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Virtual Power plant Market

Publisher Fortune Business Insights Pvt. Ltd.
Published Oct 01, 2024
Length 207 Pages
SKU # FOB19224211

Description

Virtual Power plant Market



Growth Factors of Virtual Power plant Market

The virtual power plant market size was valued at USD 1.42 billion in 2023, and the market is now projected to grow from USD 1.86 billion in 2024 to USD 23.98 billion by 2032, exhibiting a CAGR of 37.70% during the forecast period of 2023-2030.

The COVID-19 pandemic has affected the overall virtual power plant market growth. The imposed lockdowns and investments in utilities in grid projects declined at an unprecedented rate. The low demand caused by decreased consumer spending impeded the market growth. Government initiatives have stressed national budgets, forced reconsideration of transition to renewable and delayed power sector reforms. A turn down in the demand in the power industry because of stoppage in power projects and industrial expenditure has hindered the VPP market.

The virtual power plant market share globally has been contributed due to the growing shift towards distributed generation to aid market dynamics. The present energy distribution systems wide-reaching are decentralized. The energy is generated and distributed via small-scale technologies which include wind turbines, photovoltaic cells, geothermal systems, and micro hydropower plants. This system is particularly used to supply electricity during power outages and the high energy demand durations when combined with heat and power and emergency generators. Increasing concentration on decarbonization, electrification, digitization, and advancements in power generation and storage technologies are the prominent factors speeding up the demand.

The trend is increasing demand for renewable power generation in the market. Clean energy and sustainability are becoming a main purpose worldwide. The rising depletion of fossil fuel reserves and their increasing prices are the prime reasons. Renewable energy has acquired a lot of importance in recent years to reduce the consumption of fossil fuels. The nation-wise renewable energy installation targets and government incentives for installations of these resources is propelling the market growth

Comprehensive Analysis of Virtual Power plant Market

The virtual power plant market and power & energy industry is growing at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the power industry. These segmentations are methodically segregated by technology and end-user. The technology types are such as demand response, distributed generation, and mixed assets. Similarly, the end-users include industrial, commercial, and residential.

The Europe region is conducive to the global virtual power plant market, leading to a recall of USD 0.59 billion owing to the substantial investments in renewable energy and energy storage systems, propelling the demand for VPPs.

The top players in the market play a vital role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include ABB (Switzerland), Siemens (Germany), General Electric (U.S.), AGL Energy (Australia), Schneider Electric (France), Enel X (U.S.), Cisco Systems, Inc. (U.S.), IBM (U.S.), Hitachi, Ltd. (Japan), Bosch (Germany), Mitsubishi Heavy Industries (Japan), Next Kraftwerke (Germany), AutoGrid Systems, Inc. (U.S.), Blue Pillar, Inc. (U.S.), Enbala Power Networks, Inc. (U.S.), these market players present a level-playing competitive landscape.

In November 2020, Siemens developed a unique business model with the new Finnish brewery Sinebrychoff contract to enhance energy optimization. These solutions will be a VPP and the latest energy storage technology, supported with financing solutions. It uses digitalization to produce the potential for saving and improving the power supply quality.

Segmentation Table

Global Virtual Power plant Market Scope

ATTRIBUTE DETAILS

Study Period 2019-2032

Base Year 2023

Estimated Year 2024

Forecast Period 2024-2032

Historical Period 2019-2022

Growth Rate CAGR of 37.70% from 2024-2032

Unit Value (USD Billion)

