Report Description

Global Virtual Power Plant market is growing rapidly due to the need for flexible, scalable, and economical computing. Virtual power plants are becoming the foundational technology model for the new normal. Specifically, during the pandemic uncertainty, virtual work meets virtual power plants. Many enterprises are adopting virtual power plants as a cost-effective solution. The high usage and rising competition between service providers in virtual power plant solutions across the residential, industrial, and commercial sector has become one of the important factors for offering cutting edge services to the customers. Moreover, the growth of the market is also accounted for the emerging shift towards electric vehicle and promotion of intelligent office buildings.  Furthermore, smart grids with use of real-time analytics enabled by cloud based intelligent power management system across the globe are propelling the market growth.. Technology has become the key enabler of excellence and thus, businesses are gradually becoming mobile as digitalization emerges which is an aspect that is expected to boost the global virtual power plant market in the forecast period.

A virtual power plant is a cluster of dispersed generator units, controlled loads, and storage systems, aggregated to function as a unique power plant. It necessitates a fundamental IT control architecture, distributed renewable energy resources, hydropower units and flexible power consumers, all of which are controlled by a single remote-control system. Virtual power plants (VPP) are designed to seamlessly integrate substantial non-conventional energy units into already existing central energy networks. Marketing opportunities, including the development of internal peer-to-peer trading platforms or the establishment of grid flexibility markets for the effective grid has opened the potential for the growth of virtual power plants in the market.

Rising Demand for Renewable Energy in Power Generation Sector

The rising demand for renewable energy in the power generation sector is due to increasing awareness regarding the benefits of renewable power for industries. As renewable energy is a naturally occurring source of energy that can be easily replenished, many countries are try to implement renewable energy as a power source to reduce greenhouse gas emissions and overcome the global warming. Additionally, rising government initiatives and support for developing renewable power sources promoting renewable power generation, is propelling the demand for virtual power plants in the market, thus, anticipating the demand for Virtual Power Plant in the market. For instance, as per the India Brand Equity Foundation (IBEF) report, investment in renewable energy is rising in India and has increased to 125% over FY2021, followed by a record of USD 14.5 billion, in FY2022. As per the Central Electricity Authority (CEA) estimation, the share of renewable energy generation would increase from 18% to 44%, by 2030.

Changes in Dynamic of Power Grids from Centralized to Distributed

One of the main drivers for the growth of global virtual power plants is the change in dynamics of power grids from centralized to distributed. The networks used to distribute energy throughout the world today are decentralized. On a small scale, energy is being produced and distributed via micro hydropower plants, geothermal systems, and solar power. Distributed generating systems can provide electricity during power outages and times of high energy demand. Moreover, the growing prominence on decarbonization, digitalization, advancement in power producing and storage technologies are accelerating the shift to distributed generation. Furthermore, energy security and capital expenditure advantages are enabling the expansion of this market and are being accelerated by legislation, along with local and state government policies.

Moderating Costs and Easy Accessibility of Energy Storage Systems

The easy accessibility of monitor the power generation and consumption through continuous advancement in power generation capabilities through virtual power plants systems and easy availability of raw material used for PV modules has proliferated the growth in virtual power plant market. The data deployment options through varied technology connectivity with cost-effectiveness of energy storage systems have enabled potential opportunities to easily access the energy storage systems. Furthermore, the introduction of predictive technology for multiple user accessibility to schedule and control (multi-use) storage batteries for multiple purposes are providing an edge to monitor power plants. This enables the efficient operations of peak cut and demand response, while securing the necessary power during the case of emergency in the storage system, installed at disaster prevention facilities. For instance, as per the International Renewable Energy Agency (IRENA), the total installation cost of renewables project is estimated to decrease between 50% to 60%, by 2030. It has created an ease for better optimization, cost management and adequate supply and demand environment within the organizations. Thus, moderating costs and easy accessibility of energy storage systems has propelled the demand for virtual power plant market in the forecast period.


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Market Segmentation

The virtual power plant market is segmented into technology, component, source, end-user, and region. By technology type, the market is bifurcated into distribution generation, demand response and mixed asset. Based on component, the market is segmented into software and services. Based on source, the market is categorized into renewables, energy storage, combined heat and power, and other local generation. The end-user segment is further categorized into industrial, commercial, and residential.

