The global virtual power plant market size reached US$ 1.4 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.6 Billion by 2028, exhibiting a growth rate (CAGR) of 25.2% during 2023-2028.
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 plantmarket report, along with forecasts at the global, regional and country level from 2023-2028. 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
2022
Historical Period
2017-2022
Forecast Period
2023-2028
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)
Key Questions Answered in This Report
The global virtual power plant market was valued at US$ 1.4 Billion in 2022.
We expect the global virtual power plant market to exhibit a CAGR of 25.2% during 2023-2028.
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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