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. 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. Leveraging of clean sources of power generation, which are cost-effective, such as solar, wind, and hydro, is contributing significantly to growth of the virtual power plant market, and the trend is expected to continue over the forecast period. Rising need to reduce dependence on fossil-fuel-based power generation is another factor projected to drive demand for virtual power plants.
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The Global Virtual Power Plant Market Research Report added by Emergen Research to its expanding repository is an all-inclusive document containing insightful data about the Virtual Power Plant market and its key elements. The report is formulated through extensive primary and secondary research and is curated with an intent to offer the readers and businesses a competitive edge over other players in the industry. The report sheds light on the minute details of the Virtual Power Plant industry pertaining to growth factors, opportunities and lucrative business prospects, regions showing promising growth, and forecast estimation till 2028.
The report also studies the key companies of the Virtual Power Plant market along with analysis of their business strategies, M&A activities, investment plans, product portfolio, financial standing, gross profit margin, and production and manufacturing capacities. 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.
Global Virtual Power Plant Market Report – Table of Contents:
Chapter 1 includes the global Virtual Power Plant market introduction, followed by the market scope, product offerings, growth opportunities, market risks, driving forces, and others.
Chapter 2 broadly categorizes the Virtual Power Plant market on the basis of geography, and determines the sales, revenue, and market shares of each region over the estimated period.
Chapter 3 elaborates on the competitive outlook of the Virtual Power Plant market, focusing on the major manufacturers and vendor landscape.
Chapter 4 exhaustively studies the key manufacturers of the Virtual Power Plant industry, along with their anticipated sales and revenue shares.
Chapters 5 includes market segmentation based on product type, application range, and market players.
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
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.
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)
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