Portland, OR -- (SBWIRE) -- 09/21/2017 -- Global Virtual Power Plant Market was valued at $762 million in 2016, and is expected to reach at $4,587 million by 2023, registering a CAGR of 25.9% from 2017 to 2023. Virtual power plants (VPP) are clusters of distributed generator units, manageable loads, and energy storages systems, grouped to operate as an integrated power plant. The distributed nature of the energy resources results in lower capital cost, thus less financial and political risk.
Rise in demand for renewable energy in power generation sector, changes in dynamic of power grids from centralized to distributed, and moderating costs and easy accessibility of energy storage drive the growth of the virtual power plant market. However, health concerns over high frequency human exposure of electromagnetic and radio waves hamper the potential of the market for different end users.
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The industrial segment accounted for around half the share of global market in 2016, and is expected to maintain its dominance during the forecast period, owing to energy efficiency of VPPs. However, residential end users are also expected to grow with a high CAGR due to rise in demand for renewable energy.
Key Findings of the Virtual Power Plant Market:
-The industrial segment is expected to grow at a CAGR of 26.0% during the forecast period.
-In Europe, Germany is estimated to grow at the highest CAGR of 26.0%, in terms of value.
-Demand response technology segment occupied more than three-fifths of the global market share in 2016.
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