Market Player

Major market players in the global virtual power plant market are ABB Ltd., Siemens AG, Schneider Electric SE, EnerNoc, Inc., Comverge, Inc., AutoGrid System, Inc., Flexitricity Limited, General Electric Company, AGL Energy, International Business Machines Corporation.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Revenue in USD Million and CAGR for 2018-2022 and 2024-2028

Report coverage

Revenue forecast, company share, growth factors, and trends

Segments covered

By Technology

By Component

By Source

By End-User

Regional scope

North America; Asia-Pacific; Europe; South America; Middle East

Country scope

United States, Canada, Mexico, China, India, Japan, South Korea, Australia, Germany, United Kingdom, Denmark, France, Italy, Greece, Netherlands, Brazil, Argentina, UAE, Saudi Arabia, South Africa.

Key companies profiled

ABB Ltd., Siemens AG, Schneider Electric SE, EnerNoc, Inc., Comverge, Inc., AutoGrid System, Inc., Flexitricity Limited, General Electric Company, AGL Energy, International Business Machines Corporation.

Customization scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and purchase options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

 

Report Scope:

In this report, the global virtual power plant market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

      ·         Virtual Power Plant Market, By Technology

o   Distribution Generation

o   Demand Response

o   Mixed Asset

      ·         Virtual Power Plant Market, By Component

o   Software

o   Service

      ·         Virtual Power Plant Market, By Source

o   Renewables

o   Energy Storage

o   Combined Heat and Power

o   Other Local Generation

      ·         Virtual Power Plant Market, By End-User

o   Industrial

o   Commercial

o   Residential

      ·         Virtual Power Plant Market, By Region:

o   North America

§  United States

§  Canada

§  Mexico

o   Asia-Pacific

§  China

§  Japan

§  India

§  Australia

§  South Korea

o   Europe

§  United Kingdom

§  Germany

§  Denmark

§  France

§  Italy

§  Greece

§  Netherlands

o   South America

§  Brazil

§  Argentina

o   Middle East

§  UAE

§  Saudi Arabia

§  South Africa

 

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the global virtual power plant market.

Available Customizations:

Global virtual power plant market report with the given market data, Tech Sci Research offers customizations according to a company's specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

The global virtual power plant market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.    Service Overview

