Virtual Power Plant Market Size to Grow Worth USD 6.47 Billion at a CAGR of 32.89% for 2021-2028 | Fortune Business Insights
The virtual power plant market size is expected to grow from USD 0.88 billion in 2021 to USD 6.47 billion by 2028; it is estimated to grow at a CAGR of 32.89% from 2021 to 2028. Government support programs for renewable energy to amplify market growth.
Pune, India, Sept. 28, 2022 (GLOBE NEWSWIRE) -- According to Fortune Business Insights, the global virtual power plant market to grow at a CAGR of 32.89% and reach USD 6.47 billion during forecast period of 2021-2028. The market was valued USD 0.71 billion in 2020. The market growth is attributed to factors such as the increasing acceptance of innovative technologies such as cloud platforms and the internet of things (IoT) applications in the power industry will have an excellent impact on the market’s development.
Industry Development:
July 2020: In Portland, Oregon, the Portland General Electric Company announced a pilot initiative to encourage the installation and connection of 525 home energy storage batteries. This project will generate up to four megawatts of electricity. The distributed assets will build a virtual power plant of tiny units that may operate independently or in concert to service the grid.
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Report Scope & Segmentation:
Report Coverage | Details |
Forecast Period | 2021-2028 |
Forecast Period 2021 TO 2028 CAGR | 32.89% |
2028 Value Projection | USD 6.47 billion |
Base Year | 2020 |
Market Size in 2020 | USD 0.71 billion |
Historical Data for | 2017-2019 |
No. of Pages | 207 |
Segments covered | Technology, End-user, Region |
Growth Drivers | Growing Shift towards Distributed Generation to Aid Market Dynamics |
Increasing Demand for Combined Renewable Energy & Growing Investments in Energy Storage to Foster Growth |
Global Virtual Power Plant Market Highlights:
A virtual power plant is a cloud-powered distributed power plant that combines distributed energy resource capacities to trade, generate, and sell power sources in the market. The rising demand for reliable power sources and increasing acceptance of IoT and cloud platforms are likely to foster the product’s demand. Further, the decline in solar power generation and energy storage costs and power generation mix is likely to foster market development in the upcoming years.
The Report Lists the Key Companies in the Virtual Power Plant Market:
ABB (Switzerland)
Siemens (Germany)
General Electric (U.S.)
AGL Energy (Australia)
Schneider Electric (France)
Enel X (U.S.)
Cisco Systems, Inc. (U.S.)
Bosch (Germany)
IBM (U.S.)
Hitachi, Ltd. (Japan)
Mitsubishi Heavy Industries (Japan)
Next Kraftwerke (Germany)
AutoGrid Systems, Inc. (U.S.)
Blue Pillar, Inc. (U.S.)
Enbala Power Networks, Inc. (U.S.)
COVID-19 Impact:
The COVID-19 pandemic is rapidly spreading throughout the world. Almost every country is experiencing the epidemic at a different level. Developing economies like India and China were successful in the early phases of COVID-19 containment and are continuously deploying new steps to reduce the virus's harmful effects. European countries have also seen a major drop in IT infrastructure investment. According to the International Data Corporation (IDC), due to the COVID-19 issue, which continues to affect the European economy, European IT investment in software, hardware, and IT services is expected to fall by 4.7 percent in 2020 USD 487 billion.
To get to know more about the short-term and long-term impact of COVID-19 on this market, please visit: https://www.fortunebusinessinsights.com/industry-reports/virtual-power-plant-market-101669
Highlights of Report:
The market report includes quantitative and qualitative analysis of several factors, such as the key drivers and restraints that will impact growth.
The report provides insights into the regional analysis covering different regions, which contribute to the market's growth. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to introduce new products, announce partnerships, and collaboration that will further contribute to the growth of the market between 2021 and 2028.
The research analysts have adopted several research methodologies such as PESTEL and SWOT analysis to extract information about the current trends and industry developments that will drive the market growth in the forthcoming years.
