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The Europe virtual power plant market is expected to harbor a CAGR of 20.98%, across the forecast years of 2019 to 2028. The major factors responsible for propelling the market growth are the investments, policies, and initiatives to propagate the region's electricity generation through renewable energy, and continual technological innovations.
The Europe virtual power plant market growth is assessed by analyzing the United Kingdom, France, Denmark, Finland, Italy, Germany, and the rest of Europe. Germany is the leading energy-efficient country for industrial consumers, across Europe. Likewise, the nation introduced energy-efficient initiatives under the National Action Plan on Energy Efficiency, in 2016, for setting up energy-saving pilot programs. The initiatives primarily focused on technologies for recovering waste heat and encouraging sustainable solutions using integrated heat and power systems, providing incentives for improving the efficacy of heating systems, and pilot programs for consumer energy savings.
Germany is also progressing toward power generation through renewable sources of energy. For instance, as per the International Energy Agency (IEA), the country accounted for more than 54% of electricity generated from renewable energy in March 2019. However, the increasing dependency on renewable energy is projected to destabilize the power grid. German grid operators face the major challenge of balancing the interaction between transmission and the distribution grid, particularly during peak hours. As a result, virtual power plants are extremely vital for grid balancing. Additionally, these services and solutions assist in aggregating the decentralized generation units, under a centralized platform. Thus, such factors are anticipated to drive the region's market growth, during the forecast years.
Prominent companies operating in the market are, Next Kraftwerke, Open Access Technology International Inc, Flexitricity Limited, Schneider Electric, Statkraft, ABB, etc.
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