The latest research study “Virtual Power Plant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that 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.
A virtual power plant (VPP) represents the decentralized network that aggregates heterogeneous distributed energy resources (DER) capacities to enhance the power generation process. It provides a smooth power supply to generate electricity from renewable energy sources by amalgamating the energy in the battery for circulation. In addition to this, a virtual power plant includes a central control system that processes excessive data regarding grid information, current power exchange rates, weather forecasts, etc. Consequently, it offers various benefits, such as reliability, optimized power generation from existing sources, reduced carbon footprints, etc.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report. The industry is segmented by size and region. The report provides an analysis of the key trends in each sub-segment of the market, along with forecasts at the global and regional level from 2022-2027. The report also includes competitive landscape of major key players in the industry along with emerging trends in the market.
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Global Virtual Power Plant Market Trends and Drivers:
The escalating demand for electric vehicles (EVs) and the upgradation of the existing smart grid infrastructures are primarily driving the virtual power plant market. Additionally, the growing adoption of renewable energy sources, including hydropower, biomass, solar energy, etc., for power generation is further catalyzing the market growth.
Besides this, the launch of several favorable policies by government bodies across the countries to promote the utilization of renewable technologies to curb greenhouse gas (GHG) emissions, on account of the rising consumer environmental consciousness and an enhanced focus on sustainable development, is acting as another significant growth-inducing factor. Moreover, the elevating integration of advanced technologies, such as cloud-based solutions and the Internet of Things (IoT), is also positively influencing the global market. Apart from this, the increasing investments in R&D activities to introduce upgraded versions of product variants are anticipated to fuel the virtual power plant market over the forecasted period.
Global Virtual Power Plant Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
ABB Ltd. (NYSE: ABB), AGL Energy Ltd. (OTCMKTS: AGLXY), 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.
The report has segmented the market on the basis of region, 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
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Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.
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