Virtual Power Plant Market Size, Growth Analysis 2021 Regional Segmentation, Developments, Leading Countries, CAGR Value, Opportunities and Sales Revenue till 2028
The global virtual power plant market is expected to reach a market size of USD 3,724.2 million by 2028 at a relatively robust CAGR over the forecast period, according to latest analysis by Emergen Research.
This growth can be attributed to factors such as increasing initiatives of various governments regarding adoption of renewable sources of energy, which is driving renewable power generation activities. Rapid urbanization and rising focus on decarbonization, along with the rapid digitalization trend, are other factors driving adoption of virtual power plants, and the trend is expected to continue during the forecast period. Increasing energy consumption is another factor driving demand for virtual power plants to monitor and increase production of energy from renewable sources.
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Technological advancements on the traditional power grid for development of a new smart decentralized grid with bi-directional energy is contributing to growth of the virtual power plants market. The global shift towards renewable and distributed power generation is another factor driving demand for virtual power plants.
The global Virtual Power Plant market is highly consolidated due to the presence of a large number of companies across this industry. These companies are known to make hefty investments in research and development projects. Also, they control a considerable portion of the overall market share, thus limiting the entry of new players into the sector. The global Virtual Power Plant market report studies the prudent tactics undertaken by the leading market players, such as partnerships and collaborations, mergers & acquisitions, new product launches, and joint ventures. Some players analyzed in the report are:
ABB, AutoGrid Systems, Inc., Blue Pillar, Cisco systems, Inc., Cpower Energy Management, Enel X, General Electric, Hitachi, Ltd., IBM, and Next Kraftwerke.
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Key Highlights of Report
In December 2020, ABB entered into a strategic partnership with AFC Energy, which is a provider of hydrogen generation technology. The partnership was formed to manufacture next generation of high power electric vehicle charging solutions which are sustainable for grid-constrained locations.
The residential segment accounted for largest market share of 61.4% in 2019. Increasing adoption of new technologies such as smart meters, smart home appliances, and fully functional smart grids in the residential sector is driving growth of virtual power plants in the residential segment.
The demand response segment revenue is expected to expand at a rapid CAGR of 29.1% during the forecast period. Growing investments in demand response solutions due to the benefits provided by them, such as peak load management, is further contributing to increasing demand for demand response solutions.
The global Virtual Power Plant market is broadly segmented on the basis of different product types, application range, end-use industries, key regions, and an intensely competitive landscape. This section of the report is solely targeted at readers looking to select the most appropriate and lucrative segments of the Virtual Power Plant sector in a strategic manner. The segmental analysis also helps companies interested in this sector make optimal business decisions and achieve their desired goals.
Emergen Research has segmented the global virtual power plant market on the basis of end-use, technology, and region:
End-use Outlook (Revenue, USD Million; 2021–2028)
Industrial and Commercial
Technology Outlook (Revenue, USD Million; 2021–2028)
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North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
Key Questions Answered in the Report:
What will be the estimated growth rate of the Virtual Power Plant market by 2028?
Who are the prominent distributors, vendors, and manufacturers of the market?
What are the driving and restraining factors of the growth of the Virtual Power Plant market throughout the forecast period?
What are the current and future market trends of the Virtual Power Plant market?
What are the sales and price analysis of the product by types, applications, and regions?
What are the expected opportunities for the companies and new entrants in the coming years?
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