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In 2022, the market size for virtual power plants was estimated at USD 0.2 billion. The virtual power plant market industry is anticipated to see a compound annual growth rate (CAGR) of 30.6% from 2022 to 2030, rising from USD 0.25 billion to USD 1.5 billion. The primary market factors boosting market growth include the increased share of renewable energy, the switch from centralised to distributed generation, and falling costs for solar and energy storage.
The market for virtual power plants is expected to grow as distributed power grids replace centralised ones and renewable energy sources are used more frequently in power production. Demand will rise as a result of future drops in energy prices and the availability of energy storage. In comparison to conventional power plant configuration, VPP is also more efficient and flexible to provide peak load electricity on short notice, which will further spur market expansion. The flexibility of trading with virtual power plants attracted many more participants as a result of price volatility. Numerous new traders were drawn in by the flexibility of dealing with virtual power plants. Customers can buy energy at a lower price and sell excess energy at the trade market. It's expected that demand would rise as a result of these virtual power plant features. However, youngsters and the elderly have health dangers from exposure to high-frequency electromagnetic and radio waves, which might prevent its expansion. Strict government regulations governing the production of ecologically friendly electricity will enhance the market for renewable energy, which would boost demand for virtual power plants.
For instance, the International Energy Agency (IEA) research estimates that in 2020, the demand for electricity would increase globally by 4%, or 900 TWh, growing nearly twice as quickly as the demand for all other energy sources. Renewable energy increased by 4% in 2020, contributing close to 25% of the gain in global energy consumption. Currently, renewable energy sources account for about 25% of worldwide power output, which is over 45% of the increase in electricity production.
Due to the presence of numerous industry participants and governmental attempts to use only green energy, the European Virtual Power Plant market has the second-largest market share. For illustration The largest and first virtual power plant of its sort in Europe is Statkraft's in Germany. Additionally, the UK Virtual Power Plant market had the quickest rate of growth in the European region, while the Germany Virtual Power Plant market had the greatest market share.
From 2022 to 2030, the Asia-Pacific Virtual Power Plant Market is anticipated to experience the quickest CAGR growth. This is a result of rising industrialization and rising energy demand in nations like China and India. In addition, the India Virtual Power Plant market had the quickest rate of growth in the Asia-Pacific region and held the greatest market share.
The distribution generation, demand response, and mixed asset market segments of the virtual power plant market are based on technology. Demand response accounted for the largest revenue share of the virtual power plant market. Demand response will become more popular as a result of grid modernisation and the expanding virtual power plant industry. The mixed asset market is expected to grow quicker as smart devices are being utilised more regularly to control customer-sited loads.
Report Coverage
Global Virtual Power Plant research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Virtual Power Plant report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Virtual Power Plant competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Virtual Power Plant market players and analyses their core competencies in each global market sub-segments.
Key Points Covered in the Report
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Virtual Power Plant market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Virtual Power Plant market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB Ltd., Autogrid Systems Inc., Blue Pillar Inc., Cisco Systems Inc., Comverge, Cpower Energy Management, Hitachi Ltd., Enabala Power Networks Inc., Flexitricity Limited (U.K.), Hitachi Ltd.(Japan), International Business Machines Corporation(U.S.), Schneider Electric SE(France), Siemens AG(Germany), and others.
Primary Target Market
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Virtual Power Plant market based on the below-mentioned segments:
Global Virtual Power Plant Market, By Technology
Distribution Generation
Demand Response
Mixed Asset
Global Virtual Power Plant Market, By End User
Commercial
Industrial
Residential
Global Virtual Power Plant market, Regional Analysis
The market for virtual power plants is expected to grow as distributed power grids replace centralised ones and renewable energy sources are used more frequently in power production. Demand will rise as a result of future drops in energy prices and the availability of energy storage. In comparison to conventional power plant configuration, VPP is also more efficient and flexible to provide peak load electricity on short notice, which will further spur market expansion. The flexibility of trading with virtual power plants attracted many more participants as a result of price volatility. Numerous new traders were drawn in by the flexibility of dealing with virtual power plants. Customers can buy energy at a lower price and sell excess energy at the trade market. It's expected that demand would rise as a result of these virtual power plant features. However, youngsters and the elderly have health dangers from exposure to high-frequency electromagnetic and radio waves, which might prevent its expansion. Strict government regulations governing the production of ecologically friendly electricity will enhance the market for renewable energy, which would boost demand for virtual power plants.
For instance, the International Energy Agency (IEA) research estimates that in 2020, the demand for electricity would increase globally by 4%, or 900 TWh, growing nearly twice as quickly as the demand for all other energy sources. Renewable energy increased by 4% in 2020, contributing close to 25% of the gain in global energy consumption. Currently, renewable energy sources account for about 25% of worldwide power output, which is over 45% of the increase in electricity production.
