Research and Markets predicts VPP market to grow at CAGR of 29.68% for next five years
Written By: Stratton Report
April 7, 2017
On April 7, Research and Markets announced their prediction that the virtual power plant market will reach $709.2 million by 2021, representing at a CAGR of 29.68% from 2016 to 2021.
According to the research firm, virtual power plants will be used in the industrial, commercial and residential sector, commercial building such as hospitals, educational institutions, office towers, municipalities, universities, among others.
R&M noted that the move to virtual power plants will be drivben by an increasing share of renewable energy in the power generation mix, growth in smart grid, and lowering costs for solar and energy storage.
The firm cautioned that health and safety concerns regarding EMF and RF exposure could restrain the market growth of virtual power plants.
Per R&M, mixed asset are expected to constitute the fastest growing portion of the VPP market from 2016 to 2021, involving multiple technologies such as solar power, battery storage, and energy efficiency systems which helps in storing energy through off peak hours and thus reducing the energy consumption by energy efficient systems as well as supply clean power.
R&M calls out as leading firms in the field, ABB, Ltd., Autogrid Systems, Inc., Blue Pillar, Cisco Systems, Inc., Comverge. Enernoc, Inc., Flexitricity Limited, General Electric, Hitachi, Ltd., and IBM.