Global Virtual Power Plant Market Size study & Forecast, by Technology (Demand Response, Distributed Generation, Mixed Asset), by End-user (Residential, Commercial, Industrial) and Regional Analysis, 2023-2030
Global Virtual Power Plant Market is valued at approximately USD 1.17 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 32.89% over the forecast period 2023-2030. Virtual Power Plants combines the production capabilities of several distributed energy sources to improve power generation and trade or sell power on the electricity market. It makes it possible to have a steady supply of electricity and permits utilities to produce electricity using renewable energy sources, store it in battery banks, and then provide it to users. It offers real-time information on the networked units' capacity utilization. The market is growing due to factors such as the rising share of renewable energy in the mix of energy sources, falling solar generation prices, and improvements in energy storage. The power industry is increasing the use of cutting-edge technologies such as cloud platforms and Internet of Things (IoT) applications is also boosting the market growth for virtual power plants. The Virtual Power Plant market is expanding because of factors such as increasing demand for renewable power generation, and a growing shift towards distributed generation.
Renewable power generation, such as solar and wind, often occurs in a decentralized manner, with small-scale installations spread across various locations. Virtual Power Plants can effectively integrate these distributed energy resources into a unified system, optimizing their collective output and enhancing grid stability The International European Agency predicts that by 2026, worldwide renewable electricity capacity would have increased by more than 60% from 2020 levels to more than 4 800 GW. Thus, rising demand for renewable power generation is driving market growth. In addition, the increasing development of smart grids, increasing demand for combined renewable energy & growing investments in energy storage are creating new opportunities for the market. However, the high cost of virtual power plants and inadequate infrastructure stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Virtual Power Plant Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the dominance of key market players, an increase in renewable energy installations, such as solar and wind power, increasing penetration of energy storage technologies, and a growing trend towards decentralized energy generation, with more consumers adopting rooftop solar panels. Whereas, Asia Pacific is projected to have significant growth owing to factors such as rising investment in renewable energy power generation, and rising government support in the industry.
Major market player included in this report are:
ABB, Ltd.
Autogrid Systems, Inc.
Cisco Systems, Inc.
Cpower Energy Management
Enbala Power Networks, Inc.
Enernoc, Inc
Flexitricity Limited
General Electric Company
Hitachi, Ltd.
Robert Bosch GmbH
Recent Developments in the Market:
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Technology:
Demand Response
Distributed Generation
Mixed Asset
By End-user:
Residential
Commercial
Industrial
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
Renewable power generation, such as solar and wind, often occurs in a decentralized manner, with small-scale installations spread across various locations. Virtual Power Plants can effectively integrate these distributed energy resources into a unified system, optimizing their collective output and enhancing grid stability The International European Agency predicts that by 2026, worldwide renewable electricity capacity would have increased by more than 60% from 2020 levels to more than 4 800 GW. Thus, rising demand for renewable power generation is driving market growth. In addition, the increasing development of smart grids, increasing demand for combined renewable energy & growing investments in energy storage are creating new opportunities for the market. However, the high cost of virtual power plants and inadequate infrastructure stifles market growth throughout the forecast period of 2023-2030.
The key regions considered for the Global Virtual Power Plant Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. North America dominated the market in 2022 owing to the dominance of key market players, an increase in renewable energy installations, such as solar and wind power, increasing penetration of energy storage technologies, and a growing trend towards decentralized energy generation, with more consumers adopting rooftop solar panels. Whereas, Asia Pacific is projected to have significant growth owing to factors such as rising investment in renewable energy power generation, and rising government support in the industry.
Major market player included in this report are:
ABB, Ltd.
Autogrid Systems, Inc.
Cisco Systems, Inc.
Cpower Energy Management
Enbala Power Networks, Inc.
Enernoc, Inc
Flexitricity Limited
General Electric Company
Hitachi, Ltd.
Robert Bosch GmbH
Recent Developments in the Market:
- In February 2023, -SolarEdge Technologies, Inc. launched Battery Virtual Power Plant. The service is available to thousands of SolarEdge Home Battery owners across Great Britain with eligible smart meters, that are now able to earn financial incentives utilizing their stored battery energy during DFS peak demand events, which would be used to stabilize the grid.
- In April 2023, - SunPower provider, and OhmConnect, launched a new virtual power plant (VPP) offering for SunPower customers across California. The homeowners in select locations with solar and SunVault battery storage can connect with OhmConnect directly through the mySunPower app to earn rewards for managing their electricity use during periods of peak demand.
