Virtual Power Plant Market Size Analysis, Future Opportunities and Demand By Top Key Players To 2029

A recently published report by Research Nester on “Virtual Power Plant  Market: Global Demand Analysis & Opportunity Outlook 2029″ delivers a detailed overview of the global virtual power plant market in terms of market segmentation by application type, by fuel type, by technology, and by region.

Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis, and Porter’s five force model.

A virtual power plant is a closed vessel that generates steam by applying heat to water. A boiler is used in industries that require steam for various operations. The form and size of these boilers to be installed depend on their application. Boilers for use in industrial installation and power stations are usually larger and are connected to point-of-use piping. The rapid urbanization and industrialization in emerging nations have increased the demand for power considerably. To cater to this increasing demand, government institutions are investing heavily in new power plants and revamping existing ones.

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In developed countries like the U.S., the Netherlands, and the U.K., authorities have been focusing on alternate and cleaner fuel sources like biogas, biomass, and natural gas, thus boosting the expansion of the virtual power plant market. Owing to these factors, the global virtual power plant market is anticipated to record a CAGR over the forecast period i.e. 2020-2029.

Furthermore, developing steam conditions has provided the opportunity to use supercritical technology. The transmission/distribution infrastructure & power industry is anticipated to have the largest investment projects in the industrial world which provide ample opportunity for market growth. Growing energy demand along with pervasive investment across the industrial sector is driving the global boiler market.

On the basis of regional analysis, the virtual power plant market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region Asia-Pacific region is the major revenue contributor to the market owing to rapid industrialization in countries like China and India which increases the demand for power boiler. China was identified as the leading country for the virtual power plant market in terms of both shipment capacity and market value in the region, followed by India, Vietnam, Korea, and Indonesia.

North America & Europe market is expected to grow at a significant rate because the government has been focusing on alternate and cleaner fuel sources for virtual power plants. Countries such as Poland and Turkey plan to add new coal-based capacity as a part of their national power development plans.

Robust Industrialization to Fortify the Market Growth

Urbanization, escalating power demand, demand for coal fuel-based boilers, number of power capacity expansion projects are boosting the market growth. Furthermore, technological advancements and as well as the advancements in the process to increase efficiency and reduce carbon emissions are likely to drive the market towards innovation. The use of coal is likely to increase in the coming years despite concerns over high carbon emissions. Governments across the world are looking for various alternatives to limit pollution caused due to coal by adopting efficient technologies.

This report also provides the existing competitive scenario of some of the key players of the virtual power plant market which includes company profiling: Key Players: AutoGrid Systems, Inc., Cisco Systems, Inc., Cpower, Flexitricity Limited, Schneider Electric, General Electric Company, GreenSync, Siemens AG

Moreover, the rising fuel trade worldwide, supported by the growing global consumption, and consolidated resources of fuel are anticipated to drive the growth of the market. According to the data by the World Bank, the global exports of fuel comprised 14.25% of the total merchandise exports in 2018, up from 12.91% of merchandise exports in 2001. Additionally, global imports of fuel grew by 1.28 times, between the years 2001 and 2018. In 2001, the import of fuel was 10.30% of merchandise exports, whereas in 2018, it grew to 13.19% of merchandise exports. On the other hand, the major players in the energy and power industry are focusing on reducing their operational costs, in order to improve their profitability.

The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials, and recent news and developments. On the whole, the report depicts a detailed overview of the virtual power plant market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities, and other stakeholders to align their market-centric strategies according to the ongoing and expected trends in the future.

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