Research Nester has released a report titled “Virtual Power Plant Market – Global Demand Analysis Opportunity Outlook 2028” which delivers a detailed overview of the global virtual power plant market in terms of market segmentation by technology, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global virtual power plant market is segmented by technology and end-user. Based on technology, the demand response segment is anticipated to hold the largest market share during the forecast period i.e., 2021 – 2029, owing to its capacity to provide smart load distribution during peak hours by the individual units. Moreover, rising need to save electricity costs and increasing demand for renewable energy are some of the factors that are expected to drive the growth of the market segment in the near future.
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The market is anticipated to reach a noteworthy CAGR during the forecast period on the back of growing demand for cheap and efficient energy among people globally. Apart from these, the cost-effectiveness and ease of implementation and maintenance of virtual power plants as compared to the conventional power plants are also estimated to drive market growth in the coming years.
Geographically, the virtual power plant market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East Africa. Asia-Pacific region is anticipated to hold the largest market during the forecast period attributing to rapid industrialization and increasing energy demand among industries in the region. Additionally, the Middle East Africa is expected to witness robust growth in the market during the forecast period on account of the emergence of new renewable energy projects in countries such as Saudi Arabia, the UAE and South Africa.
Rising Demand for Renewable Energy to Drive Market Growth
There is a growing demand for energy as our global population increases. With majority of the countries implementing stringent laws and implementing different forms of renewable energy, the global virtual power plant market growth is expected to observe a boost. Along with this, virtual power plants allow a transitional shift from a centralized power system to a more dispersed one. This improves efficiency and also provides easy access to energy storage, thus expanding the market in the near future.
However, the large-scale implementation of virtual power plants emits high-frequency electromagnetic and radio waves that can cause severe health problems among people, which is anticipated to limit the growth of the global virtual power plant market during the forecast period.
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The market also provides the existing competitive scenario of some of the key players of the global virtual power plant market, which includes company profiling of ABB Ltd. (SWX: ABBN), Cisco Systems, Inc. (NASDAQ: CSCO), Autogrid Systems, Inc., Cpower, General Electric Company (NYSE: GE), Schneider Electric (EPA: SU), GreenSync, Siemens AG (ETR: SIE), Flexitricity Limited, and others. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts a detailed overview of the global virtual power plant market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.
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