Due to the presence of numerous industry participants and governmental attempts to use only green energy, the European Virtual Power Plant market has the second-largest market share. For illustration The largest and first virtual power plant of its sort in Europe is Statkraft's in Germany. Additionally, the UK Virtual Power Plant market had the quickest rate of growth in the European region, while the Germany Virtual Power Plant market had the greatest market share.
From 2022 to 2030, the Asia-Pacific Virtual Power Plant Market is anticipated to experience the quickest CAGR growth. This is a result of rising industrialization and rising energy demand in nations like China and India. In addition, the India Virtual Power Plant market had the quickest rate of growth in the Asia-Pacific region and held the greatest market share.
The distribution generation, demand response, and mixed asset market segments of the virtual power plant market are based on technology. Demand response accounted for the largest revenue share of the virtual power plant market. Demand response will become more popular as a result of grid modernisation and the expanding virtual power plant industry. The mixed asset market is expected to grow quicker as smart devices are being utilised more regularly to control customer-sited loads.
Report Coverage
Global Virtual Power Plant research report categorizes the market for global based on various segments and regions, forecasts revenue growth, and analyzes trends in each submarket. Global Virtual Power Plant report analyses the key growth drivers, opportunities, and challenges influencing the global market. Recent market developments and Virtual Power Plant competitive strategies such as expansion, product launch and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key Virtual Power Plant market players and analyses their core competencies in each global market sub-segments.
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2017-2030 |
| Base Year | 2022 |
| Forecast Period | 2022-2030 |
| Historical Period | 2017-2021 |
| Unit | Value (USD Billion) |
| Key Companies Profiled | ABB Ltd., Autogrid Systems Inc., Blue Pillar Inc., Cisco Systems Inc., Comverge, Cpower Energy Management, Hitachi Ltd., Enabala Power Networks Inc., Flexitricity Limited (U.K.), Hitachi Ltd.(Japan), International Business Machines Corporation(U.S.), Schneider Electric SE(France), Siemens AG(Germany), and others. |
| Segments Covered | • By Product |
| Customization Scope | Free report customization (equivalent to up to 3 analyst working days) with purchase. Addition or alteration to country, regional & segment scope |
Key Points Covered in the Report
- Market Revenue of Virtual Power Plant Market from 2021 to 2030.
- Market Forecast for Virtual Power Plant Market from 2021 to 2030.
- Regional Market Share and Revenue from 2021 to 2030.
- Country Market share within region from 2021 to 2030.
- Key Type and Application Revenue and forecast.
- Company Market Share Analysis, Virtual Power Plant competitive scenario, ranking, and detailed company
profiles. - Market driver, restraints, and detailed COVID-19 impact on Virtual Power Plant
Market
Competitive Environment:
The research provides an accurate study of the major organisations and companies operating in the global Virtual Power Plant market, along with a comparative evaluation based on their product portfolios, corporate summaries, geographic reach, business plans, Virtual Power Plant market shares in specific segments, and SWOT analyses. A detailed analysis of the firms' recent news and developments, such as product development, inventions, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and other activities, is also included in the study. This makes it possible to assess the level of market competition as a whole.
List of Major Market Participants
ABB Ltd., Autogrid Systems Inc., Blue Pillar Inc., Cisco Systems Inc., Comverge, Cpower Energy Management, Hitachi Ltd., Enabala Power Networks Inc., Flexitricity Limited (U.K.), Hitachi Ltd.(Japan), International Business Machines Corporation(U.S.), Schneider Electric SE(France), Siemens AG(Germany), and others.
Primary Target Market
- Market Players of Virtual Power Plant
- Investors
- End-users
- Government Authorities
- Consulting And Research Firm
- Venture capitalists
- Third-party knowledge providers
- Value-Added Resellers (VARs)
Market Segment:
This study forecasts global, regional, and country revenue from 2019 to 2030. INFINITIVE DATA EXPERT has segmented the global Virtual Power Plant market based on the below-mentioned segments:
Global Virtual Power Plant Market, By Technology
Distribution Generation
Demand Response
Mixed Asset
Global Virtual Power Plant Market, By End User
Commercial
Industrial
Residential
Global Virtual Power Plant market, Regional Analysis
- Europe: Germany, Uk, France, Italy, Spain, Russia, Rest of Europe
- The Asia Pacific: China,Japan,India,South Korea,Australia,Rest of Asia Pacific
- South America: Brazil, Argentina, Rest of South America
- Middle East & Africa: UAE, Saudi Arabia, Qatar, South Africa, Rest of Middle East & Africa
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