Virtual Power Plant Market by Technology (Demand Response, Supply Side, Mixed Asset), Vertical (Commercial, Industrial, Residential), Source (Renewable Energy, Storage, Cogeneration), Offering, & Region- Global Forecast to 2029
The global virtual power plant (VPP) market is forecast to reach USD 5.5 billion by 2029 from an estimated USD 1.9 billion in 2024, at a CAGR of 23.4% during the forecast period (2024-2029). The rise in the demand for decarbonization of power distribution systems, and need to mitigate impact of intermittent renewable sources is driving the market.
“Mixed Asset: The second largest segment of the virtual power plant market, by technology.”
Based on technology, the virtual power plant market has been split into three types: Demand Response, Supply Side, and Mixed Asset. Mixed Asset is expected to be the second largest segment in the market. A mixed asset virtual power plant (VPP) is a sophisticated energy system that integrates both demand-side and supply-side resources to optimize energy consumption and production, resulting in a highly flexible energy system. These features are driving the market for mixed asset segment.
“Industrial segment is expected to emerge as the second-fastest segment based on vertical.”
Based on vertical, the virtual power plant market has been segmented into commercial, industrial, and residential. In the industrial sector, revolutionizing the way industrial facilities manage their energy consumption. These sophisticated systems aggregate diverse distributed energy resources (DERs), encompassing both renewable and fuel-based units, allowing industrial facilities to actively participate in energy exchange markets and optimize their energy usage dynamically. These factors are driving the segment making it as the second-fastest segment in the market.
“Asia Pacific is expected to be the fastest region in the virtual power plant market.”
Asia Pacific is expected to be the fastest region in the virtual power plant markets between 2024–2029. The market in Asia Pacific comprises Australia, South Korea, Japan, Rest of Asia Pacific countries. The growth of the VPP market in the Asia Pacific region is largely supported by strong government backing for clean energy initiatives, as well as the region's well-established power grids that are favorable for VPP and renewable energy integration. The ongoing development of VPP infrastructure is aligned with the region's commitment to meet the growing energy demands.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 33%, Europe- 27%, Asia Pacific- 20%, the Middle East & Africa- 12%, and South America- 8%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The virtual power plant market is dominated by a few major players that have a wide regional presence. The leading players in the refinery and petrochemical filtration market are Siemens (Germany), Schneider Electric (France), General Electric (US), Shell (UK), Tesla (US).
Research Coverage:
The report defines, describes, and forecasts the global Virtual power plant market, by type, by component, by voltage, by servces, end user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the virtual power plant market.
Key Benefits of Buying the Report
“Mixed Asset: The second largest segment of the virtual power plant market, by technology.”
Based on technology, the virtual power plant market has been split into three types: Demand Response, Supply Side, and Mixed Asset. Mixed Asset is expected to be the second largest segment in the market. A mixed asset virtual power plant (VPP) is a sophisticated energy system that integrates both demand-side and supply-side resources to optimize energy consumption and production, resulting in a highly flexible energy system. These features are driving the market for mixed asset segment.
“Industrial segment is expected to emerge as the second-fastest segment based on vertical.”
Based on vertical, the virtual power plant market has been segmented into commercial, industrial, and residential. In the industrial sector, revolutionizing the way industrial facilities manage their energy consumption. These sophisticated systems aggregate diverse distributed energy resources (DERs), encompassing both renewable and fuel-based units, allowing industrial facilities to actively participate in energy exchange markets and optimize their energy usage dynamically. These factors are driving the segment making it as the second-fastest segment in the market.
“Asia Pacific is expected to be the fastest region in the virtual power plant market.”
Asia Pacific is expected to be the fastest region in the virtual power plant markets between 2024–2029. The market in Asia Pacific comprises Australia, South Korea, Japan, Rest of Asia Pacific countries. The growth of the VPP market in the Asia Pacific region is largely supported by strong government backing for clean energy initiatives, as well as the region's well-established power grids that are favorable for VPP and renewable energy integration. The ongoing development of VPP infrastructure is aligned with the region's commitment to meet the growing energy demands.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 45%, Tier 2- 30%, and Tier 3- 25%
By Designation: C-Level- 35%, Director Levels- 25%, and Others- 40%
By Region: North America- 33%, Europe- 27%, Asia Pacific- 20%, the Middle East & Africa- 12%, and South America- 8%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2021. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The virtual power plant market is dominated by a few major players that have a wide regional presence. The leading players in the refinery and petrochemical filtration market are Siemens (Germany), Schneider Electric (France), General Electric (US), Shell (UK), Tesla (US).
Research Coverage:
The report defines, describes, and forecasts the global Virtual power plant market, by type, by component, by voltage, by servces, end user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the virtual power plant market.
Key Benefits of Buying the Report
- Seamless integration with renewable sources such as solar and wind, Need to mitigate impact of intermittent renewable sources, and decarbonization of power distribution systems to drive the demand. Factors such as Requirement of high investments to deploy monitoring and control systems and predictive analysis hinder market growth. Increasing installation of smart grids offer lucrative opportunities in this market. Integration of different hardware and software components in VPPs, Cybersecurity threats due to use of digital infrastructure and communication networks are major challenges faced by countries in this market.
- Product Development/ Innovation: The trends such as the integration of AI and ML algorithms is a pivotal trend in VPP development. These technologies contribute to the optimization of energy generation and consumption, boosting efficiency and cost-effectiveness. VPPs dynamically optimize their performance by employing real-time data analysis, ensuring responsiveness to varying energy demands and supply conditions. Secured data connections, often facilitated through wireless channels, form the backbone of VPP communication. This infrastructure enables the transmission of control commands and data between the central control system and connected assets in real time, allowing for effective monitoring and performance analysis.
- Market Development: The development of virtual power plant is essential to achieve shared goals for energy security, economic development, and climate change mitigation. Smart grids enable increased demand response and energy efficiency, integration of variable renewable energy resources into the power grid infrastructure while reducing peak demand and stabilizing the electricity system.
- Market Diversification: Schnedier Electric’s VPP4 Islands is a 4-year project aiming to smoothen the integration of renewable generation systems, promote the transition to smarter and cleaner energy, and help islands exploit different approaches to energy efficiency and innovative storage.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Siemens (Germany), Schneider Electric (France), General Electric (US), Shell (UK), Tesla (US) among others in the virtual power plant market.
