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(Medical-NewsWire.com, October 11, 2019 ) Market Overview:
Virtual power plant reduces the load on the grid by smartly distributing the power generated by the power generating units during periods of peak load.
Germany is a leading country in the implementation of VPPs, such as the one operated by Next Kraftwerke, which networks around 4,800 medium- and small-scale power-producing and power-consuming units in central Europe.
With the changing dynamics of power grids from centralized to distributed, and decreasing costs of solar generation & energy storage is driving the growth of the virtual power plant market worldwide.
Rising clean energy demand and continuous government support towards generating power from renewable energy are also the key factors impacting market growth. For instance, as per the International Energy Agency (IEA) report, Global electricity demand in 2018 increased by 4%, or 900 TWh, growing nearly twice as fast as the overall demand for energy.
However, health concerns over high-frequency human exposure of electromagnetic and radio waves hamper the potential of the market for different end-users.
Global virtual power plant market is segmented based on the type of technology, end-user and its system types.
Based on the technology type, the virtual power plant market is divided into distribution generation, demand response, and internet of things (IoT). Internet of things (IoT) is expected to grow with a high CAGR rate in the forecast period. Internet of Things in smart grid technology improving two-way communications between utility companies and its customers.
IoT would enable access to the real-time data of both parties to make cost-effective and environment friendlier decisions related to power production and consumption. For instance, On April 25, 2019, Toshiba has Launched Virtual Power Plant Solution Using AI and IoT.
Based on the end-user type, the virtual power plant market is segmented into commercial, residential and industrial.
Commercial segment is further classified into power trading and generation companies, educational institutions, and, hospitals. Commercial segment is expected to dominate the major share owing to rising demand for electricity in the remote locations, along with the need for reliable backup power systems, and growing applications of distributed power generated at the site or near the point of use.
Geographically, the global virtual power plant market is segmented to five regions, namely, North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
The Europe virtual power plant market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. This region is expected to grow with a high CAGR rate over the forecast period 2019-2026. Rising demand for decentralized energy sources often arising from small and medium-sized enterprises is playing an important role in the market growth in this region.
Moreover, existing participants such as RWE and E.ON are developing new business models for energy utilities that focus on decentralized renewable energy rather than on centralized conventional fossil fuels or nuclear power
The Asia Pacific virtual power plant market size was worth USD XX million in 2018 and is estimated to reach USD XX million by 2026, at a CAGR of XX% during the forecast period. This region is expected to hold a high market share in the forecast period 2019-2026. Increasing demand for management of distributed energy and rising investments are the major factors driving the market growth.
Some of the key players in the market are ABB, Siemens AG, Sunverge Energy Inc, AutoGrid Systems, Inc, Advanced MicroGrid Solutions, Inc, ENGIE Storage Services NA LLC, Spirae, LLC, Sonnen, Enbala technologies and Next Kraftwerke.
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