To provide an in-depth understanding of the competitive landscape, the report includes profiles of some of the leading players in the virtual power plant solutions market, namely, ABB Ltd. (Switzerland), Siemens AG (Germany), Schneider Electric SE (France), General Electric Company (U.S.), EnerNOC, Inc. (U.S.), Comverge, Inc. (U.S.), Limejump Ltd. (U.K.), among others. Leading players are trying to penetrate the markets in developing economies and are adopting various strategies to increase their market share.
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Increasing share of renewable energy in the power generation mix drives the global virtual power plant market
Renewable energy is a naturally occurring source of energy that can be easily replenished and plays an important role in reducing greenhouse gas emissions. Renewable energy is more expensive when compared with fossil fuel-based power generation. Owing to environmental conservation, and rising awareness, countries around the globe are veering towards renewable sources for power generation. As per IEA in 2015, renewables accounted for more than half of the net annual addition to power capacity and overtook coal in terms of cumulative installed capacity in the world. The increasing share of renewables in the power generation mix will positively impact the virtual power plant market.
The following are the major objectives of the study.
·
To define and segment the virtual power plant
market with respect to technology, end-user, and region
·
To provide detailed information on major
factors influencing the growth of the market (drivers, restraints,
opportunities, and industry-specific challenges)
·
To strategically analyze the virtual power
plant market with respect to individual growth trends, future expansions, and
contribution to the market
·
To analyze market opportunities for
stakeholders, and details of a competitive landscape for market leaders
·
To forecast the growth of the virtual power
plant market with respect to the major geographical regions (Asia-Pacific,
Europe, North America, and Rest of the World)
·
To strategically profile key players, and
comprehensively analyze their market ranking and core competencies
·
To analyze competitive developments such as
new product launches, mergers & acquisitions, expansions, and supply
contracts in the virtual power plant market
Commercial & Industrial: held the largest application segment of virtual power plant market
Based on end-user, commercial & industrial have larger market for virtual power plant solutions compared to residential end-user segment. 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.
During this research study, major players operating in the virtual power plant market in various regions have been identified, and their offerings, regional presence, and distribution channels have been analyzed through in-depth discussions. Top-down and bottom-up approaches have been used to determine the overall market size. Sizes of the other individual markets have been estimated using the percentage splits obtained through secondary sources such as Hoovers, Bloomberg BusinessWeek, and Factiva, along with primary respondents.
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North America: The leading market for virtual power plant solutions
The North American region holds the largest market for virtual power plant solutions, driven by rapidly growing use of renewables in order to reduce carbon footprint, shift from centralized to distribution generation and decline in costs of solar PV and battery energy storage would propel the market growth. The other major drivers include increasing power demand, and strict government regulations on energy efficiency.
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