According to the recent research report titled ‘Global Virtual Power Plant Market 2019-2028’, available with Market Study Report, global virtual power plant market value is anticipated to multiply with a CAGR of 21.57% over 2019-2028.
 

Global virtual power plant market growth is primarily driven by growing adoption of decentralized power generation model, increasing renewable energy generation, and rising usage of cloud-based energy management systems. Besides, flourishing electric car sector is presenting lucrative prospects for the industry progression.
 

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However, lack of skilled workers and hefty initial investment cost involved in setting up the plant are negatively impacting the market expansion. The outbreak of COVID-19 pandemic, as well as privacy concerns are also posing a threat to the industry growth.
 

Based on technology gamut, the market is split into mixed assets, distributed generation, and demand response. As per source type, the industry is bifurcated into energy storage system, and distributed energy generation system. With respect to end user scope, the market is categorized into residential, commercial, and industrial.
 

Regionally, Middle East & Africa, Latin America, Asia Pacific, Europe, and North America are the major growth avenues for worldwide virtual power plant industry. Among these, Asia Pacific industry is expected to amass notable gains by 2028, owing to rapid urban development leading to surging demand for reliable & efficient energy supply, and low electricity costs.
 

Moreover, several countries in the region are focusing on decarbonizing electricity generation by investing in renewable energy plants. Earlier, Japan had implemented new energy-saving methods to make use of underused heat sources. Nations in the region are undertaking steps and has accepted policies to generate power from clean energy sources in order to reduce future energy consumption. Several leading firms have initiated projects and established strategies to improve technology that can be employed in virtual power plants to save energy.
 

Prominent firms defining the competitive landscape of global virtual power plant marketplace are Siemens AG, Schneider Electric SE, Robert Bosch GmbH, Open Access Technology International Inc., IBM Corporation, Flexitricity Ltd., Hitachi Ltd., General Electric Company (GE), Enel X, Next Kraftwerke GmbH, The Statkraft Group, AutoGrid Systems Inc., and ABB Ltd. among others.