1 INTRODUCTION
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
1.3.2 REGIONAL SCOPE
1.3.3 YEARS CONSIDERED
1.4 UNITS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
1.9 IMPACT OF RECESSION
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 1 VIRTUAL POWER PLANT MARKET: RESEARCH DESIGN
2.2 DATA TRIANGULATION
FIGURE 2 DATA TRIANGULATION
2.2.1 SECONDARY DATA
2.2.1.1 List of major secondary sources
2.2.1.2 Key data from secondary sources
2.2.2 PRIMARY DATA
2.2.2.1 Key data from primary sources
2.2.2.2 Key industry insights
2.2.2.3 Breakdown of primaries
2.3 MARKET SIZE ESTIMATION
2.3.1 BOTTOM-UP APPROACH
2.3.1.1 Approach to estimate market size using bottom-up analysis
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
2.3.2.1 Approach to estimate market size using top-down analysis
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
2.3.3 DEMAND-SIDE ANALYSIS
2.3.3.1 Calculations for demand-side analysis
2.3.3.2 Assumptions for demand-side analysis
2.3.4 SUPPLY-SIDE ANALYSIS
FIGURE 5 KEY STEPS CONSIDERED TO ASSESS SUPPLY OF VIRTUAL POWER PLANTS
FIGURE 6 VIRTUAL POWER PLANT MARKET: SUPPLY-SIDE ANALYSIS
2.3.4.1 Calculations for supply-side analysis
2.3.4.2 Assumptions for supply-side analysis
2.4 RESEARCH ASSUMPTIONS
2.5 RESEARCH LIMITATIONS
2.6 RISK ASSESSMENT
2.6.1 PARAMETERS CONSIDERED TO ANALYZE RECESSION IMPACT ON VIRTUAL POWER PLANT MARKET
2.7 RECESSION IMPACT
3 EXECUTIVE SUMMARY
TABLE 1 VIRTUAL POWER PLANT MARKET SNAPSHOT
FIGURE 7 DEMAND RESPONSE SEGMENT TO HOLD LARGEST MARKET SHARE IN 2024
FIGURE 8 SOFTWARE SEGMENT TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 9 RENEWABLE ENERGY SEGMENT TO LEAD MARKET IN 2029
FIGURE 10 COMMERCIAL SEGMENT TO DISPLAY HIGHEST GROWTH RATE DURING FORECAST PERIOD
FIGURE 11 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF GLOBAL VIRTUAL POWER PLANT MARKET IN 2023
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN VIRTUAL POWER PLANT MARKET
FIGURE 12 INCREASING INVESTMENTS IN RENEWABLE ENERGY TO REDUCE CARBON EMISSIONS TO DRIVE MARKET
4.2 VIRTUAL POWER PLANT MARKET IN NORTH AMERICA, BY VERTICAL AND COUNTRY
FIGURE 13 INDUSTRIAL SEGMENT AND US HELD LARGEST SHARES OF NORTH AMERICAN VIRTUAL POWER PLANT MARKET IN 2023
4.3 VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY
FIGURE 14 MIXED ASSET SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2029
4.4 VIRTUAL POWER PLANT MARKET, BY OFFERING
FIGURE 15 HARDWARE SEGMENT TO DOMINATE MARKET IN 2029
4.5 VIRTUAL POWER PLANT MARKET, BY SOURCE
FIGURE 16 RENEWABLE ENERGY SEGMENT TO COMMAND MARKET IN 2029
4.6 VIRTUAL POWER PLANT MARKET, BY VERTICAL
FIGURE 17 INDUSTRIAL SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2029
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 18 VIRTUAL POWER PLANT MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Seamless integration of virtual power plants with renewable sources
FIGURE 19 GLOBAL GREENHOUSE GAS EMISSIONS, 2018–2022
5.2.1.2 Pressing need to mitigate impact of intermittent renewable sources on stability and reliability of power grids
5.2.1.3 Decarbonization of power distribution systems
FIGURE 20 INVESTMENTS IN CLEAN ENERGY, 2017–2022
5.2.2 RESTRAINTS
5.2.2.1 Requirement to deploy highly expensive monitoring & control predictive analytics solutions
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing installation of smart grids
FIGURE 21 INVESTMENTS IN ELECTRICITY GRIDS, 2015–2022
5.2.4 CHALLENGES
5.2.4.1 Integration of different hardware and software components in VPPs
5.2.4.2 Cybersecurity threats due to use of digital infrastructure and communication networks
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
FIGURE 22 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
5.4 VALUE CHAIN ANALYSIS
FIGURE 23 VIRTUAL POWER PLANT MARKET: VALUE CHAIN ANALYSIS
5.4.1 RAW MATERIAL/COMPONENT PROVIDERS
5.4.2 VIRTUAL POWER PLANT SYSTEM PROVIDERS/INSTALLATION AND MAINTENANCE SERVICE PROVIDERS
5.4.3 END USERS/OPERATORS
5.5 ECOSYSTEM ANALYSIS
TABLE 2 COMPANIES AND THEIR ROLES IN VIRTUAL POWER PLANT ECOSYSTEM
FIGURE 24 ECOSYSTEM/MARKET MAP
5.6 TECHNOLOGY ANALYSIS
5.6.1 AI OPTIMIZATION AND BLOCKCHAIN TRANSPARENCY
5.7 PRICING ANALYSIS
TABLE 3 INDICATIVE PRICING TREND OF VIRTUAL POWER PLANTS, BY OFFERING (USD/KW)
FIGURE 25 INDICATIVE PRICING ANALYSIS OF VIRTUAL POWER PLANT (USD/KW)
TABLE 4 AVERAGE SELLING PRICE (ASP) TREND OF VIRTUAL POWER PLANTS, BY REGION (USD/KW)
FIGURE 26 AVERAGE SELLING PRICE (ASP) OF VIRTUAL POWER PLANTS, BY REGION (USD/KW)
5.8 TARIFFS, HS CODES, AND REGULATORY LANDSCAPE
5.8.1 TARIFFS RELATED TO VIRTUAL POWER PLANTS
TABLE 5 IMPORT TARIFFS FOR HS 8507-COMPLIANT PRODUCTS, 2022
5.8.2 REGULATORY LANDSCAPE
TABLE 6 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 7 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 8 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 9 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.8.3 CODES AND REGULATIONS
TABLE 10 VIRTUAL POWER PLANT MARKET: HS CODES AND REGULATIONS
5.9 PATENT ANALYSIS, 2020–2023
TABLE 11 VIRTUAL POWER PLANT MARKET: LIST OF PATENTS, 2020–2023
5.10 TRADE ANALYSIS
FIGURE 27 IMPORT AND EXPORT SCENARIO FOR HS CODE 8544-COMPLIANT PRODUCTS, 2018–2022 (USD THOUSAND)
TABLE 12 TRADE DATA FOR HS CODE 8507-COMPLIANT PRODUCTS, 2018–2022 (USD THOUSAND)
5.10.1 IMPORT SCENARIO
TABLE 13 IMPORT SCENARIO FOR HS CODE 8507-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND)
5.10.2 EXPORT SCENARIO
TABLE 14 EXPORT SCENARIO FOR HS CODE 8507-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND)
5.11 PORTER’S FIVE FORCES ANALYSIS
TABLE 15 VIRTUAL POWER PLANT MARKET: PORTER’S FIVE FORCES ANALYSIS
FIGURE 28 VIRTUAL POWER PLANT MARKET: PORTER’S FIVE FORCES ANALYSIS
5.11.1 THREAT OF SUBSTITUTES
5.11.2 BARGAINING POWER OF SUPPLIERS
5.11.3 BARGAINING POWER OF BUYERS
5.11.4 THREAT OF NEW ENTRANTS
5.11.5 INTENSITY OF COMPETITIVE RIVALRY
5.12 KEY CONFERENCES AND EVENTS, 2024
TABLE 16 VIRTUAL POWER PLANT MARKET: LIST OF CONFERENCES AND EVENTS, 2024
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 29 KEY STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE VERTICALS
TABLE 17 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS
5.13.2 BUYING CRITERIA
FIGURE 30 KEY BUYING CRITERIA FOR TOP THREE VERTICALS
TABLE 18 KEY BUYING CRITERIA FOR TOP THREE VERTICALS
5.14 CASE STUDY ANALYSIS
5.14.1 OATI DEPLOYS WEB DISTRIBUTION ASSIST EPB TO IMPLEMENT COMPREHENSIVE DEMAND RESPONSE MANAGEMENT SYSTEM TO MONITOR THEIR DISTRIBUTED ENERGY RESOURCES EFFECTIVELY
5.14.2 VIRTUAL POWER STATION TECHNOLOGY HELPS OVERCOME RELIABILITY CHALLENGES ASSOCIATED WITH RENEWABLE ENERGY SUPPLY
5.14.3 AUSGRID AND EVERGEN PARTNERED TO ADDRESS CHALLENGES OF INTEGRATING RENEWABLES AND MAXIMIZING USE OF CUSTOMER-OWNED BATTERIES
6 VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY
6.1 INTRODUCTION
FIGURE 31 DEMAND RESPONSE SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
TABLE 19 VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 20 VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
6.2 DEMAND RESPONSE
6.2.1 EFFECTIVE OPTIMIZATION OF ENERGY USAGE DURING GRID STRESS TO ACCELERATE DEMAND
TABLE 21 DEMAND RESPONSE: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 22 DEMAND RESPONSE: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
6.3 SUPPLY SIDE
6.3.1 ABILITY TO INTEGRATE VARIOUS DISTRIBUTED ENERGY SOURCES TO BOOST DEMAND
TABLE 23 SUPPLY SIDE: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 24 SUPPLY SIDE: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
6.4 MIXED ASSET
6.4.1 DECLINING COSTS OF DISTRIBUTED ENERGY SOURCES TO DRIVE MARKET
