The global virtual power plant market is expected to reach a market size of USD 3,724.2 million by 2028 at a relatively robust CAGR over the forecast period. This growth can be attributed to factors such as increasing initiatives of various governments regarding adoption of renewable sources of energy, which is driving renewable power generation activities. Rapid urbanization and rising focus on decarbonization, along with the rapid digitalization trend, are other factors driving adoption of virtual power plants, and the trend is expected to continue during the forecast period. Increasing energy consumption is another factor driving demand for virtual power plants to monitor and increase production of energy from renewable sources.
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Technological advancements on the traditional power grid for development of a new smart decentralized grid with bi-directional energy is contributing to growth of the virtual power plants market. The global shift towards renewable and distributed power generation is another factor driving demand for virtual power plants. Rising demand for a low-carbon future and smaller and decentralized power generation units is expected to continue to present future growth opportunities for players operating in the global virtual power plant market.
The Global Virtual Power Plant Market Report, published by Emergen Research, offers an industry-wide assessment of the Virtual Power Plant market, which is inclusive of the most crucial factors contributing to the growth of the industry. The latest research report comprises an extensive analysis of the micro- and macro-economic indicators that influence the global market development during the forecast period of 2021-2028.
Some players analyzed in the report are:
ABB, AutoGrid Systems, Inc., Blue Pillar, Cisco systems, Inc., Cpower Energy Management, Enel X, General Electric, Hitachi, Ltd., IBM, and Next Kraftwerke.
The report further divides the Virtual Power Plant market into key segments such as types, applications, end-user industries, technologies, and key regions of the market. The report also sheds light on the segment and region exhibiting promising growth in the Virtual Power Plant market.
Emergen Research has segmented the global virtual power plant market on the basis of end-use, technology, and region:
End-use Outlook (Revenue, USD Million; 2021–2028)
Residential
Industrial and Commercial
Technology Outlook (Revenue, USD Million; 2021–2028)
Distributed Generation
Demand Response
Mixed Asset
Regional Segmentation
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Highlights of Report
In December 2020, ABB entered into a strategic partnership with AFC Energy, which is a provider of hydrogen generation technology. The partnership was formed to manufacture next generation of high power electric vehicle charging solutions which are sustainable for grid-constrained locations.
The residential segment accounted for largest market share of 61.4% in 2019. Increasing adoption of new technologies such as smart meters, smart home appliances, and fully functional smart grids in the residential sector is driving growth of virtual power plants in the residential segment.
The demand response segment revenue is expected to expand at a rapid CAGR of 29.1% during the forecast period. Growing investments in demand response solutions due to the benefits provided by them, such as peak load management, is further contributing to increasing demand for demand response solutions.
Radical Features of the Virtual Power Plant Market Report:
The report encompasses Virtual Power Plant market overview along with market share, demand and supply ratio, production and consumption patterns, supply chain analysis, and other ley elements
An in-depth analysis of the different approaches and procedures undertaken by the key players to conduct business efficiently
Offers insights into production and manufacturing value, products and services offered in the market, and fruitful information about investment strategies
Supply chain analysis along with technological advancements offered in the report
The report covers extensive analysis of the trends, drivers, restraints, limitations, threats, and growth opportunities in the Virtual Power Plant industry
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