Pune, India, April 21, 2021 (GLOBE NEWSWIRE) -- The global virtual power plant market size is projected to reach USD 2.85 billion by 2027, exhibiting a CAGR of 27.2% during the forecast period. Expanding utilization of renewables in electricity generation around the globe will be the primary growth driver for this market, states Fortune Business Insights™ in its report, titled “Virtual Power Plant Market Size, Share & COVID-19 Impact Analysis, By Technology (Demand Response, Distributed Generation, and Mixed Asset), By End-User (Industrial, Commercial, and Residential), and Regional Forecast, 2020-2027”. Recent data published by the International Renewable Energy Agency (IRENA) show that 6,586 TWh of electricity was produced from renewables in 2018, reflecting a 6.1% increase from 2017 levels.
Moreover, the total public investment in renewables in 2018 stood at USD 21 billion in 2018, the IRENA highlights. Virtual power plants (VPPs) are expected to play a central role in enhancing the cost-effectiveness of renewables, especially amid crises such as the current COVID-19 pandemic, which has severely impacted the fossil fuel industry. Institutions such as the Frankfurt School-UNEP suggest that the pandemic is a golden opportunity for governments to prioritize spending on clean energy sources and make them an integral part of their post-coronavirus recovery packages. Together, these developments are likely to fuel the demand for VPPs in the near future.
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As per the Virtual Power Plant Market report, the global market value stood at USD 0.87 billion in 2019. The report addresses the following questions:
- How is the Virtual Power Plant Market segmented and how are the segments studied?
- What are the prominent factors driving, restraining, and creating opportunities in the market?
- Who are the top market players and what are their dominant strategies?
- How are the changing regional dynamics influencing the market?
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Important Features that are under Offering and Key Highlights of the Market Report:
- Detailed overview of Market Share
- Changing market dynamics of the industry
- In-depth market segmentation by Type, Application, etc.
- Historical, current and projected market size in terms of volume and value
- Recent industry trends and developments
- Competitive landscape of Virtual Power Plant Market
- Strategies of key players and product offerings
- Potential and niche segments/regions exhibiting promising market growth
Regional Insights
Asia Pacific to Present Exciting Prospects; Europe to Fasten Its Grip on Market Share
Surging energy demand and the growing need for efficient power distribution technologies are expected to create wide, lucrative opportunities in Asia Pacific. In addition, China and India are making massive investments in renewables to attain their clean energy targets and reduce their dependence on fossil fuels, which augurs well for the VPP market.
Europe is anticipated to tighten its hold on the virtual power plant market share during the forecast period owing to the rapid advancements in energy storage technologies being made in the region. North America, which boasted a market size of USD 0.32 billion in 2019, is predicted to obtain a lead in the global market on account of the implementation of large-scale VPP projects in the US and Canada.
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Market Driver
Ambitious Green Energy Targets by Countries to Stoke Adoption of VPPs
In a bid to tackle the effects of climate change and global warming, countries worldwide have set highly ambitious emission reduction targets for themselves, as enunciated under the Paris Agreement of 2015. For example, Morocco’s National Energy Strategy aims at generating 42% of its electricity from renewables by 2020, and 52% by 2030. The country’s CO2 reduction targets are well-aligned with limiting global warming to 1.5 degrees Celsius under the Paris Agreement. India, under its National Energy Plan, intends to achieve 40% power generation through renewables by 2030.
Another significant example is Costa Rica, which has been producing 98% of its electricity from renewables, mainly hydropower, for the past four years, and aims at reaching 100% by 2021. Virtual power plants can facilitate and accelerate countries’ shift towards renewables as these plants are not only able to balance renewable generation and consumption through smart distribution, but are also able to store extra energy efficiently and manage the grid during peak load periods.
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Competitive Landscape
Leading Companies to Focus on Broadening on Global Operations
Key players in the Virtual Power Plant Market are singularly focusing on broadening, strengthening, and consolidating their global operations by providing cost-effective and efficient power generation solutions. These solutions are designed and customized according to the needs of the country, allowing power distribution companies to flexibly operate the grid.
Industry Developments:
- September 2020: Tesla announced the launch of the third phase of its huge virtual power plant project in South Australia. The VPP will connect around 4,000 homes with Powerwalls, with solar connected to the system.
- September 2019: Sunrun secured a massive VPP deal to provide residential solar battery systems to Hawaii Electric at grid scale. The company will be installing 1,000 of its Brightbox solar batteries on Oahu Island by 2024.
List of Key Companies Profiled in the Virtual Power Plant Market Report:
- International Business Machines Corporation (New York, US)
- Hitachi, Ltd. (Tokyo, Japan)
- Enbala Power Networks, Inc. (Canada and the US)
- Cisco Systems, Inc. (California, US)
- General Electric (Massachusetts, US)
- AGL Energy (Sydney, Australia)
- AutoGrid (California, US)
- Siemens (Munich, Germany)
- Robert Bosch GmbH (Gerlingen, Germany)
- Enernoc, Inc. (Massachusetts, US)
- Comverge (Georgia, US)
- Blue Pillar, Inc. (Indianapolis, US)
- Enel X (Boston, US)
- Next Kraftwerke (Cologne, Germany)
- Schneider Electric (Paris, France)
- ABB (Zurich, Switzerland)
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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 by Industry Players 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, 2016-2027
- 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
- Latin America
- Europe
- Asia Pacific
- Middle East and Africa
- North America Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2016-2027
- 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
- Virtual Power Plant Market Analysis, Insights and Forecast – By Country
- U.S.
- Canada
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