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Global Virtual Power Plant Market Set to Surge with 23.4% CAGR by 2029, Driven by Mixed Asset Technology and Industrial Sector Demand

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Global Virtual Power Plant Market

Global Virtual Power Plant Market
Global Virtual Power Plant Market

Dublin, Feb. 27, 2024 (GLOBE NEWSWIRE) -- The "Global Virtual Power Plant Market by Technology (Demand Response, Supply Side, Mixed Asset), Vertical (Commercial, Industrial, Residential), Source (Renewable Energy, Storage, Cogeneration), Offering, & Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.

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.

Research Coverage

The report defines, describes, and forecasts the global Virtual power plant market, by type, by component, by voltage, by services, 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 Attributes:

Report Attribute

Details

No. of Pages

194

Forecast Period

2024 - 2029

Estimated Market Value (USD) in 2024

$1.9 Billion

Forecasted Market Value (USD) by 2029

$5.5 Billion

Compound Annual Growth Rate

23.4%

Regions Covered

Global



Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

  • Virtual Power Plant Market Snapshot

  • Demand Response Segment to Hold Largest Market Share in 2024

  • Software Segment to Exhibit Highest CAGR During Forecast Period

  • Renewable Energy Segment to Lead Market in 2029

  • Commercial Segment to Display Highest Growth Rate During Forecast Period

  • 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 - 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 -Industrial Segment and US Held Largest Shares of North American Virtual Power Plant Market in 2023
4.3 Virtual Power Plant Market, by Technology -Mixed Asset Segment to Account for Largest Market Share in 2029
4.4 Virtual Power Plant Market, by Offering -Hardware Segment to Dominate Market in 2029
4.5 Virtual Power Plant Market, by Source -Renewable Energy Segment to Command Market in 2029
4.6 Virtual Power Plant Market, by Vertical -Industrial Segment to Capture Largest Market Share in 2029

5 Market Overview
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers

  • Seamless Integration of Virtual Power Plants with Renewable Sources

  • Pressing Need to Mitigate Impact of Intermittent Renewable Sources on Stability and Reliability of Power Grids

  • Decarbonization of Power Distribution Systems

5.2.2 Restraints

  • Requirement to Deploy Highly Expensive Monitoring & Control Predictive Analytics Solutions

5.2.3 Opportunities

  • Increasing Installation of Smart Grids

5.2.4 Challenges

  • Integration of Different Hardware and Software Components in VPPs

  • Cybersecurity Threats due to Use of Digital Infrastructure and Communication Networks

5.3 Trends/Disruptions Impacting Customers' Businesses
5.4 Value Chain Analysis
5.5 Ecosystem Analysis
5.6 Technology Analysis
5.7 Pricing Analysis
5.8 Tariffs, HS Codes, and Regulatory Landscape
5.9 Patent Analysis, 2020-2023
5.10 Trade Analysis
5.11 Porter's Five Forces Analysis
5.12 Key Conferences and Events, 2024
5.13 Key Stakeholders and Buying Criteria
5.14 Case Study Analysis

  • Oati Deploys Web Distribution Assist EPB to Implement Comprehensive Demand Response Management System to Monitor Their Distributed Energy Resources Effectively

  • Virtual Power Station Technology Helps Overcome Reliability Challenges Associated with Renewable Energy Supply

  • Ausgrid and Evergen Partnered to Address Challenges of Integrating Renewables and Maximizing Use of Customer-Owned Batteries


6 Virtual Power Plant Market, by Technology

7 Virtual Power Plant Market, by Vertical

8 Virtual Power Plant Market, by Offering

9 Virtual Power Plant Market, by Source

10 Virtual Power Plant Market, by Region

11 Competitive Landscape
11.1 Overview
11.2 Strategies Adopted by Major Players, 2020-2023
11.3 Market Share Analysis, 2023
11.4 Revenue Analysis, 2018-2022
11.5 Company Evaluation Matrix, 2023
11.6 Start-Ups/Small and Medium-Sized Enterprises (SMEs) Evaluation Matrix, 2023
11.7 Competitive Scenarios and Trends

12 Company Profiles

  • Siemens

  • Schneider Electric

  • General Electric

  • Shell

  • ABB

  • Tesla

  • Cpower

  • IBM

  • Hitachi Energy

  • Generac Power Systems, Inc.

  • Flexitricity

  • Olivine

  • Lumenaza

  • Stem, Inc.

  • Open Access Technology International

  • Spirae

  • Argand Solutions

  • Krakenflex Limited

  • Haven Energy

  • Energy & Meteo Systems

For more information about this report visit https://www.researchandmarkets.com/r/p9unps

About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.

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