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Virtual Power Plant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Market Overview:

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. 

Virtual Power Plant Market Trends:

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.

Key Market Segmentation:

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:

  • Distribution Generation
  • Demand Response
  • Mixed Asset
     

Breakup by Source:

  • Renewable Energy
  • Cogeneration
  • Energy Storage
     

Breakup by End User:

  • Industrial
  • Commercial
  • Residential
     

Breakup by Region:

  • North America
    • United States
    • Canada
  • Asia-Pacific
    • China
    • Japan
    • India
    • South Korea
    • Australia
    • Indonesia
    • Others
  • Europe
    • Germany
    • France
    • United Kingdom
    • Italy
    • Spain
    • Russia
    • Others
  • Latin America
    • Brazil
    • Mexico
    • Others
  • Middle East and Africa
     

Competitive Landscape:

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.

Report Coverage:

Report Features Details
Base Year of the Analysis 2021
    Historical Period 2016-2021
Forecast Period 2022-2027
Units US$ Billion
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.
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

1    Preface
2    Scope and Methodology

    2.1    Objectives of the Study
    2.2    Stakeholders
    2.3    Data Sources
        2.3.1    Primary Sources
        2.3.2    Secondary Sources
    2.4    Market Estimation
        2.4.1    Bottom-Up Approach
        2.4.2    Top-Down Approach
    2.5    Forecasting Methodology
3    Executive Summary
4    Introduction

    4.1    Overview
    4.2    Key Industry Trends
5    Global Virtual Power Plant Market
    5.1    Market Overview
    5.2    Market Performance
    5.3    Impact of COVID-19
    5.4    Market Forecast
6    Market Breakup by Technology
    6.1    Distribution Generation
        6.1.1 Market Trends
        6.1.2 Market Forecast
    6.2    Demand Response
        6.2.1 Market Trends
        6.2.2 Market Forecast
    6.3    Mixed Asset
        6.3.1 Market Trends
        6.3.2 Market Forecast
7    Market Breakup by Source
    7.1    Renewable Energy
        7.1.1 Market Trends
        7.1.2 Market Forecast
    7.2    Cogeneration
        7.2.1 Market Trends
        7.2.2 Market Forecast
    7.3    Energy Storage
        7.3.1 Market Trends
        7.3.2 Market Forecast
8    Market Breakup by End User
    8.1    Industrial
        8.1.1 Market Trends
        8.1.2 Market Forecast
    8.2    Commercial
        8.2.1 Market Trends
        8.2.2 Market Forecast
    8.3    Residential
        8.3.1 Market Trends
        8.3.2 Market Forecast
9    Market Breakup by Region
    9.1    North America
        9.1.1 United States
           9.1.1.1 Market Trends
           9.1.1.2 Market Forecast
        9.1.2 Canada
           9.1.2.1 Market Trends
           9.1.2.2 Market Forecast
    9.2    Asia-Pacific
        9.2.1 China
           9.2.1.1 Market Trends
           9.2.1.2 Market Forecast
        9.2.2 Japan
           9.2.2.1 Market Trends
           9.2.2.2 Market Forecast
        9.2.3 India
           9.2.3.1 Market Trends
           9.2.3.2 Market Forecast
        9.2.4 South Korea
           9.2.4.1 Market Trends
           9.2.4.2 Market Forecast
        9.2.5 Australia
           9.2.5.1 Market Trends
           9.2.5.2 Market Forecast
        9.2.6 Indonesia
           9.2.6.1 Market Trends
           9.2.6.2 Market Forecast
        9.2.7 Others
           9.2.7.1 Market Trends
           9.2.7.2 Market Forecast
    9.3    Europe
        9.3.1 Germany
           9.3.1.1 Market Trends
           9.3.1.2 Market Forecast
        9.3.2 France
           9.3.2.1 Market Trends
           9.3.2.2 Market Forecast
        9.3.3 United Kingdom
           9.3.3.1 Market Trends
           9.3.3.2 Market Forecast
        9.3.4 Italy
           9.3.4.1 Market Trends
           9.3.4.2 Market Forecast
        9.3.5 Spain
           9.3.5.1 Market Trends
           9.3.5.2 Market Forecast
        9.3.6 Russia
           9.3.6.1 Market Trends
           9.3.6.2 Market Forecast
        9.3.7 Others
           9.3.7.1 Market Trends
           9.3.7.2 Market Forecast
    9.4    Latin America
        9.4.1 Brazil
           9.4.1.1 Market Trends
           9.4.1.2 Market Forecast
        9.4.2 Mexico
           9.4.2.1 Market Trends
           9.4.2.2 Market Forecast
        9.4.3 Others
           9.4.3.1 Market Trends
           9.4.3.2 Market Forecast
    9.5    Middle East and Africa
        9.5.1 Market Trends
        9.5.2 Market Breakup by Country
        9.5.3 Market Forecast
10    SWOT Analysis
    10.1    Overview
    10.2    Strengths
    10.3    Weaknesses
    10.4    Opportunities
    10.5    Threats
11    Value Chain Analysis
12    Porters Five Forces Analysis

