The global virtual power plant market size reached US$ 1.4 Billion in 2022. Looking forward, the publisher 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.
2. What is the expected growth rate of the global virtual power plant market during 2023-2028?
3. What are the key factors driving the global virtual power plant market?
4. What has been the impact of COVID-19 on the global virtual power plant market?
5. What is the breakup of the global virtual power plant market based on the technology?
6. What is the breakup of the global virtual power plant market based on the end user?
7. What are the key regions in the global virtual power plant market?
8. Who are the key players/companies in the global virtual power plant market?
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:
The publisher provides an analysis of the key trends in each sub-segment of the global virtual power plant market report, along with forecasts at the global, regional and country level from 2023-2028. The 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.Key Questions Answered in This Report
1. What was the size of the global virtual power plant market in 2022?2. What is the expected growth rate of the global virtual power plant market during 2023-2028?
3. What are the key factors driving the global virtual power plant market?
4. What has been the impact of COVID-19 on the global virtual power plant market?
5. What is the breakup of the global virtual power plant market based on the technology?
6. What is the breakup of the global virtual power plant market based on the end user?
7. What are the key regions in the global virtual power plant market?
8. Who are the key players/companies in the global virtual power plant market?
Table of Contents
1 Preface3 Executive Summary11 Value Chain Analysis13 Price Analysis
2 Scope and Methodology
4 Introduction
5 Global Virtual Power Plant Market
6 Market Breakup by Technology
7 Market Breakup by Source
8 Market Breakup by End User
9 Market Breakup by Region
10 SWOT Analysis
12 Porters Five Forces Analysis
14 Competitive Landscape
Companies Mentioned
- 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
- Sunverge Energy Inc.
Methodology
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Table Information
Report Attribute | Details |
---|---|
No. of Pages | 142 |
Published | September 2023 |
Forecast Period | 2022 - 2028 |
Estimated Market Value ( USD | $ 1.4 Billion |
Forecasted Market Value ( USD | $ 5.6 Billion |
Compound Annual Growth Rate | 26.0% |
Regions Covered | Global |
No. of Companies Mentioned | 12 |