Segmentation 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


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Table of Contents

207 Pages
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
4.6. Impact of COVID-19 on the Virtual Power Plant Market
5. Global Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2019-2032
5.1. Key Findings / Summary
5.2. Market Analysis, Insights and Forecast – By Technology
5.2.1. Demand Response
5.2.2. Distributed Generation
5.2.3. Mixed Asset
5.3. Market Analysis, Insights and Forecast – By End-user
5.3.1. Industrial
5.3.2. Commercial
5.3.3. Residential
5.4. Market Analysis, Insights and Forecast – By Region
5.4.1. North America
5.4.2. Europe
5.4.3. Asia Pacific
5.4.4. Latin America
5.4.5. Middle East & Africa
6. North America Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2019-2032
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 Country
6.4.1. U.S
6.4.2. Canada
7. Europe Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2019-2032
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. Germany
7.4.2. U.K.
7.4.3. France
7.4.4. Italy
7.4.5. Spain
7.4.6. Russia
7.4.7. Rest of Europe
8. Asia Pacific Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2019-2032
8.1. Key Findings / Summary
8.2. Market Analysis, Insights and Forecast – By Technology
8.2.1. Demand Response
8.2.2. Distributed Generation
8.2.3. Mixed Asset
8.3. Market Analysis, Insights and Forecast – By End-user
8.3.1. Industrial
8.3.2. Commercial
8.3.3. Residential
8.4. Market Analysis, Insights and Forecast – By Country
8.4.1. China
8.4.2. Japan
8.4.3. India
8.4.4. Australia
8.4.5. Southeast Asia
8.4.6. Rest of Asia Pacific
9. Latin America Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2019-2032
9.1. Key Findings / Summary
9.2. Market Analysis, Insights and Forecast – By Technology
9.2.1. Demand Response
9.2.2. Distributed Generation
9.2.3. Mixed Asset
9.3. Market Analysis, Insights and Forecast – By End-user
9.3.1. Industrial
9.3.2. Commercial
9.3.3. Residential
9.4. Market Analysis, Insights and Forecast – By Country
9.4.1. Brazil
9.4.2. Mexico
9.4.3. Rest of Latin America
10. Middle East & Africa Virtual Power Plant Market Analysis (USD Billion), Insights and Forecast, 2019-2032
10.1. Key Findings / Summary
10.2. Market Analysis, Insights and Forecast – By Technology
10.2.1. Demand Response
10.2.2. Distributed Generation
10.2.3. Mixed Asset
10.3. Market Analysis, Insights and Forecast – By End-user
10.3.1. Industrial
10.3.2. Commercial
10.3.3. Residential
10.4. Market Analysis, Insights and Forecast – By Country
10.4.1. GCC
10.4.2. South Africa
10.4.3. Rest of Middle East & Africa
11. Competitive Analysis
11.1. Company Market Share Analysis, 2023
11.2. Company Profile
11.2.1. ABB
11.2.1.1. Business Overview
11.2.1.2. Business Segment
11.2.1.3. Product & Service Offering
11.2.1.4. Overall Revenue
11.2.1.5. Recent Development
11.2.2. Siemens
11.2.2.1. Business Overview
11.2.2.2. Business Segment
11.2.2.3. Product & Service Offering
11.2.2.4. Overall Revenue
11.2.2.5. Recent Development
11.2.3. GE
11.2.3.1. Business Overview
11.2.3.2. Business Segment
11.2.3.3. Product & Service Offering
11.2.3.4. Overall Revenue
11.2.3.5. Recent Development
11.2.4. AGL Energy
11.2.4.1. Business Overview
11.2.4.2. Business Segment
11.2.4.3. Product & Service Offering
11.2.4.4. Overall Revenue
11.2.4.5. Recent Development
11.2.5. Schneider Electric
11.2.5.1. Business Overview
11.2.5.2. Business Segment
11.2.5.3. Product & Service Offering
11.2.5.4. Overall Revenue
11.2.5.5. Recent Development
11.2.6. Enel X
11.2.6.1. Business Overview
11.2.6.2. Business Segment
11.2.6.3. Product & Service Offering
11.2.6.4. Overall Revenue
11.2.6.5. Recent Development
11.2.7. Cisco Systems Inc.
11.2.7.1. Business Overview
11.2.7.2. Business Segment
11.2.7.3. Product & Service Offering
11.2.7.4. Overall Revenue
11.2.7.5. Recent Development
11.2.8. Bosch
11.2.8.1. Business Overview
11.2.8.2. Business Segment
11.2.8.3. Product & Service Offering
11.2.8.4. Overall Revenue
11.2.8.5. Recent Development
11.2.9. International Business Machines
11.2.9.1. Business Overview
11.2.9.2. Business Segment
11.2.9.3. Product & Service Offering
11.2.9.4. Overall Revenue
11.2.9.5. Recent Development
11.2.10. Hitachi Ltd
11.2.10.1. Business Overview
11.2.10.2. Business Segment
11.2.10.3. Product & Service Offering
11.2.10.4. Overall Revenue
11.2.10.5. Recent Development
11.2.11. Mitsubishi Heavy Industries
11.2.11.1. Business Overview
11.2.11.2. Business Segment
11.2.11.3. Product & Service Offering
11.2.11.4. Overall Revenue
11.2.11.5. Recent Development
11.2.12. Next Kraftwerke
11.2.12.1. Business Overview
11.2.12.2. Business Segment
11.2.12.3. Product & Service Offering
11.2.12.4. Overall Revenue
11.2.12.5. Recent Development
11.2.13. AutoGrid Systems Inc.
11.2.13.1. Business Overview
11.2.13.2. Business Segment
11.2.13.3. Product & Service Offering
11.2.13.4. Overall Revenue
11.2.13.5. Recent Development
11.2.14. Blue Pillar
11.2.14.1. Business Overview
11.2.14.2. Business Segment
11.2.14.3. Product & Service Offering
11.2.14.4. Overall Revenue
11.2.14.5. Recent Development
11.2.15. Enbala Power Networks
11.2.15.1. Business Overview
11.2.15.2. Business Segment
11.2.15.3. Product & Service Offering
11.2.15.4. Overall Revenue
11.2.15.5. Recent Development
12.

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