With increasing infrastructural development activities in the Asia-Pacific region and rising government initiatives to reduce the carbon footprints, the demand for virtual power plant is expected to gain traction during the forecast period.
As per the research, the global market for virtual power plant is likely to grow from USD191.5 million in 2016 to USD1,187.5 million by 2023.
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As per the findings of research, the industrial sector emanated the largest demand for virtual power plant. The segment is expected to exhibit similar trends during the forecast period.
North America accounted for the largest region in the global virtual power plant market, where the U.S. contributed to the largest revenue.
The U.K. was the major market for virtual power plant in Europe, whereas Japan contributed to the largest revenue in the Asia-Pacific region. Saudi Arabia generated the largest revenue for virtual power plant market in the Rest of the World, which also includes South Africa, Brazil and Mexico.
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The factors driving the growth of the global virtual power plant market include rising applications in the industrial, commercial and residential sectors and increasing penetration of smart grid technologies. The increasing government initiatives to produce clean energy including renewable sources such as hydro energy, wind energy and solar energy generation is expected to spur the demand for virtual power plant during the forecast period.
Industrial users are increasingly adopting VPP as they can store surplus power and deliver the required energy during peak hours, which is preferred in petroleum refining industry and chemical industry. This would result in the growth of virtual power plant market during the forecast period.
Rising use of renewable energy in the U.S., decreasing costs of solar PV and energy storage and the increasing shift towards distributed generation is likely to propel the demand for virtual power plant in the North American region during the forecast period.
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