generation. This would help maximize the use of renewable energy sources while reducing dependency on fossil fuels used by generator sets.
-In May 2016, Cpower (U.S.) acquired Johnson Controls' (France) Integrated Demand Resources (iDR) business. The purchase is a part of CPower’s ongoing efforts to expand its demand response portfolio nationwide. For Johnson Controls, the transaction is a part of a continuing strategy to invest in its building management technologies designed to deliver energy and operational efficiency to its customers.
-In August 2016, Enbala Power Networks (Canada) and Encycle, Corp. (Canada) announced a partnership to integrate the Symphony by Enbala’s distributed energy resource management platform with Encycle’s Swarm Energy Management solution for demand response and demand management. This partnership would help the Commercial and Industrial (C&I) customers in lowering their energy usage and costs, enabling utilities to easily achieve their grid balancing and energy efficiency goals.
Critical questions the report answers:
• Where will all these developments take the industry in the mid to long term?
• What are the upcoming industry applications for virtual power plants?
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