2.    Research Methodology

3.    Impact of COVID-19 on Global Virtual Power Plant Market

4.    Executive Summary

5.    Voice of Customers

5.1.     Brand Awareness

5.2.     Reasons for Adopting the Virtual Power Plant

5.3.     Major Challenges Faced

5.4.     Key Satisfaction Level

6.    Global Virtual Power Plant Market Outlook

6.1.     Market Size & Forecast

6.1.1.   By Value

6.2.     Market Share & Forecast

6.2.1.    By Technology (Distribution Generation, Demand Response and Mixed Asset)

6.2.2.    By Component (Software and Service)

6.2.3.    By Source (Renewables, Energy Storage, Combined Heat and Power, Other Local Generation)

6.2.4.    By End-User (Industrial, Commercial and Residential)

6.2.5.    By Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa (MEA))

6.2.6.    By Company

6.3.     Market Map

7.    North America Virtual Power Plant Market Outlook

7.1.     Market Size & Forecast

7.1.1.    By Value

7.2.     Market Share & Forecast

7.2.1.    By Technology

7.2.2.    By Component

7.2.3.    By Source

7.2.4.    By End User

7.2.5.    By Country

7.3.     North America: Country Analysis

7.3.1.    United States Virtual Power Plant Market Outlook

7.3.1.1.        Market Size & Forecast

7.3.1.1.1.           By Value

7.3.1.2.        Market Share & Forecast

7.3.1.2.1.           By Technology

7.3.1.2.2.           By Component

7.3.1.2.3.           By Source

7.3.1.2.4.           By End User

7.3.2.    Canada Virtual Power Plant Market Outlook

7.3.2.1.        Market Size & Forecast

7.3.2.1.1.           By Value

7.3.2.2.        Market Share & Forecast

7.3.2.2.1.           By Technology

7.3.2.2.2.           By Component

7.3.2.2.3.           By Source

7.3.2.2.4.           By End User

7.3.3.    Mexico Virtual Power Plant Market Outlook

7.3.3.1.        Market Size & Forecast

7.3.3.1.1.           By Value

7.3.3.2.        Market Share & Forecast

7.3.3.2.1.           By Technology

7.3.3.2.2.           By Component

7.3.3.2.3.           By Source

7.3.3.2.4.           By End User

8.    Asia-Pacific Virtual Power Plant Market Outlook

8.1.     Market Size & Forecast

8.1.1.    By Value

8.2.  Market Share & Forecast

8.2.1.    By Technology

8.2.2.    By Component

8.2.3.    By Source

8.2.4.    By End User

8.2.5.    By Country

8.3.     Asia-Pacific: Country Analysis

8.3.1.    China Virtual Power Plant Market Outlook

8.3.1.1.        Market Size & Forecast

8.3.1.1.1.           By Value 

8.3.1.2.        Market Share & Forecast

8.3.1.2.1.           By Technology

8.3.1.2.2.           By Component

8.3.1.2.3.           By Source

8.3.1.2.4.           By End User

8.3.2.    Japan Virtual Power Plant Market Outlook

8.3.2.1.        Market Size & Forecast

8.3.2.1.1.           By Value 

8.3.2.2.        Market Share & Forecast

8.3.2.2.1.           By Technology

8.3.2.2.2.           By Component

8.3.2.2.3.           By Source

8.3.2.2.4.           By End User

8.3.3.    India Virtual Power Plant Market Outlook

8.3.3.1.        Market Size & Forecast

8.3.3.1.1.           By Value 

8.3.3.2.        Market Share & Forecast

8.3.3.2.1.           By Technology

8.3.3.2.2.           By Component

8.3.3.2.3.           By Source

8.3.3.2.4.           By End User

8.3.4.    Australia Virtual Power Plant Market Outlook

8.3.4.1.        Market Size & Forecast

8.3.4.1.1.           By Value 

8.3.4.2.        Market Share & Forecast

8.3.4.2.1.           By Technology

8.3.4.2.2.           By Component

8.3.4.2.3.           By Source

8.3.4.2.4.           By End User

8.3.5.    South Korea Virtual Power Plant Market Outlook

8.3.5.1.        Market Size & Forecast

8.3.5.1.1.           By Value 

8.3.5.2.        Market Share & Forecast

8.3.5.2.1.           By Technology

8.3.5.2.2.           By Component

8.3.5.2.3.           By Source

8.3.5.2.4.           By End User

9.    Europe Virtual Power Plant Market Outlook

9.1.     Market Size & Forecast

9.1.1.    By Value

9.2.     Market Share & Forecast

9.2.1.    By Technology

9.2.2.    By Component

9.2.3.    By Source

9.2.4.    By End User

9.2.5.    By Country

9.3.     Europe: Country Analysis

9.3.1.    United Kingdom Virtual Power Plant Market Outlook

