According to the research report titled ‘GLOBAL Virtual Power Plant Market 2019-2028’, available with Market Study Report, global virtual power plant market is projected to expand at a yearly rate of 21.57% through 2028.
 

Rising utilization of cloud-based energy management systems and proliferating sales of electric vehicles are key factors spurring global virtual power plant market expansion. Moreover, growing renewable energy & decentralized power generation will aid industry proliferation as well.
 

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On the other hand, high concerns over privacy and the ongoing COVID-19 pandemic are poised to hinder worldwide virtual power plant market growth. Furthermore, high initial investment costs and the shortage of skilled labor will also act as a challenge.
 

Based on technology, the industry is divided into mixed assets, demand response, and distributed generation. Speaking of source, global virtual power plant market space is bifurcated into energy storage system, and distributed energy generation system. Moving on to end user spectrum, the industry is segregated into industrial, residential, and commercial.
 

From the regional frame of reference, Asia Pacific virtual power plant market is anticipated to record significant expansion between 2019-2028. Rapid urbanization has generated the need to improve energy security systems and raise its efficiency while reducing electricity costs, thereby complementing the business dynamics in Asia-Pacific.
 

While Australia, China, and Japan are striving hard to achieve this goal, other economies inAsia-Pacific are investing in the generation of energy from renewable sources. For instance, Japan had announced new energy-efficient measures to use untapped heat energy sources.
 

Leading companies profiled in the report are ABB Limited, Siemens AG, AutoGrid Systems Inc., Statkraft AS, Schneider Electric SE, Next Kraftwerke GmbH, International Business Machines Corporation, Enel Group, Robert Bosch GmbH, General Electric Company, Viridity Energy Solutions Inc., Hitachi Limited, Enbala, Flextricity Limited, and Open Access Technology International Inc.