US Virtual Power Plant Market is Driven by Extensive Use of Renewable Energy and IoT/Cloud Platform Across the Nation.
According to TechSci Research report, “U.S. Virtual Power Plant Market – By Region, Competition Forecast & Opportunities, 2018-2028F”,The Market is growing due to the rising proportion of renewable energy and decreasing solar energy generation and storage prices. The market expansion for virtual power plants is also driven by the growing use of cutting-edge technologies in the power sector, such as cloud platforms and internet of things (IoT) applications. The demand for renewables has increased dramatically over the past several years as people’s understanding of the advantages of renewable energy grows.
Furthermore, the need for VPPs is driven by government efforts that assist the development of renewable energy sources. According to the U.S. Energy Information Administration’s International Energy Outlook 2019 report, renewable energy sources provided 28% of the world’s electricity in 2018, with wind, solar, and hydropower making up most of that share.
Additionally, a growing movement from centralized to distributed generation is anticipated to boost the demand for virtual power plants, supporting future worldwide market expansion. The rising consumer demand for electric cars is another factor that could keep major virtual power plant market companies generating significant income in the coming years.
Virtual energy plants, which enable aggregators and utility companies to combine energy generation from several distributed sources and plants, are set to dominate and be an essential part of the energy industry. Due to the evolving energy environment and their significance in the decentralized grid, they are anticipated to become ever more critical. Owing to all factors positively influencing the market, the demand for Virtual Power Plant will increase with a high CAGR.
However, integrating cutting-edge technologies and procedures in a VPP is expensive and requires a highly qualified team. As a result, it is anticipated that insufficient infrastructure and high prices associated with advanced technologies would limit market expansion throughout the projection period.
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The United States virtual power plant market is segmented based on technology, end user, source, component, company, and region. Based on component,the market is segmented into software and service. Based on source, the market is segmented into renewables, CHP, energy storage, other local generation. Based on technology, the market is segmented into demand response, distributed generation, mixed asset. The virtual power plant market’s biggest revenue share was accounted for by demand response.
The requirement for demand response would increase as a result of grid modernization and the burgeoning virtual power plant business. Because smart devices are being used more often to regulate customer-sited loads, the mixed asset market is anticipated to increase faster. The market share for distributed generation in the world is also growing. The creation of new renewable energy technology is essential due to the growing energy and environmental crises. Grid operations may be effectively optimized by integrating dispersed power production resources with VPPs.
Based on the end user, the market can be residential, commercial, and industrial (petroleum refining, chemicals industry, metals & mining, others. In terms of revenue contribution, the residential market is expected to continue to lead the sector. The U.S. residential housing business is boosted by participation in demand response programs, energy storage systems, and distributed generation.
Government mandates, consumer participation programs, and the virtual power plant market’s most significant revenue share were accounted for by demand response. The demand for demand response would increase due to grid modernization and the burgeoning virtual power plant business. Because smart devices are being used more often to regulate customer-sited loads, the mixed asset market is anticipated to increase faster. Incentive programmers may also contribute to expanding the residential end-user virtual power plant market.
Major market players in the U.S. Virtual Power Plant Market are: –
- Enel X
- EnerNOC, Inc.
- Comverge
- Cpower
- ABB Ltd,
- Siemens AG,
- Schneider Electric SE,
- General Electric Company,
- Flexitricity Limited,
- AGL Energy
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“Cost-effectiveness of solar generation and storage systems development is projected to fuel the market growth. Water, milk, wine, and other beverages are among those that may be purified using membrane filtration techniques. Over the course of the forecast period, government laws pertaining to food safety and pollution prevention are anticipated to drive the growth of the membrane filtering technology market in this application sector. The cost-effectiveness of generating electricity and its easy accessibility through VPP platforms have raised the demand for renewable energy sources and their production, due to which the market is expected to grow in the forecast period,” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
U.S. Virtual Power Plant Market By Technology (Demand Response, Distributed Generation, Mixed Asset), By End User (Residential, Commercial, Industrial (Petroleum Refining, Chemicals Industry, Metals & Mining, Others)), By Source (Renewables, CHP, Energy Storage, Other Local Generation), By Component (Software and Service), By Region, Competition Forecast & Opportunities, 2018-2028F has evaluated the future growth potential of U.S. Virtual Power Plant Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities U.S. Virtual Power Plant Market.
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