PORTLAND, Oregon and PUNE, India, October 2, 2017 /PRNewswire/ --
According to a new report published by Allied Market Research, the global virtual power plant market was valued at $762 million in 2016, and is expected to reach at $4,587 million by 2023, registering a CAGR of 25.9% from 2017 to 2023. North America is expected to dominate the market and is expected to maintain this trend throughout the forecast period.
Virtual power plant is an aggregation of decentralized generators with the outline to integrate different distributed energy sources such as biomass plants, biogas block heating plants, wind turbines, and hydroelectric plants.
Rise in demand for renewable energy in power generation sector, changes in dynamic of power grids from centralized to distributed, and moderating costs and easy accessibility of energy storage drive the growth of the virtual power plant market. However, health concerns over high frequency human exposure of electromagnetic and radio waves hamper the potential of the market for different end users.
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The industrial segment accounted for around half the share of global market in 2016, and is expected to maintain its dominance during the forecast period, owing to energy efficiency of VPPs. However, residential end users are also expected to grow with a high CAGR due to rise in demand for renewable energy.
According to Eswara Prasad, Team Lead, Energy & Power at Allied Market Research, "The improvements in energy storage technologies have enabled industrial and commercial frameworks to consider clean and renewable energy utility as a feasible and economic option."
KEY FINDINGS OF THE STUDY
- The industrial segment is expected to grow at a CAGR of 26.0% during the forecast period.
- In Europe, Germany is estimated to grow at the highest CAGR of 26.0%, in terms of value.
- Demand response technology segment occupied more than three-fifths of the global market share in 2016.
- The U.S. accounted for over half of the global market in 2016, and is expected to continue its dominance till 2022.
In 2016, North America and Europe collectively accounted for more than four-fifths share of the global market, while Asia-Pacific is expected to grow at a higher rate during the forecast period. Furthermore, high demand from the emerging countries, such as China, Australia, and South Korea, is estimated to drive the market growth.
The major companies profiled in the report include, ABB Ltd., AGL Energy, AutoGrid Systems, Inc., Comverge, Inc., Enbala Power Networks, EnerNOC, Inc., General Electric Company, Siemens AG, Schneider Electric SE, Limejump Ltd., and others.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research