    12.1    Overview
    12.2    Bargaining Power of Buyers
    12.3    Bargaining Power of Suppliers
    12.4    Degree of Competition
    12.5    Threat of New Entrants
    12.6    Threat of Substitutes
13    Price Analysis
14    Competitive Landscape

    14.1    Market Structure
    14.2    Key Players
    14.3    Profiles of Key Players
        14.3.1    ABB Ltd.
           14.3.1.1 Company Overview
           14.3.1.2 Product Portfolio
           14.3.1.3 Financials
           14.3.1.4 SWOT Analysis
        14.3.2    AGL Energy Ltd.
           14.3.2.1 Company Overview
           14.3.2.2 Product Portfolio
           14.3.2.3 Financials
           14.3.2.4 SWOT Analysis
        14.3.3    Autogrid Systems Inc.
           14.3.3.1 Company Overview
           14.3.3.2 Product Portfolio
        14.3.4    Enel Spa
           14.3.4.1 Company Overview
           14.3.4.2 Product Portfolio
           14.3.4.3 Financials
           14.3.4.4 SWOT Analysis
        14.3.5    Flexitricity Limited (Reserve Power Holdings (Jersey) Limited)
           14.3.5.1 Company Overview
           14.3.5.2 Product Portfolio
        14.3.6    General Electric Company
           14.3.6.1 Company Overview
           14.3.6.2 Product Portfolio
           14.3.6.3 Financials
           14.3.6.4 SWOT Analysis
        14.3.7    Hitachi Ltd.
           14.3.7.1 Company Overview
           14.3.7.2 Product Portfolio
           14.3.7.3 Financials
           14.3.7.4 SWOT Analysis
        14.3.8    Next Kraftwerke GmbH
           14.3.8.1 Company Overview
           14.3.8.2 Product Portfolio
        14.3.9    Osisoft LLC (AVEVA Group plc)
           14.3.9.1 Company Overview
           14.3.9.2 Product Portfolio
        14.3.10    Schneider Electric SE
           14.3.10.1 Company Overview
           14.3.10.2 Product Portfolio
           14.3.10.3 Financials
           14.3.10.4 SWOT Analysis
        14.3.11    Siemens Aktiengesellschaft
           14.3.11.1 Company Overview
           14.3.11.2 Product Portfolio
           14.3.11.3 Financials
           14.3.11.4 SWOT Analysis
        14.3.12    Sunverge Energy Inc.
           14.3.12.1 Company Overview
           14.3.12.2 Product Portfolio