TABLE 25 MIXED ASSET: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 26 MIXED ASSET: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
7 VIRTUAL POWER PLANT MARKET, BY VERTICAL
7.1 INTRODUCTION
FIGURE 32 INDUSTRIAL SEGMENT SECURED LARGEST MARKET SHARE IN 2023
TABLE 27 VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2019–2022 (USD MILLION)
TABLE 28 VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
7.2 COMMERCIAL
7.2.1 REDUCED WORKLOAD AND COST OPTIMIZATION TO FOSTER SEGMENTAL GROWTH
TABLE 29 COMMERCIAL: VIRTUAL POWER PLANT MARKET, BY REGION 2019–2022 (USD MILLION)
TABLE 30 COMMERCIAL: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
7.3 INDUSTRIAL
7.3.1 SIGNIFICANT CONTRIBUTION IN REDUCING SCOPE 2 EMISSIONS TO BOOST DEMAND
TABLE 31 INDUSTRIAL: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 32 INDUSTRIAL: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
7.4 RESIDENTIAL
7.4.1 INCREASING ADOPTION OF EVS AND ROOFTOP PVS TO FUEL DEMAND
TABLE 33 RESIDENTIAL: VIRTUAL POWER PLANT MARKET, BY REGION 2019–2022 (USD MILLION)
TABLE 34 RESIDENTIAL: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
8 VIRTUAL POWER PLANT MARKET, BY OFFERING
8.1 INTRODUCTION
FIGURE 33 HARDWARE SEGMENT DOMINATED MARKET IN 2023
TABLE 35 VIRTUAL POWER PLANT MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
TABLE 36 VIRTUAL POWER PLANT MARKET, BY COMPONENT, 2023–2029 (USD MILLION)
8.2 HARDWARE
8.2.1 NEED FOR REAL-TIME MONITORING AND OPTIMIZATION OF DERS TO BOOST DEMAND
TABLE 37 HARDWARE: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 38 HARDWARE: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
8.3 SOFTWARE
8.3.1 USE OF ADVANCED ALGORITHMS TO FACILITATE INFORMED DECISION-MAKING TO DRIVE MARKET
TABLE 39 SOFTWARE: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 40 SOFTWARE: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
8.4 SERVICES
8.4.1 REQUIREMENT OF OPERATIONAL SUPPORT AND STRATEGIC GUIDANCE WHILE VPP DEPLOYMENT TO FOSTER SEGMENTAL GROWTH
TABLE 41 SERVICES: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 42 SERVICES: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
9 VIRTUAL POWER PLANT MARKET, BY SOURCE
9.1 INTRODUCTION
FIGURE 34 RENEWABLE ENERGY SECURED LARGEST MARKET SHARE IN 2023
TABLE 43 VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 44 VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
9.2 RENEWABLE ENERGY
9.2.1 DIVERSIFICATION OF ENERGY MIX AND DECENTRALIZATION OF POWER GENERATION TO BOOST DEMAND
TABLE 45 RENEWABLE ENERGY: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 46 RENEWABLE ENERGY: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
9.3 STORAGE
9.3.1 ENERGY OPTIMIZATION WITH INTEGRATION OF DIVERSE ENERGY STORAGE SYSTEMS TO DRIVE MARKET
TABLE 47 STORAGE: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 48 STORAGE: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
9.4 COGENERATION
9.4.1 ENHANCED ENERGY EFFICIENCY BY UTILIZING WASTE HEAT TO OFFER LUCRATIVE GROWTH OPPORTUNITIES TO PLAYERS
TABLE 49 COGENERATION: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 50 COGENERATION: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
10 VIRTUAL POWER PLANT MARKET, BY REGION
10.1 INTRODUCTION
FIGURE 35 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN GLOBAL VIRTUAL POWER PLANT MARKET DURING FORECAST PERIOD
FIGURE 36 NORTH AMERICA SECURED LARGEST MARKET SHARE IN 2023
TABLE 51 VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 52 VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
10.2 NORTH AMERICA
10.2.1 RECESSION IMPACT ON MARKET IN NORTH AMERICA
TABLE 53 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 54 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
TABLE 55 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2019–2022 (USD MILLION)
TABLE 56 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2023–2029 (USD MILLION)
TABLE 57 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 58 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
TABLE 59 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL 2019–2022 (USD MILLION)
TABLE 60 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
TABLE 61 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 62 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
10.2.2 US
10.2.2.1 Government-led initiatives to boost importance of renewable sources to drive market
TABLE 63 US: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 64 US: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.2.3 CANADA
10.2.3.1 Initiatives to provide green energy and reduce electricity rates to accelerate demand
TABLE 65 CANADA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 66 CANADA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.3 ASIA PACIFIC
FIGURE 37 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET SNAPSHOT
10.3.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC
TABLE 67 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 68 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
TABLE 69 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2019–2022 (USD MILLION)
TABLE 70 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2023–2029 (USD MILLION)
TABLE 71 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 72 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
TABLE 73 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2019–2022 (USD MILLION)
TABLE 74 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
TABLE 75 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 76 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
10.3.2 AUSTRALIA
10.3.2.1 Government policy incentives and environmental sustainability goals to boost demand
TABLE 77 AUSTRALIA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 78 AUSTRALIA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.3.3 SOUTH KOREA
10.3.3.1 Increasing public–private collaborations to establish renewable infrastructure to drive market
TABLE 79 SOUTH KOREA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 80 SOUTH KOREA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.3.4 JAPAN
10.3.4.1 Growing investment by foreign players to offer lucrative market growth opportunities
TABLE 81 JAPAN: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 82 JAPAN: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.3.5 REST OF ASIA PACIFIC
TABLE 83 REST OF ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 84 REST OF ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.4 EUROPE
FIGURE 38 EUROPE: VIRTUAL POWER PLANT MARKET SNAPSHOT
10.4.1 RECESSION IMPACT ON MARKET IN EUROPE
TABLE 85 EUROPE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 86 EUROPE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
TABLE 87 EUROPE: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2019–2022 (USD MILLION)
TABLE 88 EUROPE: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2023–2029 (USD MILLION)
TABLE 89 EUROPE: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 90 EUROPE: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
TABLE 91 EUROPE: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2019–2022 (USD MILLION)
TABLE 92 EUROPE: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
TABLE 93 EUROPE: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 94 EUROPE: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
10.4.2 UK
10.4.2.1 Growing investments by UK Infrastructure Bank in energy sector to drive market
TABLE 95 UK: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 96 UK: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.4.3 GERMANY
10.4.3.1 Thriving renewable energy sector to boost demand
