New York, NY, June 12, 2023 (GLOBE NEWSWIRE) -- Polaris Market Research has published a new research report titled “Virtual Power Plant Market Share, Size, Trends, Industry Analysis Report, By Technology (Demand Response, Distributed Generation and Mixed Asset); By Source; By End-User; By Region; Segment Forecast, 2023 - 2032” in its research database.
“As per the latest research analysis, the global virtual power plant (VPP) market size/share will be valued at roughly USD 1,587.00 Million in 2022, and its revenue is projected to reach about USD 11,631.30 Million By 2032. The market is forecasted to expand at a compound annual growth rate of approximately 22.1% between 2023 and 2032.”
What is Virtual Power Plant (VPP)? How Big is Virtual Power Plant (VPP) Market Size?
- Overview
A Virtual Power Plant, or VPP, is a novel energy-sharing service concept utilizing decentralized energy units. VPPs link distributed energy sources like solar parks, wind farms, and hydropower units to deliver reliable power supply to energy consumers. Depending on the specific operation market, a virtual power plant can be used for various tasks. VPPs generally aim to connect different energy sources to one centralized platform.
Heat pumps, electric vehicles (EVs) and chargers, home appliances, batteries, HVAC equipment, plug loads, and industrial mechanical equipment can all be included in a VPP. A VPP can consist of single-family residences, multi-family dwellings, workplaces, retail establishments, manufacturing facilities, automobiles, vehicles, and buses. The increase in the usage of renewable energy and reduced costs of solar energy storage are expected to fuel the virtual power plant market growth.
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(The sample of this report is readily available on request. The report sample contains a brief introduction to the research report, a Table of Contents, a Graphical introduction of regional analysis, Top players in the market with their revenue analysis, and our research methodology.)
Our Sample Report Covers:
- 2032 Updated Report Introduction, Overview, and In-depth industry analysis.
- 115+ Pages Research Report (Inclusion of Updated Research).
- Provide Chapter-wise guidance on Requests.
- 2023 Updated Regional Analysis with Graphical Representation of Size, Share & Trends
- Includes Updated List of tables & figures.
- Updated Report Includes Top Market Players with their Business Strategy, Sales Volume, and Revenue Analysis.
Some of the Top Market Players Are:
- ABB Ltd.
- AGL Energy
- Autogrid Systems Inc.
- Blue Pillar Inc.
- Cisco Systems Inc.
- Comverge
- Cpower Energy Management
- Enbala Power Networks Inc.
- Enel X
- Enernoc Inc
- Flexitricity Limited
- General Electric
- Hitachi Ltd.
- International Business Machines Corporation
- Limejump Limited
- Next Kraftwerke.
- Olivene Inc.
- Open Access Technology International Inc.
- Osisoft
- Robert Bosch.
- Schneider Electric
- Siemens
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Prominent Growth Driving Factors
- Initiatives by the government: Government initiatives have helped develop the virtual power plant market size. National governments have taken action to assist the development of VPPs in response to financial pressures and a reevaluation of the switch to renewable energy sources. These actions show how VPPs are becoming increasingly important in accelerating the control to a reliable and efficient energy system.
- Rise in investments: The virtual power plant market demand is further driven by substantial investments in energy infrastructure. Governments and commercial organizations are investing greatly in enhancing and expanding the energy infrastructure to meet the rising energy demand and facilitate the integration of renewable energy sources.
- Increased share of renewable energy: The market benefits greatly from the increasing proportion of renewable energy in the electricity generation mix. Renewable energy sources such as wind, solar, and hydropower are prioritized as countries and organizations aim to lessen greenhouse gas emissions and fight climate change. VPPs are important for incorporating and utilizing these renewable energy sources to their full potential.
- Technology advancements: With the latest technologies and software solutions, VPPs can efficiently coordinate and manage distributed energy sources (DERs) like wind turbines and solar panels. Besides, advanced software can seamlessly integrate the DERs into the VVP ecosystem.
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Top Findings of the Report:
- Due to numerous crucial reasons, the market is expected to increase significantly throughout the forecasted period. Virtual power plants' multiple benefits over traditional energy sources are one of the main reasons driving the market. Also, these plants are cloud-based circulated energy systems that integrate various energy sources to boost energy production while assuring a steady electricity supply.
- The virtual power plant market segmentation is based on source, technology, end-user, and region.
- The North American region witnessed the largest market growth in 2022.