- Historical Data – 2020 - 2021
- Base Year for Estimation – 2022
- Forecast period - 2023-2030
- Report Coverage - Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered – Technology, End-user, Region
- Regional Scope - North America; Europe; Asia Pacific; Latin America; Middle East & Africa
- Customization Scope - Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Technology:
Demand Response
Distributed Generation
Mixed Asset
By End-user:
Residential
Commercial
Industrial
By Region:
North America
U.S.
Canada
Europe
UK
Germany
France
Spain
Italy
ROE
Asia Pacific
China
India
Japan
Australia
South Korea
RoAPAC
Latin America
Brazil
Mexico
Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa
CHAPTER 1. EXECUTIVE SUMMARY
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Virtual Power Plant Market, by Region, 2020-2030 (USD Billion)
1.2.2. Virtual Power Plant Market, by Technology, 2020-2030 (USD Billion)
1.2.3. Virtual Power Plant Market, by End-user, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
CHAPTER 2. GLOBAL VIRTUAL POWER PLANT MARKET DEFINITION AND SCOPE
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
CHAPTER 3. GLOBAL VIRTUAL POWER PLANT MARKET DYNAMICS
3.1. Virtual Power Plant Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Increasing demand for renewable power generation
3.1.1.2. Growing shift towards distributed generation.
3.1.2. Market Challenges
3.1.2.1. High cost of virtual power plant
3.1.2.2. Inadequate infrastructure
3.1.3. Market Opportunities
3.1.3.1. Increasing development of smart grids
3.1.3.2. Increasing demand for combined renewable energy
3.1.3.3. Growing investments in energy storage
CHAPTER 4. GLOBAL VIRTUAL POWER PLANT MARKET INDUSTRY ANALYSIS
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
CHAPTER 5. GLOBAL VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY
5.1. Market Snapshot
5.2. Global Virtual Power Plant Market by Technology, Performance - Potential Analysis
5.3. Global Virtual Power Plant Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
5.4. Virtual Power Plant Market, Sub Segment Analysis
5.4.1. Demand Response
5.4.2. Distributed Generation
5.4.3. Mixed Asset
CHAPTER 6. GLOBAL VIRTUAL POWER PLANT MARKET, BY END-USER
6.1. Market Snapshot
6.2. Global Virtual Power Plant Market by End-user, Performance - Potential Analysis
6.3. Global Virtual Power Plant Market Estimates & Forecasts by End-user 2020-2030 (USD Billion)
6.4. Virtual Power Plant Market, Sub Segment Analysis
6.4.1. Residential
6.4.2. Commercial
6.4.3. Industrial
CHAPTER 7. GLOBAL VIRTUAL POWER PLANT MARKET, REGIONAL ANALYSIS
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Virtual Power Plant Market, Regional Market Snapshot
7.4. North America Virtual Power Plant Market
7.4.1. U.S. Virtual Power Plant Market
7.4.1.1. Technology breakdown estimates & forecasts, 2020-2030
7.4.1.2. End-user breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Virtual Power Plant Market
7.5. Europe Virtual Power Plant Market Snapshot
7.5.1. U.K. Virtual Power Plant Market
7.5.2. Germany Virtual Power Plant Market
7.5.3. France Virtual Power Plant Market
7.5.4. Spain Virtual Power Plant Market
7.5.5. Italy Virtual Power Plant Market
7.5.6. Rest of Europe Virtual Power Plant Market
7.6. Asia-Pacific Virtual Power Plant Market Snapshot
7.6.1. China Virtual Power Plant Market
7.6.2. India Virtual Power Plant Market
7.6.3. Japan Virtual Power Plant Market
7.6.4. Australia Virtual Power Plant Market
7.6.5. South Korea Virtual Power Plant Market
7.6.6. Rest of Asia Pacific Virtual Power Plant Market
7.7. Latin America Virtual Power Plant Market Snapshot
7.7.1. Brazil Virtual Power Plant Market
7.7.2. Mexico Virtual Power Plant Market
7.8. Middle East & Africa Virtual Power Plant Market
7.8.1. Saudi Arabia Virtual Power Plant Market
7.8.2. South Africa Virtual Power Plant Market
7.8.3. Rest of Middle East & Africa Virtual Power Plant Market
CHAPTER 8. COMPETITIVE INTELLIGENCE
8.1. Key Company SWOT Analysis
8.1.1. Company
8.1.2. Company
8.1.3. Company
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. ABB, Ltd.