TABLE 97 GERMANY: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 98 GERMANY: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.4.4 FRANCE
10.4.4.1 Government-led initiatives to innovate renewable energy projects to accelerate demand
TABLE 99 FRANCE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 100 FRANCE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.4.5 DENMARK
10.4.5.1 Initiatives to make electricity sector fossil-free by 2030 to fuel demand
TABLE 101 DENMARK: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 102 DENMARK: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.4.6 REST OF EUROPE
TABLE 103 REST OF EUROPE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 104 REST OF EUROPE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.5 MIDDLE EAST & AFRICA
10.5.1 RECESSION IMPACT ON MARKET IN MIDDLE EAST & AFRICA
TABLE 105 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 106 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
TABLE 107 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2019–2022 (USD MILLION)
TABLE 108 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2023–2029 (USD MILLION)
TABLE 109 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 110 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
TABLE 111 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL 2019–2022 (USD MILLION)
TABLE 112 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
TABLE 113 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 114 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 115 GCC COUNTRIES: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 116 GCC COUNTRIES: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
10.5.2 GCC COUNTRIES
10.5.2.1 Growing FDIs in renewable energy sector to accelerate demand
TABLE 117 GCC COUNTRIES: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 118 GCC COUNTRIES: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.5.3 SOUTH AFRICA
10.5.3.1 Adoption of clean energy technologies to boost demand
TABLE 119 SOUTH AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 120 SOUTH AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.5.4 TURKEY
10.5.4.1 Integration of renewable sources into power grids to drive market
TABLE 121 TURKEY: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 122 TURKEY: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.5.5 REST OF MIDDLE EAST & AFRICA
TABLE 123 REST OF MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 124 REST OF MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.6 SOUTH AMERICA
10.6.1 RECESSION IMPACT ON MARKET IN SOUTH AMERICA
TABLE 125 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 126 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
TABLE 127 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2019–2022 (USD MILLION)
TABLE 128 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2023–2029 (USD MILLION)
TABLE 129 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 130 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
TABLE 131 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2019–2022 (USD MILLION)
TABLE 132 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
TABLE 133 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 134 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
10.6.2 BRAZIL
10.6.2.1 Growing initiatives by players to implement VPP models to surge demand
TABLE 135 BRAZIL: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 136 BRAZIL: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.6.3 REST OF SOUTH AMERICA
TABLE 137 REST OF SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 138 REST OF SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
11 COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 STRATEGIES ADOPTED BY MAJOR PLAYERS, 2020–2023
TABLE 139 VIRTUAL POWER PLANT MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2023
11.3 MARKET SHARE ANALYSIS, 2023
FIGURE 39 VIRTUAL POWER PLANT MARKET SHARE ANALYSIS, 2023
TABLE 140 VIRTUAL POWER PLANT MARKET SHARE ANALYSIS, 2023
FIGURE 40 VIRTUAL POWER PLANT MARKET SHARE ANALYSIS, 2022
11.4 REVENUE ANALYSIS, 2018–2022
FIGURE 41 VIRTUAL POWER PLANT MARKET: REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2018–2022
11.5 COMPANY EVALUATION MATRIX, 2023
11.5.1 STARS
11.5.2 EMERGING LEADERS
11.5.3 PERVASIVE PLAYERS
11.5.4 PARTICIPANTS
FIGURE 42 VIRTUAL POWER PLANT MARKET: COMPANY EVALUATION MATRIX, 2023
11.5.5 COMPANY FOOTPRINT
TABLE 141 OVERALL COMPANY FOOTPRINT
TABLE 142 TECHNOLOGY: COMPANY FOOTPRINT
TABLE 143 OFFERING: COMPANY FOOTPRINT
TABLE 144 VERTICAL: COMPANY FOOTPRINT
TABLE 145 REGION: COMPANY FOOTPRINT
11.6 START-UPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) EVALUATION MATRIX, 2023
11.6.1 PROGRESSIVE COMPANIES
11.6.2 RESPONSIVE COMPANIES
11.6.3 DYNAMIC COMPANIES
11.6.4 STARTING BLOCKS
FIGURE 43 VIRTUAL POWER PLANT MARKET: START-UP/SME EVALUATION MATRIX, 2022
11.6.5 COMPETITIVE BENCHMARKING
TABLE 146 VIRTUAL POWER PLANT MARKET: LIST OF KEY START-UPS/SMES
TABLE 147 VIRTUAL POWER PLANT MARKET: COMPETITIVE BENCHMARKING OF START-UPS
11.7 COMPETITIVE SCENARIOS AND TRENDS
11.7.1 PRODUCT LAUNCHES, 2020–2023
TABLE 148 VIRTUAL POWER PLANT MARKET: PRODUCT LAUNCHES, 2020–2023
11.7.2 DEALS, 2020–2023
TABLE 149 VIRTUAL POWER PLANT MARKET: DEALS, 2020–2023
12 COMPANY PROFILES
12.1 KEY PLAYERS
(Business overview, Products /Solutions/Services offered, Recent developments, Deals, MnM view, Key strengths/Right to win, Strategic choices made, and Weaknesses and Competitive threats)*
12.1.1 SIEMENS
TABLE 150 SIEMENS: COMPANY OVERVIEW
FIGURE 44 SIEMENS: COMPANY SNAPSHOT
TABLE 151 SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 152 SIEMENS: DEALS
12.1.2 SCHNEIDER ELECTRIC
TABLE 153 SCHNEIDER ELECTRIC: COMPANY OVERVIEW
FIGURE 45 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
TABLE 154 SCHNEIDER ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 155 SCHNEIDER ELECTRIC: DEALS
12.1.3 GENERAL ELECTRIC
TABLE 156 GENERAL ELECTRIC: COMPANY OVERVIEW
FIGURE 46 GENERAL ELECTRIC: COMPANY SNAPSHOT
TABLE 157 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 158 GENERAL ELECTRIC: DEALS
12.1.4 SHELL
TABLE 159 SHELL: COMPANY OVERVIEW
FIGURE 47 SHELL: COMPANY SNAPSHOT
TABLE 160 SHELL: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 161 SHELL: DEALS
12.1.5 ABB
TABLE 162 ABB: COMPANY OVERVIEW
FIGURE 48 ABB: COMPANY SNAPSHOT
TABLE 163 ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 164 ABB: DEALS
12.1.6 TESLA
TABLE 165 TESLA: COMPANY OVERVIEW
FIGURE 49 TESLA: COMPANY SNAPSHOT
TABLE 166 TESLA: PRODUCTS/SOLUTIONS/SERVICES OFFERED
12.1.7 CPOWER
TABLE 167 CPOWER: COMPANY OVERVIEW
TABLE 168 CPOWER: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 169 CPOWER: DEALS
12.1.8 IBM
TABLE 170 IBM: COMPANY OVERVIEW
FIGURE 50 IBM: COMPANY SNAPSHOT
TABLE 171 IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED
12.1.9 HITACHI ENERGY LTD.
TABLE 172 HITACHI ENERGY LTD.: BUSINESS OVERVIEW
TABLE 173 HITACHI ENERGY LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 174 HITACHI ENERGY LTD.: DEALS
12.1.10 GENERAC POWER SYSTEMS, INC.
TABLE 175 GENERAC POWER SYSTEMS: COMPANY OVERVIEW
FIGURE 51 GENERAC POWER SYSTEMS: COMPANY SNAPSHOT
TABLE 176 GENERAC POWER SYSTEMS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 177 GENERAC POWER SYSTEMS: DEALS
12.1.11 FLEXITRICITY
TABLE 178 FLEXITRICITY: COMPANY OVERVIEW
TABLE 179 FLEXITRICITY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 180 FLEXITRICITY: DEALS
12.1.12 OLIVINE, INC.
TABLE 181 OLIVINE, INC.: COMPANY OVERVIEW
TABLE 182 OLIVINE, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 183 OLIVINE, INC.: DEALS
