Virtual Power Plant Market Definition
Due to upsurging demand for renewable resources will help to drive global virtual power plant market in the forecasted period. Virtual power plants (VPP) is referred to as a cloud-based distributed power plant. VPP aggregates the capabilities of heterogeneous distributed energy resources (DER) for improving power generation, and selling power or trading on the electricity. It does not physically exist. Virtual power plants (VPP) are clusters of distributed generator units, controllable loads, and energy storages systems, gathered to work as an integrated power plant. Additionally, it is a network of medium-scale, decentralized power generating units same as Joint Heat and Power (CHP) units, solar plants and wind farms as well as flexible power consumers and batteries.
The market study is broken down by Type (Centralized Controlled VPP and Decentralized Controlled VPP), by Application (Defense, Government and Commercial) and major geographies with country level splits.
Research Analyst at AMA estimates that United States Manufacturers will contribute to the maximum growth of Global Virtual Power Plant market throughout the predicted period.
ABB Ltd. (Switzerland), AGL Energy (Australia), AutoGrid Systems, Inc. (United States), Comverge, Inc. (United States), Enbala Power Networks (Canada), General Electric Company (United States), Siemens AG (Germany), Schneider Electric SE (France), Limejump Ltd. (United Kingdom), EnerNOC, Inc. (United States), Advanced Microgrid Solutions (United States) and Bosch Software Innovations GmbH (Germany) are some of the key players that are part of study coverage. Additionally, the Manufacturers which are also part of the research are Green Charge Networks LLC (United States), Power Analytics Corp. (United States) and Spirae LLC (United States).
AdvanceMarketAnalytics has segmented the market of Global Virtual Power Plant market by Type, Application and Region.
On the basis of geography, the market of Virtual Power Plant has been segmented into South America (Brazil, Argentina, Rest of South America), Asia Pacific (China, Japan, India, South Korea, Taiwan, Australia, Rest of Asia-Pacific), Europe (Germany, France, Italy, United Kingdom, Netherlands, Rest of Europe), MEA (Middle East, Africa), North America (United States, Canada, Mexico). North America region held largest market share in the year 2019. Europe on the other hand stood as second largest market due to the presence of key companies into the region and high technological advancement. If we see Market by Technology, the sub-segment i.e. Distribution Generation will boost the Virtual Power Plant market. Additionally, the rising demand from SMEs and various industry verticals gives enough cushion to market growth.
Market Leaders and their expansionary development strategies
On 17th December 2018, Hitachi has announced that they are going to acquired Swiss firm ABB's power grid business. The deal is initially investing 6.4 billion dollars for an 80.1 percent stake before a complete takeover in the future. and On 10th December 2018, AGL Energy has selected Enbala to offer the cloud-based control and optimization platform for it's Virtual Power Plant (VPP) project which is being built in South Australia.
On 13th March 2018, ABB has launched its comprehensive and market-leading portfolio of solutions for virtual power plants for the Japanese market at the Thermal Power Expo in Tokyo.
- Growing Share of Renewable Energy in the Power Generation
- Fast Growing Power Sector in Developing Countries
- Shift From Centralized to Distributed Generation
- Moderating Costs and Easy Accessibility of Energy Storage
- Emerging Shift towards Electrical Vehicles
- Enlargement of Intelligent Office Buildings and Smart Grids
- Rising Safety Concern Regarding Electromagnetic Frequency As Well As Radio Waves
- Cybersecurity Concerns Related With the Energy Sector
Key Target AudienceDistributed Energy Generation Solution Providers, Micro Grid Developers, Raw Material Suppliers, Energy Regulatory Agencies, Smart Grid Hardware, Software & Technology Vendors And Service Providers, Traders, Distributors, And Suppliers, Industry Associations And Experts, Industry Associations, Government And Private Research Organization, Government Regulatory Bodies and Others
About ApproachThe research aims to propose a patent-based approach in searching for potential technology partners as a supporting tool for enabling open innovation. The study also proposes a systematic searching process of technology partners as a preliminary step to select the emerging and key players that are involved in implementing market estimations. While patent analysis is employed to overcome the aforementioned data- and process-related limitations, as expenses occurred in that technology allows us to estimate the market size by evolving segments as target market from total available market.
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