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The global virtual power plant market reached a value of US$ 1.05 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 4.47 Billion by 2027, exhibiting a CAGR of 25.70% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic on different end use industries. These insights are included in the report as a major market contributor.
A virtual power plant (VPP) is a decentralized network that aggregates heterogeneous distributed energy resources (DER) capacities to enhance the power generation process. It offers a smooth power supply to generate the electricity from renewable energy sources by amalgamating the energy in the battery for circulation. VPP includes a central control system that processes excessive data regarding current power exchange rates, grid information, and weather forecasts. As a result, they offer various benefits, such as optimized power generation from existing sources, reliability, and reduced carbon footprints.
The widespread adoption of various renewable energy sources, such as biomass, hydropower, and solar energy, for power generation represents one of the key factors driving the global virtual power plant market growth. The integration of several advanced technologies, such as cloud-based solutions and the Internet of Things (IoT) and the gradual shift from centralized to distributed power generation is contributing to the market growth. Additionally, numerous initiatives undertaken by the governments of various countries for deploying renewable technologies to curb greenhouse gas (GHG) emissions on account of the growing environmental consciousness and an enhanced focus on sustainable development are creating a positive outlook for the market. The market is also driven by strategic collaborations between the key players and the increasing investments in the research and development (R&D) activities to introduce upgraded versions of virtual power plants. Other factors, such as the rising demand for electric vehicles (EVs), upgradation of the existing smart grid infrastructure, and initiatives undertaken for power sector reforms, especially in the emerging economies, are creating a positive outlook for the market further across the globe.
IMARC Group provides an analysis of the key trends in each sub-segment of the global virtual power plant market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on technology, source and end user.
Breakup by Technology:
Breakup by Source:
Breakup by End User:
Breakup by Region:
The competitive landscape of the industry has also been examined along with the profiles of the key players being ABB Ltd., AGL Energy Ltd., Autogrid Systems Inc., Enel Spa, Flexitricity Limited (Reserve Power Holdings (Jersey) Limited), General Electric Company, Hitachi Ltd., Next Kraftwerke GmbH, Osisoft LLC (AVEVA Group plc), Schneider Electric SE, Siemens Aktiengesellschaft and Sunverge Energy Inc.
|Base Year of the Analysis||2021|
|Segment Coverage||Technology, Source, End User, Region|
|Region Covered||Asia Pacific, Europe, North America, Latin America, Middle East and Africa|
|Countries Covered||United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico|
|Companies Covered||ABB Ltd., AGL Energy Ltd., Autogrid Systems Inc., Enel Spa, Flexitricity Limited (Reserve Power Holdings (Jersey) Limited), General Electric Company, Hitachi Ltd., Next Kraftwerke GmbH, Osisoft LLC (AVEVA Group plc), Schneider Electric SE, Siemens Aktiengesellschaft and Sunverge Energy Inc.|
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The global virtual power plant market was valued at US$ 1.05 Billion in 2021.
We expect the global virtual power plant market to exhibit a CAGR of 25.70% during 2022-2027.
The continuous upgradation of existing power infrastructures, coupled with the increasing demand for
clean electricity from renewable energy sources, is primarily driving the global virtual power plant
The sudden outbreak of the COVID-19 pandemic had led to the implementation of stringent lockdown
regulations across several nations resulting in the temporary closure of numerous end-use industries,
thereby limiting the demand for virtual power plants.
Based on the technology, the global virtual power plant market has been segmented into distribution
generation, demand response, and mixed asset. Currently, demand response technology holds the
majority of the total market share.
Based on the end user, the global virtual power plant market can be divided into industrial, commercial,
and residential. Among these, the industrial sector exhibits a clear dominance in the market.
On a regional level, the market has been classified into North America, Asia-Pacific, Europe, Latin
America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global virtual power plant market include ABB Ltd., AGL Energy Ltd.,
Autogrid Systems Inc., Enel Spa, Flexitricity Limited (Reserve Power Holdings (Jersey) Limited), General
Electric Company, Hitachi Ltd., Next Kraftwerke GmbH, Osisoft LLC (AVEVA Group plc), Schneider Electric
SE, Siemens Aktiengesellschaft, and Sunverge Energy Inc.
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