12.1.13 LUMENAZA GMBH
TABLE 184 LUMENAZA GMBH: COMPANY OVERVIEW
TABLE 185 LUMENAZA GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED
12.1.14 STEM, INC.
TABLE 186 STEM, INC.: COMPANY OVERVIEW
FIGURE 52 STEM, INC.: COMPANY SNAPSHOT
TABLE 187 STEM, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 188 STEM, INC.: PRODUCT LAUNCHES
TABLE 189 STEM, INC.: DEALS
12.1.15 OPEN ACCESS TECHNOLOGY INTERNATIONAL, INC.
TABLE 190 OPEN ACCESS TECHNOLOGY INTERNATIONAL, INC.: COMPANY OVERVIEW
TABLE 191 OPEN ACCESS TECHNOLOGY INTERNATIONAL, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
12.1.16 SPIRAE
TABLE 192 SPIRAE: COMPANY OVERVIEW
TABLE 193 SPIRAE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
12.2 OTHER PLAYERS
12.2.1 ARGAND SOLUTIONS
12.2.2 KRAKENFLEX LIMITED
12.2.3 HAVEN ENERGY
12.2.4 ENERGY & METEO SYSTEMS GMBH
*Details on Business overview, Products /Solutions/Services offered, Recent developments, Deals, MnM view, Key strengths/Right to win, Strategic choices made, and Weaknesses and Competitive threats might not be captured in case of unlisted companies.
13 APPENDIX
13.1 INSIGHTS FROM INDUSTRY EXPERTS
13.2 DISCUSSION GUIDE
13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.4 CUSTOMIZATION OPTIONS
13.5 RELATED REPORTS
13.6 AUTHOR DETAILS
1.1 STUDY OBJECTIVES
1.2 MARKET DEFINITION
1.2.1 INCLUSIONS AND EXCLUSIONS
1.3 STUDY SCOPE
1.3.1 MARKETS COVERED
1.3.2 REGIONAL SCOPE
1.3.3 YEARS CONSIDERED
1.4 UNITS CONSIDERED
1.5 CURRENCY CONSIDERED
1.6 LIMITATIONS
1.7 STAKEHOLDERS
1.8 SUMMARY OF CHANGES
1.9 IMPACT OF RECESSION
2 RESEARCH METHODOLOGY
2.1 RESEARCH DATA
FIGURE 1 VIRTUAL POWER PLANT MARKET: RESEARCH DESIGN
2.2 DATA TRIANGULATION
FIGURE 2 DATA TRIANGULATION
2.2.1 SECONDARY DATA
2.2.1.1 List of major secondary sources
2.2.1.2 Key data from secondary sources
2.2.2 PRIMARY DATA
2.2.2.1 Key data from primary sources
2.2.2.2 Key industry insights
2.2.2.3 Breakdown of primaries
2.3 MARKET SIZE ESTIMATION
2.3.1 BOTTOM-UP APPROACH
2.3.1.1 Approach to estimate market size using bottom-up analysis
FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH
2.3.2 TOP-DOWN APPROACH
2.3.2.1 Approach to estimate market size using top-down analysis
FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
2.3.3 DEMAND-SIDE ANALYSIS
2.3.3.1 Calculations for demand-side analysis
2.3.3.2 Assumptions for demand-side analysis
2.3.4 SUPPLY-SIDE ANALYSIS
FIGURE 5 KEY STEPS CONSIDERED TO ASSESS SUPPLY OF VIRTUAL POWER PLANTS
FIGURE 6 VIRTUAL POWER PLANT MARKET: SUPPLY-SIDE ANALYSIS
2.3.4.1 Calculations for supply-side analysis
2.3.4.2 Assumptions for supply-side analysis
2.4 RESEARCH ASSUMPTIONS
2.5 RESEARCH LIMITATIONS
2.6 RISK ASSESSMENT
2.6.1 PARAMETERS CONSIDERED TO ANALYZE RECESSION IMPACT ON VIRTUAL POWER PLANT MARKET
2.7 RECESSION IMPACT
3 EXECUTIVE SUMMARY
TABLE 1 VIRTUAL POWER PLANT MARKET SNAPSHOT
FIGURE 7 DEMAND RESPONSE SEGMENT TO HOLD LARGEST MARKET SHARE IN 2024
FIGURE 8 SOFTWARE SEGMENT TO EXHIBIT HIGHEST CAGR DURING FORECAST PERIOD
FIGURE 9 RENEWABLE ENERGY SEGMENT TO LEAD MARKET IN 2029
FIGURE 10 COMMERCIAL SEGMENT TO DISPLAY HIGHEST GROWTH RATE DURING FORECAST PERIOD
FIGURE 11 NORTH AMERICA ACCOUNTED FOR LARGEST SHARE OF GLOBAL VIRTUAL POWER PLANT MARKET IN 2023
4 PREMIUM INSIGHTS
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN VIRTUAL POWER PLANT MARKET
FIGURE 12 INCREASING INVESTMENTS IN RENEWABLE ENERGY TO REDUCE CARBON EMISSIONS TO DRIVE MARKET
4.2 VIRTUAL POWER PLANT MARKET IN NORTH AMERICA, BY VERTICAL AND COUNTRY
FIGURE 13 INDUSTRIAL SEGMENT AND US HELD LARGEST SHARES OF NORTH AMERICAN VIRTUAL POWER PLANT MARKET IN 2023
4.3 VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY
FIGURE 14 MIXED ASSET SEGMENT TO ACCOUNT FOR LARGEST MARKET SHARE IN 2029
4.4 VIRTUAL POWER PLANT MARKET, BY OFFERING
FIGURE 15 HARDWARE SEGMENT TO DOMINATE MARKET IN 2029
4.5 VIRTUAL POWER PLANT MARKET, BY SOURCE
FIGURE 16 RENEWABLE ENERGY SEGMENT TO COMMAND MARKET IN 2029
4.6 VIRTUAL POWER PLANT MARKET, BY VERTICAL
FIGURE 17 INDUSTRIAL SEGMENT TO CAPTURE LARGEST MARKET SHARE IN 2029
5 MARKET OVERVIEW
5.1 INTRODUCTION
5.2 MARKET DYNAMICS
FIGURE 18 VIRTUAL POWER PLANT MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES
5.2.1 DRIVERS
5.2.1.1 Seamless integration of virtual power plants with renewable sources
FIGURE 19 GLOBAL GREENHOUSE GAS EMISSIONS, 2018–2022
5.2.1.2 Pressing need to mitigate impact of intermittent renewable sources on stability and reliability of power grids
5.2.1.3 Decarbonization of power distribution systems
FIGURE 20 INVESTMENTS IN CLEAN ENERGY, 2017–2022
5.2.2 RESTRAINTS
5.2.2.1 Requirement to deploy highly expensive monitoring & control predictive analytics solutions
5.2.3 OPPORTUNITIES
5.2.3.1 Increasing installation of smart grids
FIGURE 21 INVESTMENTS IN ELECTRICITY GRIDS, 2015–2022
5.2.4 CHALLENGES
5.2.4.1 Integration of different hardware and software components in VPPs
5.2.4.2 Cybersecurity threats due to use of digital infrastructure and communication networks
5.3 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
FIGURE 22 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES
5.4 VALUE CHAIN ANALYSIS
FIGURE 23 VIRTUAL POWER PLANT MARKET: VALUE CHAIN ANALYSIS
5.4.1 RAW MATERIAL/COMPONENT PROVIDERS
5.4.2 VIRTUAL POWER PLANT SYSTEM PROVIDERS/INSTALLATION AND MAINTENANCE SERVICE PROVIDERS
5.4.3 END USERS/OPERATORS
5.5 ECOSYSTEM ANALYSIS
TABLE 2 COMPANIES AND THEIR ROLES IN VIRTUAL POWER PLANT ECOSYSTEM
FIGURE 24 ECOSYSTEM/MARKET MAP
5.6 TECHNOLOGY ANALYSIS
5.6.1 AI OPTIMIZATION AND BLOCKCHAIN TRANSPARENCY
5.7 PRICING ANALYSIS
TABLE 3 INDICATIVE PRICING TREND OF VIRTUAL POWER PLANTS, BY OFFERING (USD/KW)
FIGURE 25 INDICATIVE PRICING ANALYSIS OF VIRTUAL POWER PLANT (USD/KW)
TABLE 4 AVERAGE SELLING PRICE (ASP) TREND OF VIRTUAL POWER PLANTS, BY REGION (USD/KW)
FIGURE 26 AVERAGE SELLING PRICE (ASP) OF VIRTUAL POWER PLANTS, BY REGION (USD/KW)
5.8 TARIFFS, HS CODES, AND REGULATORY LANDSCAPE
5.8.1 TARIFFS RELATED TO VIRTUAL POWER PLANTS
TABLE 5 IMPORT TARIFFS FOR HS 8507-COMPLIANT PRODUCTS, 2022
5.8.2 REGULATORY LANDSCAPE
TABLE 6 NORTH AMERICA: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 7 EUROPE: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 8 ASIA PACIFIC: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
TABLE 9 ROW: LIST OF REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
5.8.3 CODES AND REGULATIONS
TABLE 10 VIRTUAL POWER PLANT MARKET: HS CODES AND REGULATIONS
5.9 PATENT ANALYSIS, 2020–2023