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Recent Developments
8.3.2. Autogrid Systems, Inc.
8.3.3. Cisco Systems, Inc.
8.3.4. Cpower Energy Management
8.3.5. Enbala Power Networks, Inc.
8.3.6. Enernoc, Inc
8.3.7. Flexitricity Limited
8.3.8. General Electric Company
8.3.9. Hitachi, Ltd.
8.3.10. Robert Bosch GmbH
CHAPTER 9. RESEARCH PROCESS
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Virtual Power Plant Market, by Region, 2020-2030 (USD Billion)
1.2.2. Virtual Power Plant Market, by Technology, 2020-2030 (USD Billion)
1.2.3. Virtual Power Plant Market, by End-user, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
CHAPTER 2. GLOBAL VIRTUAL POWER PLANT MARKET DEFINITION AND SCOPE
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
CHAPTER 3. GLOBAL VIRTUAL POWER PLANT MARKET DYNAMICS
3.1. Virtual Power Plant Market Impact Analysis (2020-2030)
3.1.1. Market Drivers
3.1.1.1. Increasing demand for renewable power generation
3.1.1.2. Growing shift towards distributed generation.
3.1.2. Market Challenges
3.1.2.1. High cost of virtual power plant
3.1.2.2. Inadequate infrastructure
3.1.3. Market Opportunities
3.1.3.1. Increasing development of smart grids
3.1.3.2. Increasing demand for combined renewable energy
3.1.3.3. Growing investments in energy storage
CHAPTER 4. GLOBAL VIRTUAL POWER PLANT MARKET INDUSTRY ANALYSIS
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
CHAPTER 5. GLOBAL VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY
5.1. Market Snapshot
5.2. Global Virtual Power Plant Market by Technology, Performance - Potential Analysis
5.3. Global Virtual Power Plant Market Estimates & Forecasts by Technology 2020-2030 (USD Billion)
5.4. Virtual Power Plant Market, Sub Segment Analysis
5.4.1. Demand Response
5.4.2. Distributed Generation
5.4.3. Mixed Asset
CHAPTER 6. GLOBAL VIRTUAL POWER PLANT MARKET, BY END-USER
6.1. Market Snapshot
6.2. Global Virtual Power Plant Market by End-user, Performance - Potential Analysis
6.3. Global Virtual Power Plant Market Estimates & Forecasts by End-user 2020-2030 (USD Billion)
6.4. Virtual Power Plant Market, Sub Segment Analysis
6.4.1. Residential
6.4.2. Commercial
6.4.3. Industrial
CHAPTER 7. GLOBAL VIRTUAL POWER PLANT MARKET, REGIONAL ANALYSIS
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Virtual Power Plant Market, Regional Market Snapshot
7.4. North America Virtual Power Plant Market
7.4.1. U.S. Virtual Power Plant Market
7.4.1.1. Technology breakdown estimates & forecasts, 2020-2030
7.4.1.2. End-user breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Virtual Power Plant Market
7.5. Europe Virtual Power Plant Market Snapshot
7.5.1. U.K. Virtual Power Plant Market
7.5.2. Germany Virtual Power Plant Market
7.5.3. France Virtual Power Plant Market
7.5.4. Spain Virtual Power Plant Market
7.5.5. Italy Virtual Power Plant Market
7.5.6. Rest of Europe Virtual Power Plant Market
7.6. Asia-Pacific Virtual Power Plant Market Snapshot
7.6.1. China Virtual Power Plant Market
7.6.2. India Virtual Power Plant Market
7.6.3. Japan Virtual Power Plant Market
7.6.4. Australia Virtual Power Plant Market
7.6.5. South Korea Virtual Power Plant Market
7.6.6. Rest of Asia Pacific Virtual Power Plant Market
7.7. Latin America Virtual Power Plant Market Snapshot
7.7.1. Brazil Virtual Power Plant Market
7.7.2. Mexico Virtual Power Plant Market
7.8. Middle East & Africa Virtual Power Plant Market
7.8.1. Saudi Arabia Virtual Power Plant Market
7.8.2. South Africa Virtual Power Plant Market
7.8.3. Rest of Middle East & Africa Virtual Power Plant Market
CHAPTER 8. COMPETITIVE INTELLIGENCE
8.1. Key Company SWOT Analysis
8.1.1. Company
8.1.2. Company
8.1.3. Company
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. ABB, Ltd.
8.3.1.1. Key Information
8.3.1.2. Overview
8.3.1.3. Financial (Subject to Data Availability)
8.3.1.4. Product Summary
8.3.1.5. Recent Developments
8.3.2. Autogrid Systems, Inc.
8.3.3. Cisco Systems, Inc.
8.3.4. Cpower Energy Management
8.3.5. Enbala Power Networks, Inc.
8.3.6. Enernoc, Inc
8.3.7. Flexitricity Limited
8.3.8. General Electric Company
8.3.9. Hitachi, Ltd.
8.3.10. Robert Bosch GmbH
CHAPTER 9. RESEARCH PROCESS
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption
