Virtual Power Plant Market Highlights 2020 – 2029
The virtual power plant market is anticipated to garner a sizeable revenue by recording a noteworthy CAGR over the forecast period, i.e., 2021 – 2029, on account of the increasing demand for cheap and renewable energy sources among people around the world. In 2019, more than 7000 TWh of energy worldwide was generated by renewable sources. Along with these, ease of implementation and flexibility in trading associated with virtual power plants are other factors which are estimated to drive market growth in the coming years. Furthermore, as virtual power plants are considered to be more cost-effective and require minimum maintenance effort compared to the conventional power plants, the market is expected to witness ample expansion opportunities over the forecast period.
The market is segmented by end-user segment into residential, industrial and commercial, out of which the industrial segment is projected to hold the largest market share, which can be credited to the growing user base of the VPP services in industrial settings. However, the segment for residential end-users is anticipated to grow at a faster rate during the forecast period owing to the rise in urbanization and increasing demand for green energy worldwide. Additionally, on the basis of technology, the demand response segment is expected to grab the largest market share over the forecast period on the back of the advantages such as smart load management during peak hours and improved energy efficiency of the grid. CLICK TO DOWNLOAD SAMPLE REPORT
Global Virtual Plant Market Regional Synopsis
On the basis of regional analysis, the virtual power plant market is segmented into five major regions, including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa. Asia Pacific is projected to acquire largest market share during the forecast period, which can be ascribed to rapid industrialization in the region and rising energy demand in major economies, such as China and India. It was estimated that China’s gas consumption increased by almost 20% in 2019. Moreover, North America is expected to be the second-largest market shareholder owing to the extensive use of VPP and increasing demand for hydro energy, wind energy and solar energy generation in the commercial & industrial sectors of the region. However, the Middle East & Africa region is assessed to demonstrate major growth prospects for the market, on account of the emergence of new renewable energy projects in countries such as Saudi Arabia, the U.A.E, and South Africa and increasing demand to effectively manage the distributed energy supplies in the region.
The virtual power plant market is further classified based on the region as follows:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Our in-depth analysis of the virtual power plant market includes the following segments:
- Demand Response
- Distributed Generation
- Mixed Asset
By End-User Application
- Rising Demand for Renewable Energy
- Easy Implementation and Flexibility in Trading in Virtual Power Plants
- High-Frequency Electromagnetic Radiation from Virtual Power Plants
- Rising Cyber Security Attacks
Top Companies Dominating the Market
- ABB Ltd.
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- AutoGrid Systems, Inc.
- Cisco Systems, Inc.
- Flexitricity Limited
- Schneider Electric
- General Electric Company
- Siemens AG