Pune, India, April 26, 2022 (GLOBE NEWSWIRE) -- The global virtual power plant market size is expected to grow from USD 0.88 billion in 2021 to USD 6.47 billion by 2028, exhibiting a CAGR of 32.89% during the forecast period. The market size stood at USD 0.71 billion in 2020. 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, states Fortune Business Insights™, in its report titled “Virtual Power Plant Market, 2021-2028.”
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.
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| 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 |
Market Growth Driving Factors:
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 decarbonization, 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.
Market Segments:
- Based on the technology, the global market is classified into demand response, distributed generation, and mixed asset.
- Based on end-user, the market is categorized into residential, commercial, and industrial. The residential segment is expected to hold the largest virtual power plant market share due to the increasing application of smart meters, smart home appliances, and interoperability with home energy management systems (HEMS).
- The market is divided across five key regions: North America, Asia Pacific, the Middle East & Africa, Europe, and Latin America.
Regional Analysis:
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.
Growing Use of Renewable Energy to Bolster Growth in Europe. 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.
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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.
What does the Report Include?
The market report includes quantitative and qualitative analysis of several factors, such as the key drivers and restraints that will impact growth. Additionally, 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. Moreover, 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.
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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.
Key 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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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.)
Table of Content:
1. Introduction
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1. Key Emerging Trends – For Major Countries
4.2. Latest Technological Advancement
4.3. Regulatory Landscape
4.4. Industry SWOT Analysis
4.5. Porters Five Forces Analysis
5. Qualitative Analysis – Impact of COVID-19
5.1. Impact of COVID-19 on the Virtual Power Plant Market
5.2. Steps Taken by the Government to Overcome the Impact
5.3. Key Developments in the Industry in Response to COVID-19
5.4. Potential Opportunities and Challenges due to COVID-19 Outbreak
6. Global Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2017-2028
6.1. Key Findings / Summary
6.2. Market Analysis, Insights and Forecast – By Technology
6.2.1. Demand Response
6.2.2. Distributed Generation
6.2.3. Mixed Asset
6.3. Market Analysis, Insights and Forecast – By End-user
6.3.1. Industrial
6.3.2. Commercial
6.3.3. Residential
6.4. Market Analysis, Insights and Forecast – By Region
6.4.1. North America
6.4.2. Europe
6.4.3. Asia Pacific
6.4.4. Latin America
6.4.5. Middle East & Africa
7. North America Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2017-2028
7.1. Key Findings / Summary
7.2. Market Analysis, Insights and Forecast – By Technology
7.2.1. Demand Response
7.2.2. Distributed Generation
7.2.3. Mixed Asset
7.3. Market Analysis, Insights and Forecast – By End-user
7.3.1. Industrial
7.3.2. Commercial
7.3.3. Residential
7.4. Market Analysis, Insights and Forecast – By Country
7.4.1. U.S
7.4.2. Canada
Continued…
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