9.3.1.1.        Market Size & Forecast

9.3.1.1.1.           By Value 

9.3.1.2.        Market Share & Forecast

9.3.1.2.1.           By Technology

9.3.1.2.2.           By Component

9.3.1.2.3.           By Source

9.3.1.2.4.           By End User

9.3.2.    Germany Virtual Power Plant Market Outlook

9.3.2.1.        Market Size & Forecast

9.3.2.1.1.           By Value

9.3.2.2.        Market Share & Forecast

9.3.2.2.1.           By Technology

9.3.2.2.2.           By Component

9.3.2.2.3.           By Source

9.3.2.2.4.           By End User

9.3.3.    Denmark Virtual Power Plant Market Outlook

9.3.3.1.        Market Size & Forecast

9.3.3.1.1.           By Value 

9.3.3.2.        Market Share & Forecast

9.3.3.2.1.           By Technology

9.3.3.2.2.           By Component

9.3.3.2.3.           By Source

9.3.3.2.4.           By End User

9.3.4.    France Virtual Power Plant Market Outlook

9.3.4.1.        Market Size & Forecast

9.3.4.1.1.           By Value 

9.3.4.2.        Market Share & Forecast

9.3.4.2.1.           By Technology

9.3.4.2.2.           By Component

9.3.4.2.3.           By Source

9.3.4.2.4.           By End User

9.3.5.    Italy Virtual Power Plant Market Outlook

9.3.5.1.        Market Size & Forecast

9.3.5.1.1.           By Value 

9.3.5.2.        Market Share & Forecast

9.3.5.2.1.           By Technology

9.3.5.2.2.           By Component

9.3.5.2.3.           By Source

9.3.5.2.4.           By End User

9.3.6.    Greece Virtual Power Plant Market Outlook

9.3.6.1.        Market Size & Forecast

9.3.6.1.1.           By Value 

9.3.6.2.        Market Share & Forecast

9.3.6.2.1.           By Technology

9.3.6.2.2.           By Component

9.3.6.2.3.           By Source

9.3.6.2.4.           By End User

9.3.7.    Netherlands Virtual Power Plant Market Outlook

9.3.7.1.        Market Size & Forecast

9.3.7.1.1.           By Value 

9.3.7.2.        Market Share & Forecast

9.3.7.2.1.           By Technology

9.3.7.2.2.           By Component

9.3.7.2.3.           By Source

9.3.7.2.4.           By End User

10. South America Virtual Power Plant Market Outlook

10.1.  Market Size & Forecast

10.1.1. By Value

10.2.  Market Share & Forecast

10.2.1. By Technology

10.2.2. By Component

10.2.3. By Source

10.2.4. By End User

10.2.5. By Country

10.3.  South America: Country Analysis

10.3.1. Brazil Virtual Power Plant Market Outlook

10.3.1.1.     Market Size & Forecast

10.3.1.1.1.         By Value 

10.3.1.2.     Market Share & Forecast

10.3.1.2.1.         By Technology

10.3.1.2.2.         By Component

10.3.1.2.3.         By Source

10.3.1.2.4.         By End User

10.3.2. Argentina Virtual Power Plant Market Outlook

10.3.2.1.     Market Size & Forecast

10.3.2.1.1.         By Value 

10.3.2.2.     Market Share & Forecast

10.3.2.2.1.         By Technology

10.3.2.2.2.         By Component

10.3.2.2.3.         By Source

10.3.2.2.4.         By End User

11. Middle East & Africa Virtual Power Plant Market Outlook

11.1.  Market Size & Forecast

11.1.1. By Value

11.2.  Market Share & Forecast

11.2.1. By Technology

11.2.2. By Component

11.2.3. By Source

11.2.4. By End User

11.2.5. By Country

11.3.  Middle East & Africa: Country Analysis

11.3.1. UAE Virtual Power Plant Market Outlook

11.3.1.1.     Market Size & Forecast

11.3.1.1.1.         By Value 

11.3.1.2.     Market Share & Forecast

11.3.1.2.1.         By Technology

11.3.1.2.2.         By Component

11.3.1.2.3.         By Source

11.3.1.2.4.         By End User

11.3.2. Saudi Arabia Virtual Power Plant Market Outlook

11.3.2.1.     Market Size & Forecast

11.3.2.1.1.         By Value

11.3.2.2.     Market Share & Forecast

11.3.2.2.1.         By Technology

11.3.2.2.2.         By Component

11.3.2.2.3.         By Source

11.3.2.2.4.         By End User

11.3.3. South Africa Virtual Power Plant Market Outlook

11.3.3.1.     Market Size & Forecast

11.3.3.1.1.         By Value

11.3.3.2.     Market Share & Forecast

11.3.3.2.1.         By Technology

11.3.3.2.2.         By Component

11.3.3.2.3.         By Source

11.3.3.2.4.         By End User

12. Market Dynamics

12.1.  Drivers

12.1.1. Rising Demand for Renewable Energy in Power Generation Sector