TABLE 11 VIRTUAL POWER PLANT MARKET: LIST OF PATENTS, 2020–2023
5.10 TRADE ANALYSIS
FIGURE 27 IMPORT AND EXPORT SCENARIO FOR HS CODE 8544-COMPLIANT PRODUCTS, 2018–2022 (USD THOUSAND)
TABLE 12 TRADE DATA FOR HS CODE 8507-COMPLIANT PRODUCTS, 2018–2022 (USD THOUSAND)
5.10.1 IMPORT SCENARIO
TABLE 13 IMPORT SCENARIO FOR HS CODE 8507-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND)
5.10.2 EXPORT SCENARIO
TABLE 14 EXPORT SCENARIO FOR HS CODE 8507-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND)
5.11 PORTER’S FIVE FORCES ANALYSIS
TABLE 15 VIRTUAL POWER PLANT MARKET: PORTER’S FIVE FORCES ANALYSIS
FIGURE 28 VIRTUAL POWER PLANT MARKET: PORTER’S FIVE FORCES ANALYSIS
5.11.1 THREAT OF SUBSTITUTES
5.11.2 BARGAINING POWER OF SUPPLIERS
5.11.3 BARGAINING POWER OF BUYERS
5.11.4 THREAT OF NEW ENTRANTS
5.11.5 INTENSITY OF COMPETITIVE RIVALRY
5.12 KEY CONFERENCES AND EVENTS, 2024
TABLE 16 VIRTUAL POWER PLANT MARKET: LIST OF CONFERENCES AND EVENTS, 2024
5.13 KEY STAKEHOLDERS AND BUYING CRITERIA
5.13.1 KEY STAKEHOLDERS IN BUYING PROCESS
FIGURE 29 KEY STAKEHOLDERS IN BUYING PROCESS FOR TOP THREE VERTICALS
TABLE 17 INFLUENCE OF STAKEHOLDERS ON BUYING PROCESS FOR TOP THREE VERTICALS
5.13.2 BUYING CRITERIA
FIGURE 30 KEY BUYING CRITERIA FOR TOP THREE VERTICALS
TABLE 18 KEY BUYING CRITERIA FOR TOP THREE VERTICALS
5.14 CASE STUDY ANALYSIS
5.14.1 OATI DEPLOYS WEB DISTRIBUTION ASSIST EPB TO IMPLEMENT COMPREHENSIVE DEMAND RESPONSE MANAGEMENT SYSTEM TO MONITOR THEIR DISTRIBUTED ENERGY RESOURCES EFFECTIVELY
5.14.2 VIRTUAL POWER STATION TECHNOLOGY HELPS OVERCOME RELIABILITY CHALLENGES ASSOCIATED WITH RENEWABLE ENERGY SUPPLY
5.14.3 AUSGRID AND EVERGEN PARTNERED TO ADDRESS CHALLENGES OF INTEGRATING RENEWABLES AND MAXIMIZING USE OF CUSTOMER-OWNED BATTERIES
6 VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY
6.1 INTRODUCTION
FIGURE 31 DEMAND RESPONSE SEGMENT ACCOUNTED FOR LARGEST MARKET SHARE IN 2023
TABLE 19 VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 20 VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
6.2 DEMAND RESPONSE
6.2.1 EFFECTIVE OPTIMIZATION OF ENERGY USAGE DURING GRID STRESS TO ACCELERATE DEMAND
TABLE 21 DEMAND RESPONSE: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 22 DEMAND RESPONSE: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
6.3 SUPPLY SIDE
6.3.1 ABILITY TO INTEGRATE VARIOUS DISTRIBUTED ENERGY SOURCES TO BOOST DEMAND
TABLE 23 SUPPLY SIDE: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 24 SUPPLY SIDE: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
6.4 MIXED ASSET
6.4.1 DECLINING COSTS OF DISTRIBUTED ENERGY SOURCES TO DRIVE MARKET
TABLE 25 MIXED ASSET: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 26 MIXED ASSET: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
7 VIRTUAL POWER PLANT MARKET, BY VERTICAL
7.1 INTRODUCTION
FIGURE 32 INDUSTRIAL SEGMENT SECURED LARGEST MARKET SHARE IN 2023
TABLE 27 VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2019–2022 (USD MILLION)
TABLE 28 VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
7.2 COMMERCIAL
7.2.1 REDUCED WORKLOAD AND COST OPTIMIZATION TO FOSTER SEGMENTAL GROWTH
TABLE 29 COMMERCIAL: VIRTUAL POWER PLANT MARKET, BY REGION 2019–2022 (USD MILLION)
TABLE 30 COMMERCIAL: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
7.3 INDUSTRIAL
7.3.1 SIGNIFICANT CONTRIBUTION IN REDUCING SCOPE 2 EMISSIONS TO BOOST DEMAND
TABLE 31 INDUSTRIAL: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 32 INDUSTRIAL: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
7.4 RESIDENTIAL
7.4.1 INCREASING ADOPTION OF EVS AND ROOFTOP PVS TO FUEL DEMAND
TABLE 33 RESIDENTIAL: VIRTUAL POWER PLANT MARKET, BY REGION 2019–2022 (USD MILLION)
TABLE 34 RESIDENTIAL: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
8 VIRTUAL POWER PLANT MARKET, BY OFFERING
8.1 INTRODUCTION
FIGURE 33 HARDWARE SEGMENT DOMINATED MARKET IN 2023
TABLE 35 VIRTUAL POWER PLANT MARKET, BY COMPONENT, 2019–2022 (USD MILLION)
TABLE 36 VIRTUAL POWER PLANT MARKET, BY COMPONENT, 2023–2029 (USD MILLION)
8.2 HARDWARE
8.2.1 NEED FOR REAL-TIME MONITORING AND OPTIMIZATION OF DERS TO BOOST DEMAND
TABLE 37 HARDWARE: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 38 HARDWARE: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
8.3 SOFTWARE
8.3.1 USE OF ADVANCED ALGORITHMS TO FACILITATE INFORMED DECISION-MAKING TO DRIVE MARKET
TABLE 39 SOFTWARE: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 40 SOFTWARE: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
8.4 SERVICES
8.4.1 REQUIREMENT OF OPERATIONAL SUPPORT AND STRATEGIC GUIDANCE WHILE VPP DEPLOYMENT TO FOSTER SEGMENTAL GROWTH
TABLE 41 SERVICES: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 42 SERVICES: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
9 VIRTUAL POWER PLANT MARKET, BY SOURCE
9.1 INTRODUCTION
FIGURE 34 RENEWABLE ENERGY SECURED LARGEST MARKET SHARE IN 2023
TABLE 43 VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 44 VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
9.2 RENEWABLE ENERGY
9.2.1 DIVERSIFICATION OF ENERGY MIX AND DECENTRALIZATION OF POWER GENERATION TO BOOST DEMAND
TABLE 45 RENEWABLE ENERGY: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 46 RENEWABLE ENERGY: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
9.3 STORAGE
9.3.1 ENERGY OPTIMIZATION WITH INTEGRATION OF DIVERSE ENERGY STORAGE SYSTEMS TO DRIVE MARKET
TABLE 47 STORAGE: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 48 STORAGE: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
9.4 COGENERATION
9.4.1 ENHANCED ENERGY EFFICIENCY BY UTILIZING WASTE HEAT TO OFFER LUCRATIVE GROWTH OPPORTUNITIES TO PLAYERS
TABLE 49 COGENERATION: VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 50 COGENERATION: VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
10 VIRTUAL POWER PLANT MARKET, BY REGION
10.1 INTRODUCTION
FIGURE 35 ASIA PACIFIC TO EXHIBIT HIGHEST CAGR IN GLOBAL VIRTUAL POWER PLANT MARKET DURING FORECAST PERIOD
FIGURE 36 NORTH AMERICA SECURED LARGEST MARKET SHARE IN 2023
TABLE 51 VIRTUAL POWER PLANT MARKET, BY REGION, 2019–2022 (USD MILLION)
TABLE 52 VIRTUAL POWER PLANT MARKET, BY REGION, 2023–2029 (USD MILLION)
10.2 NORTH AMERICA
10.2.1 RECESSION IMPACT ON MARKET IN NORTH AMERICA
TABLE 53 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 54 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
TABLE 55 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2019–2022 (USD MILLION)
TABLE 56 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2023–2029 (USD MILLION)
