Northbrook, IL -- (SBWIRE) -- 08/30/2019 -- The virtual power plant market is projected to grow from an estimated USD 193.4 Million in 2016 to USD 709.2 Million by 2021, registering a CAGR of 29.68% from 2016 to 2021. North America is estimated to be the largest market for virtual power plants, followed by Europe in 2016. This trend is expected to continue till 2021. The growth of the virtual power plant market is driven by increasing share of renewable energy in the power generation mix as well as shift from centralized to distributed generation and lowering costs for solar and energy storage.
The residential segment is expected to grow at the fastest rate during the forecast period.
Virtual power plants are implemented in residential homes as well as commercial buildings such as hospitals, educational institutions, office towers, universities, municipal projects, among others in order to save energy, reduce life cycle costs and increase efficiency. Hence, the virtual power plant are experiencing huge demand for clean power generation and less environmental damage along with maintaining energy costs. Market players such as EnerNOC, Comverge, Flexitricity Ltd, among others can expand their customer base by gaining contracts from utilities, residential, industrial, and commercial customers to provide solutions such as demand response management programs and services, energy efficiency programs and energy intelligence software.
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Demand response virtual power plant technology has become more popular due to its various benefits such as end users earn incentives by managing power usage and also save electricity on a large scale. The U.S. is the world's first country to implement demand response and thus North America is the largest market for this technology as well as for virtual power plant solutions as a whole.
Industrial end-users are among the highest adopters of virtual power plant solutions and services and hence provide major contribution to the market growth. The peak load of electricity is highest in the petroleum refining industry, followed closely by the chemical industry. This growth is attributed to rapidly increasing industrial activities especially in Asia-Pacific & rising focus on renewable energy in developed countries like the U.S.
North America and Asia-Pacific: The largest and fastest growing market for virtual power plant
North America is currently the largest market for virtual power plant, closely followed by Europe. The North American market is primarily driven by countries such as the U.S. and Canada. The U.S. is expected to dominate the virtual power plant market. Decline in the costs of solar PV and battery based energy storage system are the factors which would drive the virtual power plant solution market in North America. Also, Asia-Pacific is projected to be the fastest growing market. The region is the largest market for the infrastructure sector & industrial sector and is taking various steps to reduce carbon footprint and produce renewable energy, resulting in the growth opportunities for the virtual power plant market in this region.
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The virtual power plant market is dominated by a few major players that have a wide regional presence and are established brand names. Leading integrated solution providers in the virtual power plant market include ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), General Electric Company (U.S.) and IBM (U.S.) whereas top demand aggregators include EnerNOC, Inc. (U.S.), Comverge, Inc. (U.S.), Flexitricity (U.K.), Limejump Ltd. (U.K.) and Enbala Power Networks (Canada).
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