Virtual Power Plant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028

Quick Summary:

In a world increasingly pushing towards greener solutions, the global virtual power plant market has seen significant growth. Virtual power plants (VPPs) offer an innovative approach to energy generation, managing a network of distributed energy resources to optimize power output. With the increased adoption of renewable energy sources, the appeal of such a solution is clear.

VPPs represent the future of power generation. This system offers an array of benefits such as reliability, reduced carbon footprints, and optimized power generation from current resources. A steady shift from centralized power generation to distributed power has bolstered this market, while advancements in technology and increased government initiatives for environmental consciousness further accelerate growth. Strategic collaborations between industry leaders and significant investments in R&D for upgraded VPP technologies is creating a optimistic outlook for the market. Ideal for potential investors and those interested in the energy sector, this market research report provides crucial insights on the latest trends and forecasted growth in this booming industry.

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.

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?

Frequently Asked Questions about the Global Virtual Power Plant Market

What is the estimated value of the Global Virtual Power Plant Market?

The Global Virtual Power Plant Market was estimated to be valued at $1.4 Billion in 2022.

What is the growth rate of the Global Virtual Power Plant Market?

The growth rate of the Global Virtual Power Plant Market is 26.0%, with an estimated value of $5.6 Billion by 2028.

What is the forecasted size of the Global Virtual Power Plant Market?

The Global Virtual Power Plant Market is estimated to be worth $5.6 Billion by 2028.

Who are the key companies in the Global Virtual Power Plant Market?

Key companies 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) and Schneider Electric.

Report Attribute	Details
No. of Pages	142
Published	September 2023
Forecast Period	2022 - 2028
Estimated Market Value ( USD ) in 2022	$ 1.4 Billion
Forecasted Market Value ( USD ) by 2028	$ 5.6 Billion
Compound Annual Growth Rate	26.0%
Regions Covered	Global
No. of Companies Mentioned	10

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 Tables

Figure 1: Global: Virtual Power Plant Market: Major Drivers and Challenges
Figure 2: Global: Virtual Power Plant Market: Sales Value (in Billion US$), 2017-2022
Figure 3: Global: Virtual Power Plant Market Forecast: Sales Value (in Billion US$), 2023-2028
Figure 4: Global: Virtual Power Plant Market: Breakup by Technology (in %), 2022
Figure 5: Global: Virtual Power Plant Market: Breakup by Source (in %), 2022
Figure 6: Global: Virtual Power Plant Market: Breakup by End User (in %), 2022
Figure 7: Global: Virtual Power Plant Market: Breakup by Region (in %), 2022
Figure 8: Global: Virtual Power Plant (Distribution Generation) Market: Sales Value (in Million US$), 2017 & 2022
Figure 9: Global: Virtual Power Plant (Distribution Generation) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 10: Global: Virtual Power Plant (Demand Response) Market: Sales Value (in Million US$), 2017 & 2022
Figure 11: Global: Virtual Power Plant (Demand Response) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 12: Global: Virtual Power Plant (Mixed Asset) Market: Sales Value (in Million US$), 2017 & 2022
Figure 13: Global: Virtual Power Plant (Mixed Asset) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 14: Global: Virtual Power Plant (Renewable Energy) Market: Sales Value (in Million US$), 2017 & 2022
Figure 15: Global: Virtual Power Plant (Renewable Energy) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 16: Global: Virtual Power Plant (Cogeneration) Market: Sales Value (in Million US$), 2017 & 2022
Figure 17: Global: Virtual Power Plant (Cogeneration) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 18: Global: Virtual Power Plant (Energy Storage) Market: Sales Value (in Million US$), 2017 & 2022
Figure 19: Global: Virtual Power Plant (Energy Storage) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 20: Global: Virtual Power Plant (Industrial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 21: Global: Virtual Power Plant (Industrial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 22: Global: Virtual Power Plant (Commercial) Market: Sales Value (in Million US$), 2017 & 2022
Figure 23: Global: Virtual Power Plant (Commercial) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 24: Global: Virtual Power Plant (Residential) Market: Sales Value (in Million US$), 2017 & 2022
Figure 25: Global: Virtual Power Plant (Residential) Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 26: North America: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 27: North America: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 28: United States: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 29: United States: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 30: Canada: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 31: Canada: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 32: Asia-Pacific: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 33: Asia-Pacific: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 34: China: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 35: China: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 36: Japan: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 37: Japan: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 38: India: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 39: India: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 40: South Korea: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 41: South Korea: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 42: Australia: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 43: Australia: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 44: Indonesia: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 45: Indonesia: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 46: Others: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 47: Others: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 48: Europe: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 49: Europe: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 50: Germany: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 51: Germany: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 52: France: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 53: France: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 54: United Kingdom: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 55: United Kingdom: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 56: Italy: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 57: Italy: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 58: Spain: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 59: Spain: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 60: Russia: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 61: Russia: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 62: Others: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 63: Others: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 64: Latin America: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 65: Latin America: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 66: Brazil: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 67: Brazil: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 68: Mexico: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 69: Mexico: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 70: Others: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 71: Others: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
Figure 72: Middle East and Africa: Virtual Power Plant Market: Sales Value (in Million US$), 2017 & 2022
Figure 73: Middle East and Africa: Virtual Power Plant Market: Breakup by Country (in %), 2022
Figure 74: Middle East and Africa: Virtual Power Plant Market Forecast: Sales Value (in Million US$), 2023-2028
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, 2022 and 2028
Table 2: Global: Virtual Power Plant Market Forecast: Breakup by Technology (in Million US$), 2023-2028
Table 3: Global: Virtual Power Plant Market Forecast: Breakup by Source (in Million US$), 2023-2028
Table 4: Global: Virtual Power Plant Market Forecast: Breakup by End User (in Million US$), 2023-2028
Table 5: Global: Virtual Power Plant Market Forecast: Breakup by Region (in Million US$), 2023-2028
Table 6: Global: Virtual Power Plant Market: Competitive Structure
Table 7: Global: Virtual Power Plant Market: Key Players