12.1.2. Changes In Dynamic of Power Grids From Centralized To Distributed

12.1.3. Moderating Costs and Easy Accessibility of Energy Storage Systems

12.2.  Challenges

12.2.1. Limited Options for Complex Design Structure

12.2.2. Health Concerns Over High-Frequency Human Exposure of Electromagnetic and Radio Waves

13. Market Trends & Developments

13.1.  Emerging shift towards Electric Vehicle and Smart Grids

13.2.  Increasing Deployment of Virtual Power Plant in Developing Nations

13.3.  Increasing Government Initiatives

13.4.  Increasing Need for IOT Applications

13.5.  Rising adoption of Cloud Platform Services

14. Mergers & Acquisitions

15. Key Associations Considered

16. Company Profiles

16.1.  ABB Ltd.

16.1.1. Business Overview

16.1.2. Key Revenue and Financials

16.1.3. Recent Developments

16.1.4. Key Personnel

16.1.5. Key Product/Services

16.1.6. SWOT Analysis

16.2.  Siemens AG

16.2.1. Business Overview

16.2.2. Key Revenue and Financials

16.2.3. Recent Developments

16.2.4. Key Personnel

16.2.5. Key Product/Services

16.2.6. SWOT Analysis

16.3.  Schneider Electric SE

16.3.1. Business Overview

16.3.2. Key Revenue and Financials

16.3.3. Recent Developments

16.3.4. Key Personnel

16.3.5. Key Product/Services

16.3.6. SWOT Analysis

16.4.  EnerNoc, Inc.

16.4.1. Business Overview

16.4.2. Key Revenue and Financials

16.4.3. Recent Developments

16.4.4. Key Personnel

16.4.5. Key Product/Services

16.4.6. SWOT Analysis

16.5.    Comverge, Inc.

16.5.1. Business Overview

16.5.2. Key Revenue and Financials

16.5.3. Recent Developments

16.5.4. Key Personnel

16.5.5. Key Product/Services

16.5.6. SWOT Analysis

16.6.  AutoGrid System, Inc.

16.6.1. Business Overview

16.6.2. Key Revenue and Financials

16.6.3. Recent Developments

16.6.4. Key Personnel

16.6.5. Key Product/Services

16.6.6. SWOT Analysis

16.7.  Flexitricity Limited

16.7.1. Business Overview

16.7.2. Key Revenue and Financials

16.7.3. Recent Developments

16.7.4. Key Personnel

16.7.5. Key Product/Services

16.7.6. SWOT Analysis

16.8.  General Electric Company

16.8.1. Business Overview

16.8.2. Key Revenue and Financials

16.8.3. Recent Developments

16.8.4. Key Personnel

16.8.5. Key Product/Services

16.8.6. SWOT Analysis

16.9.  AGL Energy

16.9.1. Business Overview

16.9.2. Key Revenue and Financials

16.9.3. Recent Developments

16.9.4. Key Personnel

16.9.5. Key Product/Services

16.9.6. SWOT Analysis

16.10.  International Business Machines Corporation

16.10.1. Business Overview

16.10.2. Key Revenue and Financials

16.10.3. Recent Developments

16.10.4. Key Personnel

16.10.5. Key Product/Services

16.10.6. SWOT Analysis

17. Strategic Recommendations

17.1.   Dominating Market by Technology

17.2.   Fastest Growing Market by End-User

17.3.   Dominating Market by Region

18. About Us & Disclaimer

(Note: The companies list can be customized based on the client requirements.)

Figures and Tables

Frequently asked questions

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ABB Ltd., Siemens AG, Schneider Electric SE, EnerNoc, Inc., Comverge, Inc., AutoGrid System, Inc., Flexitricity Limited, General Electric Company, AGL Energy, International Business Machines Corporation.

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A virtual power plant is a cluster of dispersed generator units, controlled loadsloads, and storages systems, aggregated in order toto function as a unique power plant

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Asia-Pacific is the fastest-growing region in the virtual power plant market due to increasing adoption of IoT and cloud services and growing needs of business in the organization.

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The virtual power plant offers a smart and more sustainable energy solution that helps take care of the community and environment while supporting the grid.

profile

Parvati Sharma

Account Manager BD
Press Release

Virtual Power Plant Market to Grow Due to Increased need of IoT Applications

Feb, 2023

The rising demand for renewable energy in the power generation sector and changes in the dynamics of power grids from centralized to distributed are factors expected to drive the market for Global Vi