Market research Future Virtual Power Plant Market to Grow at 22 % CAGR . | Page 4

Virtual Power Plant market Research Report- Forecast to 2023
3 Market Research Analysis
The major factor boosting the market growth is the growing demand for power through a reliable power
source is expected to drive the global industry over the forecast period. Virtual power plant helps in
delivering energy peak usage times and the end-users can save up the excess energy in the energy storage
devices such as batteries. Also the growing government mandates and initiatives for customer engagement,
and incentives programs might prove to be an added boost for the end-user segment. The global rise in the
demand for non-conventional energy in the power generation sector, changes in dynamics of power grids
from centralized to distributed, and regulating costs and easy convenience of energy storage drive the
development of the virtual power plant market. The phenomenal growth in the construction industry,
exclusively in the Asia Pacific region is expected to propel the overall virtual power plant market during
the forecast period.
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