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

As per research findings, factors such as rise in generation of renewable energy, swift adoption of decentralized power generation model, as well as use of cloud-based energy management systems are driving the growth of worldwide virtual power plant market.
 

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Furthermore, growing popularity of virtual power plants in Australia, and proliferation of next-gen electric vehicles (EV) are also stimulating the industry remuneration.
 

However, high initial investment costs, privacy concerns, and lack of skilled labor are impeding the growth of global virtual power plant market. The ongoing COVID-19 pandemic is also anticipated to plunge the industry share to some extent.
 

Based on technology, worldwide virtual power plant market is categorized into mixed assets, demand response, and distributed generation. By source, the industry is split into energy storage system, and distributed energy generation system.
 

On the basis of end-user spectrum, industrial, residential and commercial segments contribute to market remuneration.
 

Moving on to the regional front, Asia Pacific virtual power plant industry is projected to record strong CAGR over 2019-2028, owing to fast paced urban development, demand for increased energy efficiency & security, as well as emphasis on reducing electricity costs.
 

Moreover, countries in Asia Pacific are investing in renewable energy generation to decarbonize the process of electricity generation. Introduction of new energy-efficient measures to utilize energy from clean sources and to reduce energy consumption will propel the market growth in APAC.
 

Key contenders in global virtual power plant market are ABB Ltd., Statkraft AS, Next Kraftwerke GmbH, Enbala Power Networks, Enel X, General Electric Company, Viridity Energy Solutions Inc., Hitachi Ltd, Siemens AG, Flexitricity Limited, Schneider Electric SE, IBM Corporation, Robert Bosch AG, Open Access Technology International (OATI) Inc., and Autogrid Systems Inc.