Market Drivers:
Rising Emphasis on Distributed Generation to Push Growth
Energy is created and delivered utilizing small-scale technologies such as wind turbines, solar cells, geothermal systems, and micro hydropower plants in today's decentralized energy distribution networks worldwide. During power outages and periods of high-energy demand, distributed generating systems, especially when coupled with heat and power and emergency generators, can be utilized to provide electricity.
Increased attention on decarbonisation, electrification, digitalization, and improvements in power production and storage technologies are major reasons hastening the transition to distributed energy. Due to the cost-effectiveness of renewable technology, distributed generating is becoming more popular. Furthermore, local and state government policies and laws support the greater deployment of renewable technologies because of their benefits, such as cheaper CAPEX and energy security driving the virtual power plant market growth.
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Regional Insights:
Growing Use of Renewable Energy to Bolster Growth in Europe
North America is expected to have a substantial market share because of the huge number of VPP deployment projects sanctioned in the United States and Canada. SimpliPhi Power, for example, launched a virtual power plant demonstration project in Louisiana in May 2020. The European Union is investing heavily in renewable energy and energy storage systems, driving demand for VPPs.
Statkraft's virtual power plant in Germany, for example, is Europe's largest and first of its type. It produces more than 10,000 megawatts of power, which is the equivalent of ten nuclear reactors. As a result, Europe's rising use of renewable energy increases demand for VPPs in the area.
Competitive Landscape:
Major Companies Focus on Mergers and Acquisitions to Strengthen their Position
The market is consolidated owing to the remarkable distribution network of major companies in developed and emerging economies. ABB, Autogrid, Next Kraftwerke, and AGL Energy are the leading players in the market, accounting for a dominant share in 2020. Small players such as Limejump, Flexitricity, and Kiwi Power hold a small stake in the global VPP market. Supportive government initiatives for the growing renewable industry and an increasing number of mergers and acquisitions have led to intense competition in the market.
Market Segments:
By Technology
Demand Response
Distributed Generation
Mixed Asset
By End-user
Residential
Commercial
Industrial
By Region
North America (By Technology, By End-user, By Country)
U.S.
Canada
Europe (By Technology, By End-user, By Country)
Germany
U.K.
France
Italy
Spain
Russia
Rest of Europe
Asia Pacific (By Technology, By End-user, By Country)
China
Japan
India
Australia
Southeast Asia
Rest of Asia Pacific
Middle East & Africa (By Technology, By End-user, By Country)
GCC
South Africa
Rest of the Middle East & Africa
Latin America (By Technology, By End-user, By Country)
Mexico
Brazil
Rest of Latin America
Italy
Spain
Russia
Rest of Europe
Asia Pacific (By Type, By Application, By Country)
China
India
Japan
Australia
South Korea
Rest of Asia Pacific
Middle East & Africa (By Type, By Application, By Country)
GCC
South Africa
Rest of the Middle East & Africa
Latin America (By Type, By Application, By Country)
Brazil
Mexico
Argentina
Colombia
Rest of Latin America
By End-user
Utility
Transport
Communications
The Built Environment
Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Emerging Trends – For Major Countries
Latest Technological Advancement
Regulatory Landscape
Industry SWOT Analysis
Porters Five Forces Analysis
Qualitative Analysis – Impact of COVID-19
Impact of COVID-19 on the Virtual Power Plant Market
Steps Taken by the Government to Overcome the Impact
Key Developments in the Industry in Response to COVID-19
Potential Opportunities and Challenges due to COVID-19 Outbreak
Global Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Technology
Demand Response
Distributed Generation
Mixed Asset
Market Analysis, Insights and Forecast – By End-user
Industrial
Commercial
Residential
Market Analysis, Insights and Forecast – By Region
North America
Europe
Asia Pacific
Latin America
Middle East & Africa
North America Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2017-2028
Key Findings / Summary
Market Analysis, Insights and Forecast – By Technology
Demand Response
Distributed Generation
Mixed Asset
Market Analysis, Insights and Forecast – By End-user
Industrial
Commercial
Residential
Market Analysis, Insights and Forecast – By Country
U.S
Canada
Continued…
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