TABLE 57 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 58 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
TABLE 59 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL 2019–2022 (USD MILLION)
TABLE 60 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
TABLE 61 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 62 NORTH AMERICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
10.2.2 US
10.2.2.1 Government-led initiatives to boost importance of renewable sources to drive market
TABLE 63 US: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 64 US: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.2.3 CANADA
10.2.3.1 Initiatives to provide green energy and reduce electricity rates to accelerate demand
TABLE 65 CANADA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 66 CANADA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.3 ASIA PACIFIC
FIGURE 37 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET SNAPSHOT
10.3.1 RECESSION IMPACT ON MARKET IN ASIA PACIFIC
TABLE 67 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 68 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
TABLE 69 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2019–2022 (USD MILLION)
TABLE 70 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2023–2029 (USD MILLION)
TABLE 71 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 72 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
TABLE 73 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2019–2022 (USD MILLION)
TABLE 74 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
TABLE 75 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 76 ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
10.3.2 AUSTRALIA
10.3.2.1 Government policy incentives and environmental sustainability goals to boost demand
TABLE 77 AUSTRALIA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 78 AUSTRALIA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.3.3 SOUTH KOREA
10.3.3.1 Increasing public–private collaborations to establish renewable infrastructure to drive market
TABLE 79 SOUTH KOREA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 80 SOUTH KOREA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.3.4 JAPAN
10.3.4.1 Growing investment by foreign players to offer lucrative market growth opportunities
TABLE 81 JAPAN: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 82 JAPAN: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.3.5 REST OF ASIA PACIFIC
TABLE 83 REST OF ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 84 REST OF ASIA PACIFIC: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.4 EUROPE
FIGURE 38 EUROPE: VIRTUAL POWER PLANT MARKET SNAPSHOT
10.4.1 RECESSION IMPACT ON MARKET IN EUROPE
TABLE 85 EUROPE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 86 EUROPE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
TABLE 87 EUROPE: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2019–2022 (USD MILLION)
TABLE 88 EUROPE: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2023–2029 (USD MILLION)
TABLE 89 EUROPE: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 90 EUROPE: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
TABLE 91 EUROPE: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2019–2022 (USD MILLION)
TABLE 92 EUROPE: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
TABLE 93 EUROPE: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 94 EUROPE: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
10.4.2 UK
10.4.2.1 Growing investments by UK Infrastructure Bank in energy sector to drive market
TABLE 95 UK: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 96 UK: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.4.3 GERMANY
10.4.3.1 Thriving renewable energy sector to boost demand
TABLE 97 GERMANY: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 98 GERMANY: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.4.4 FRANCE
10.4.4.1 Government-led initiatives to innovate renewable energy projects to accelerate demand
TABLE 99 FRANCE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 100 FRANCE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.4.5 DENMARK
10.4.5.1 Initiatives to make electricity sector fossil-free by 2030 to fuel demand
TABLE 101 DENMARK: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 102 DENMARK: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.4.6 REST OF EUROPE
TABLE 103 REST OF EUROPE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 104 REST OF EUROPE: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.5 MIDDLE EAST & AFRICA
10.5.1 RECESSION IMPACT ON MARKET IN MIDDLE EAST & AFRICA
TABLE 105 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 106 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
TABLE 107 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2019–2022 (USD MILLION)
TABLE 108 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2023–2029 (USD MILLION)
TABLE 109 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 110 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
TABLE 111 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL 2019–2022 (USD MILLION)
TABLE 112 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
TABLE 113 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 114 MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
TABLE 115 GCC COUNTRIES: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 116 GCC COUNTRIES: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
10.5.2 GCC COUNTRIES
10.5.2.1 Growing FDIs in renewable energy sector to accelerate demand
TABLE 117 GCC COUNTRIES: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 118 GCC COUNTRIES: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.5.3 SOUTH AFRICA
10.5.3.1 Adoption of clean energy technologies to boost demand
TABLE 119 SOUTH AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 120 SOUTH AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.5.4 TURKEY
10.5.4.1 Integration of renewable sources into power grids to drive market
TABLE 121 TURKEY: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 122 TURKEY: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.5.5 REST OF MIDDLE EAST & AFRICA
TABLE 123 REST OF MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 124 REST OF MIDDLE EAST & AFRICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.6 SOUTH AMERICA
10.6.1 RECESSION IMPACT ON MARKET IN SOUTH AMERICA