List of Figures

Figure 1: Global: Virtual Power Plant Market: Major Drivers and Challenges
Figure 2: Global: Virtual Power Plant Market: Sales Value (in Billion US$), 2016-2021
Figure 3: Global: Virtual Power Plant Market Forecast: Sales Value (in Billion US$), 2022-2027
Figure 4: Global: Virtual Power Plant Market: Breakup by Technology (in %), 2021
Figure 5: Global: Virtual Power Plant Market: Breakup by Source (in %), 2021
Figure 6: Global: Virtual Power Plant Market: Breakup by End User (in %), 2021
Figure 7: Global: Virtual Power Plant Market: Breakup by Region (in %), 2021
Figure 8: Global: Virtual Power Plant (Distribution Generation) Market: Sales Value (in Million US$), 2016 & 2021
Figure 9: Global: Virtual Power Plant (Distribution Generation) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 10: Global: Virtual Power Plant (Demand Response) Market: Sales Value (in Million US$), 2016 & 2021
Figure 11: Global: Virtual Power Plant (Demand Response) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 12: Global: Virtual Power Plant (Mixed Asset) Market: Sales Value (in Million US$), 2016 & 2021
Figure 13: Global: Virtual Power Plant (Mixed Asset) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 14: Global: Virtual Power Plant (Renewable Energy) Market: Sales Value (in Million US$), 2016 & 2021
Figure 15: Global: Virtual Power Plant (Renewable Energy) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 16: Global: Virtual Power Plant (Cogeneration) Market: Sales Value (in Million US$), 2016 & 2021
Figure 17: Global: Virtual Power Plant (Cogeneration) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 18: Global: Virtual Power Plant (Energy Storage) Market: Sales Value (in Million US$), 2016 & 2021
Figure 19: Global: Virtual Power Plant (Energy Storage) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 20: Global: Virtual Power Plant (Industrial) Market: Sales Value (in Million US$), 2016 & 2021
Figure 21: Global: Virtual Power Plant (Industrial) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 22: Global: Virtual Power Plant (Commercial) Market: Sales Value (in Million US$), 2016 & 2021
Figure 23: Global: Virtual Power Plant (Commercial) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 24: Global: Virtual Power Plant (Residential) Market: Sales Value (in Million US$), 2016 & 2021
Figure 25: Global: Virtual Power Plant (Residential) Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 26: North America: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 27: North America: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 28: United States: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 29: United States: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 30: Canada: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 31: Canada: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 32: Asia-Pacific: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 33: Asia-Pacific: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 34: China: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 35: China: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 36: Japan: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 37: Japan: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 38: India: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 39: India: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 40: South Korea: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 41: South Korea: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 42: Australia: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 43: Australia: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 44: Indonesia: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 45: Indonesia: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 46: Others: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 47: Others: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 48: Europe: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 49: Europe: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 50: Germany: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 51: Germany: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 52: France: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 53: France: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 54: United Kingdom: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 55: United Kingdom: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 56: Italy: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 57: Italy: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 58: Spain: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 59: Spain: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 60: Russia: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 61: Russia: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 62: Others: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 63: Others: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 64: Latin America: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 65: Latin America: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 66: Brazil: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 67: Brazil: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 68: Mexico: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 69: Mexico: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 70: Others: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 71: Others: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 72: Middle East and Africa: Virtual Power Plant Market: Sales Value (in Million US$), 2016 & 2021
Figure 73: Middle East and Africa: Virtual Power Plant Market: Breakup by Country (in %), 2021
Figure 74: Middle East and Africa: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2022-2027
Figure 75: Global: Virtual Power Plant Industry: SWOT Analysis
Figure 76: Global: Virtual Power Plant Industry: Value Chain Analysis
Figure 77: Global: Virtual Power Plant Industry: Porter's Five Forces Analysis

List of Tables

Table 1: Global: Virtual Power Plant Market: Key Industry Highlights, 2021 and 2027
Table 2: Global: Virtual Power Plant Market Forecast: Breakup by Technology (in Million US$), 2022-2027
Table 3: Global: Virtual Power Plant Market Forecast: Breakup by Source (in Million US$), 2022-2027
Table 4: Global: Virtual Power Plant Market Forecast: Breakup by End User (in Million US$), 2022-2027
Table 5: Global: Virtual Power Plant Market Forecast: Breakup by Region (in Million US$), 2022-2027
Table 6: Global: Virtual Power Plant Market: Competitive Structure
Table 7: Global: Virtual Power Plant Market: Key Players


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Key Questions Answered in This Report

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
market.

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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