NEW YORK, July 14, 2017 (GLOBE NEWSWIRE) -- According to a new market research report “ Global Virtual Power Plant Market Size, Share, Development, Growth and Demand Forecast to 2023 - Industry Insights by Type (Centralized Controlled VPP, Decentralized Controlled VPP), by Technology (Demand Response, Distribution Generation, Mixed Asset), by End-Use (Industrial, Commercial, Residential)” published by P&S Market Research, the global market for virtual power plant is projected to reach USD1,187.5 million by 2023, growing at a CAGR of 30.3% during the forecast period (2017 – 2023).
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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. 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. Governments of various nations are focusing on increasing the share of renewable energy in the primary energy mix by introducing mandates and incentive programs to encourage end-users to shift towards clean energy sources.
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. Centralized controlled VPP has been the largest revenue generator in the global market for virtual power plant. Demand response is the largest segment in virtual power plant market, by technology; while mixed asset is expected to exhibit the fastest growth in the global virtual power plant market, by technology.
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.
Governments of various nations have introduced peak load management and earning incentives for participating in demand response programs. This is expected to increase the demand for demand response which would in turn, lead to the growth of virtual power plant. Additionally, rising shift from centralized to decentralized generation is likely to drive the market for virtual power plant during the forecast period, as distributed energy sources provide high value to the grid distribution system resulting in energy efficiency and power savings.
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