TABLE 125 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 126 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
TABLE 127 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2019–2022 (USD MILLION)
TABLE 128 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY OFFERING, 2023–2029 (USD MILLION)
TABLE 129 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2019–2022 (USD MILLION)
TABLE 130 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY SOURCE, 2023–2029 (USD MILLION)
TABLE 131 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2019–2022 (USD MILLION)
TABLE 132 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY VERTICAL, 2023–2029 (USD MILLION)
TABLE 133 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2019–2022 (USD MILLION)
TABLE 134 SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY COUNTRY, 2023–2029 (USD MILLION)
10.6.2 BRAZIL
10.6.2.1 Growing initiatives by players to implement VPP models to surge demand
TABLE 135 BRAZIL: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 136 BRAZIL: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
10.6.3 REST OF SOUTH AMERICA
TABLE 137 REST OF SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2019–2022 (USD MILLION)
TABLE 138 REST OF SOUTH AMERICA: VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, 2023–2029 (USD MILLION)
11 COMPETITIVE LANDSCAPE
11.1 OVERVIEW
11.2 STRATEGIES ADOPTED BY MAJOR PLAYERS, 2020–2023
TABLE 139 VIRTUAL POWER PLANT MARKET: OVERVIEW OF STRATEGIES ADOPTED BY KEY PLAYERS, 2020–2023
11.3 MARKET SHARE ANALYSIS, 2023
FIGURE 39 VIRTUAL POWER PLANT MARKET SHARE ANALYSIS, 2023
TABLE 140 VIRTUAL POWER PLANT MARKET SHARE ANALYSIS, 2023
FIGURE 40 VIRTUAL POWER PLANT MARKET SHARE ANALYSIS, 2022
11.4 REVENUE ANALYSIS, 2018–2022
FIGURE 41 VIRTUAL POWER PLANT MARKET: REVENUE ANALYSIS OF TOP FIVE PLAYERS, 2018–2022
11.5 COMPANY EVALUATION MATRIX, 2023
11.5.1 STARS
11.5.2 EMERGING LEADERS
11.5.3 PERVASIVE PLAYERS
11.5.4 PARTICIPANTS
FIGURE 42 VIRTUAL POWER PLANT MARKET: COMPANY EVALUATION MATRIX, 2023
11.5.5 COMPANY FOOTPRINT
TABLE 141 OVERALL COMPANY FOOTPRINT
TABLE 142 TECHNOLOGY: COMPANY FOOTPRINT
TABLE 143 OFFERING: COMPANY FOOTPRINT
TABLE 144 VERTICAL: COMPANY FOOTPRINT
TABLE 145 REGION: COMPANY FOOTPRINT
11.6 START-UPS/SMALL AND MEDIUM-SIZED ENTERPRISES (SMES) EVALUATION MATRIX, 2023
11.6.1 PROGRESSIVE COMPANIES
11.6.2 RESPONSIVE COMPANIES
11.6.3 DYNAMIC COMPANIES
11.6.4 STARTING BLOCKS
FIGURE 43 VIRTUAL POWER PLANT MARKET: START-UP/SME EVALUATION MATRIX, 2022
11.6.5 COMPETITIVE BENCHMARKING
TABLE 146 VIRTUAL POWER PLANT MARKET: LIST OF KEY START-UPS/SMES
TABLE 147 VIRTUAL POWER PLANT MARKET: COMPETITIVE BENCHMARKING OF START-UPS
11.7 COMPETITIVE SCENARIOS AND TRENDS
11.7.1 PRODUCT LAUNCHES, 2020–2023
TABLE 148 VIRTUAL POWER PLANT MARKET: PRODUCT LAUNCHES, 2020–2023
11.7.2 DEALS, 2020–2023
TABLE 149 VIRTUAL POWER PLANT MARKET: DEALS, 2020–2023
12 COMPANY PROFILES
12.1 KEY PLAYERS
(Business overview, Products /Solutions/Services offered, Recent developments, Deals, MnM view, Key strengths/Right to win, Strategic choices made, and Weaknesses and Competitive threats)*
12.1.1 SIEMENS
TABLE 150 SIEMENS: COMPANY OVERVIEW
FIGURE 44 SIEMENS: COMPANY SNAPSHOT
TABLE 151 SIEMENS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 152 SIEMENS: DEALS
12.1.2 SCHNEIDER ELECTRIC
TABLE 153 SCHNEIDER ELECTRIC: COMPANY OVERVIEW
FIGURE 45 SCHNEIDER ELECTRIC: COMPANY SNAPSHOT
TABLE 154 SCHNEIDER ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 155 SCHNEIDER ELECTRIC: DEALS
12.1.3 GENERAL ELECTRIC
TABLE 156 GENERAL ELECTRIC: COMPANY OVERVIEW
FIGURE 46 GENERAL ELECTRIC: COMPANY SNAPSHOT
TABLE 157 GENERAL ELECTRIC: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 158 GENERAL ELECTRIC: DEALS
12.1.4 SHELL
TABLE 159 SHELL: COMPANY OVERVIEW
FIGURE 47 SHELL: COMPANY SNAPSHOT
TABLE 160 SHELL: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 161 SHELL: DEALS
12.1.5 ABB
TABLE 162 ABB: COMPANY OVERVIEW
FIGURE 48 ABB: COMPANY SNAPSHOT
TABLE 163 ABB: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 164 ABB: DEALS
12.1.6 TESLA
TABLE 165 TESLA: COMPANY OVERVIEW
FIGURE 49 TESLA: COMPANY SNAPSHOT
TABLE 166 TESLA: PRODUCTS/SOLUTIONS/SERVICES OFFERED
12.1.7 CPOWER
TABLE 167 CPOWER: COMPANY OVERVIEW
TABLE 168 CPOWER: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 169 CPOWER: DEALS
12.1.8 IBM
TABLE 170 IBM: COMPANY OVERVIEW
FIGURE 50 IBM: COMPANY SNAPSHOT
TABLE 171 IBM: PRODUCTS/SOLUTIONS/SERVICES OFFERED
12.1.9 HITACHI ENERGY LTD.
TABLE 172 HITACHI ENERGY LTD.: BUSINESS OVERVIEW
TABLE 173 HITACHI ENERGY LTD.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 174 HITACHI ENERGY LTD.: DEALS
12.1.10 GENERAC POWER SYSTEMS, INC.
TABLE 175 GENERAC POWER SYSTEMS: COMPANY OVERVIEW
FIGURE 51 GENERAC POWER SYSTEMS: COMPANY SNAPSHOT
TABLE 176 GENERAC POWER SYSTEMS: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 177 GENERAC POWER SYSTEMS: DEALS
12.1.11 FLEXITRICITY
TABLE 178 FLEXITRICITY: COMPANY OVERVIEW
TABLE 179 FLEXITRICITY: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 180 FLEXITRICITY: DEALS
12.1.12 OLIVINE, INC.
TABLE 181 OLIVINE, INC.: COMPANY OVERVIEW
TABLE 182 OLIVINE, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 183 OLIVINE, INC.: DEALS
12.1.13 LUMENAZA GMBH
TABLE 184 LUMENAZA GMBH: COMPANY OVERVIEW
TABLE 185 LUMENAZA GMBH: PRODUCTS/SOLUTIONS/SERVICES OFFERED
12.1.14 STEM, INC.
TABLE 186 STEM, INC.: COMPANY OVERVIEW
FIGURE 52 STEM, INC.: COMPANY SNAPSHOT
TABLE 187 STEM, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
TABLE 188 STEM, INC.: PRODUCT LAUNCHES
TABLE 189 STEM, INC.: DEALS
12.1.15 OPEN ACCESS TECHNOLOGY INTERNATIONAL, INC.
TABLE 190 OPEN ACCESS TECHNOLOGY INTERNATIONAL, INC.: COMPANY OVERVIEW
TABLE 191 OPEN ACCESS TECHNOLOGY INTERNATIONAL, INC.: PRODUCTS/SOLUTIONS/SERVICES OFFERED
12.1.16 SPIRAE
TABLE 192 SPIRAE: COMPANY OVERVIEW
TABLE 193 SPIRAE: PRODUCTS/SOLUTIONS/SERVICES OFFERED
12.2 OTHER PLAYERS
12.2.1 ARGAND SOLUTIONS
12.2.2 KRAKENFLEX LIMITED
12.2.3 HAVEN ENERGY
12.2.4 ENERGY & METEO SYSTEMS GMBH
*Details on Business overview, Products /Solutions/Services offered, Recent developments, Deals, MnM view, Key strengths/Right to win, Strategic choices made, and Weaknesses and Competitive threats might not be captured in case of unlisted companies.
13 APPENDIX
13.1 INSIGHTS FROM INDUSTRY EXPERTS
13.2 DISCUSSION GUIDE
13.3 KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL
13.4 CUSTOMIZATION OPTIONS
13.5 RELATED REPORTS
13.6 AUTHOR DETAILS
