Virtual Power plant (VPP) comprises of a multitude of decentralized, grid-connected energy units installed as an integrated component for flexible electricity production.
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.
The number of distributed resources are centrally controlled and managed as part of an interrelated network.
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. Conversely, emerging shift toward electric vehicles and promotion of intelligent office buildings and smart grids, is expected to create opportunities in the market.
Request for Sample Copy@ www.bigmarketresearch.com/request-sample/1637411
The global virtual power plant market is segmented based on technology, end user, and geography. By technology, it is classified into distribution generation, demand response, and mixed asset.
Based on end user, it is divided into commercial, industrial, and residential. By geography, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
In 2016, North America occupied the highest market share, followed by Europe. The U.S. is expected to account for around half of the share of the global market by 2023, and is expected to witness substantial growth in the emerging countries such as China, South Korea, and Australia.
The prominent players in the global virtual power plant market focus on product development and agreement as their key strategies to gain significant market share.
Enquire about report@ www.bigmarketresearch.com/purchase-enquiry/1637411
Category: Market Research Publishers and RetailersCompany about: With the arsenal of different search reports, we help you here to look and buy research reports that will be helpful to you and your organization. Our research reports have the capability and authenticity to support your organization for growth and consistency. With the window of opportunity getting open and shut at a speed of light, it has become very important to survive in the market and only the fittest and competent enough can do so. So, we try and provide with latest changes in the market ...