Top Trends Influencing the Market
- Increased attention: Virtual power plants are receiving more and more attention and are anticipated to play a significant role in the energy sector over the upcoming years. These plants allow aggregators and utility companies to combine energy production from different distributed sources and facilities, improving the grid's efficiency and adaptability. VPPs are crucial in preserving a dependable and robust power supply as energy systems move towards decentralization.
- Favorable government policies and incentives: Profitable policies and incentives drive the growth of the virtual power plant market. Several governments have raised renewable energy targets, donations, and feed-in tariffs to boost sustainable energy sources.
Segmental Analysis
- The Demand Response Sector Dominates the Market
Due to expanding load management investments and the possibility for end users to obtain incentives for participating in demand response programs, the demand response sector is expected to defeat the market.
Furthermore, the market for distributed generation is also expanding as interest in renewable energy technologies rises. Improving grid operations and incorporating the rising proportion of renewable energy sources must integrate distributed power generation resources. The energy efficiency, grid stability, and shift to a more sustainable energy environment are all considerably improved by both sectors.
- The Industrial Sector Holds the Largest Market Share
VPP systems were widely used in the industrial sector, which includes manufacturing facilities, sizable commercial structures, and industrial complexes. These organizations identified the great benefits of VPPs, such as decreased operating costs, improved energy efficiency, and optimal power utilization.
The requirement for effective demand response management, enhanced grid reliability, and integration of renewable energy sources drove the industrial sector's leadership role. As a result, key players in the market firmed their position as key supporters of the virtual power plant market growth.
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Virtual Power Plant (VPP) Market: Report Scope
| Report Attribute | Details |
| Revenue Forecast in 2032 | USD 11,631.30 Million |
| Market size value in 2023 | USD 1,935.43 Million |
| Expected CAGR Growth | 22.1% from 2023 – 2032 |
| Base Year | 2022 |
| Forecast Year | 2023 – 2032 |
| Top Market Players | ABB, Ltd., AGL Energy, Autogrid Systems, Inc., Blue Pillar, Inc., Cisco Systems, Inc., Comverge, Cpower Energy Management, Enbala Power Networks, Inc., Enel X, Enernoc, Inc, Flexitricity Limited, General Electric, Hitachi, Ltd., International Business Machines Corporation, Limejump Limited, Next Kraftwerke., Olivene, Inc., Open Access Technology International, Inc., Osisoft, Robert Bosch., Schneider Electric, and Siemens. |
| Segments Covered | By Technology, By Source, By End-Use, By Region |
| Customization Options | Customized purchase options are available to meet any research needs. Explore customized purchase options |
Geographical Overview
North America: The virtual power plant market in North America had the largest share in 2022. Market development is expected to be influenced by regulations to reduce greenhouse gas emissions, technological improvements, and consumers' wide adoption of commercial, residential, and industrial grid-balancing technologies. Canada and the United States closely monitor the market growth.
Asia Pacific: Asia Pacific is distinguished by a substantial renewable energy potential and a quickly expanding residential and commercial sector, likely to fuel market expansion. Rising energy demands in growing economies like China and India have raised the focus on demand response, smart metering, retail competitiveness, and energy storage investments in the Asia Pacific's energy sector.
Browse the Detail Report “Virtual Power Plant Market Share, Size, Trends, Industry Analysis Report, By Technology (Demand Response, Distributed Generation and Mixed Asset); By Source; By End-User; By Region; Segment Forecast, 2023 - 2032” with in-depth TOC: https://polarismarketresearch.com/industry-analysis/virtual-power-plant-market
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Recent Developments
- In September 2020, American automotive and clean energy company Tesla revealed the launch of phase 3 of its VPP in South Australia. The project aims to connect 4,000 homes with Powerwalls and solar panels to make the grid more reliable and sustainable through solar energy generation and storage.
- In November 2020, Siemens developed a novel business model to optimize energy consumption for the Finland-based brewing company Carlsberg Group. This model was implemented at the company's Sinebrychoff plant and utilized digitalization to support energy optimization.
The Report Answers Questions Such as
- What is the market size and expected growth rate of the industry?
- Who are the virtual power plant market key players operating across the globe?
- Which region accounted for the largest virtual power plant market share?
- What will be the estimated market value by the end of the forecast period?
- Which technology segment accounted for the largest market share?
- What will be the expected CAGR of the market?
- What are the market key trends?
Polaris Market Research has segmented the Virtual Power Plant market report based on technology, source, end-user, and region:
By Technology Outlook
- Demand response
- Distributed generation
- Mixed asset
By Source
- Solar
- Wind
- Small Hydro
- Batteries
- Others
By End-User
- Industrial
- Commercial
- Residential
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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