"Virtual Power Plant Market Size, Share & COVID-19 Impact Analysis, By Technology (Demand Response, Distributed Generation, and Mixed Asset), and by End-user (Industrial, Commercial, and Residential), and Regional Forecast, 2021-2028
The global “Virtual Power Plant Market Size"
is expected to rise with an impressive CAGR and generate the highest revenue by 2028. Fortune Business Insights™ in its latest report published this information. The increasing acceptance of innovative technologies such as cloud platforms and the internet of things (IoT) applications in the power industry will have an excellent impact on the market’s development, states Fortune Business Insights™
, in its report titled “Virtual Power Plant Market, 2021-2028.”
The market size stood at USD 0.71 billion in 2020
The global virtual power plant market is projected to grow from $0.88 billion in 2021 to $6.47 billion in 2028 at a CAGR of 32.89% in forecast period
A virtual power plant is a cloud-powered distributed power plant that combines distributed energy resource capacities to trade, generate, and sell power sources in the market. The rising demand for reliable power sources and increasing acceptance of IoT and cloud platforms are likely to foster the product’s demand. Further, the decline in solar power generation and energy storage costs and power generation mix is likely to foster market development in the upcoming years.
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The market has the presence of a large number of big industry players. Some of the eminent players in the market include:
- ABB (Switzerland)
- Siemens (Germany)
- General Electric (U.S.)
- AGL Energy (Australia)
- Schneider Electric (France)
- Enel X (U.S.)
- Cisco Systems, Inc. (U.S.)
- Bosch (Germany)
- IBM (U.S.)
- Hitachi, Ltd. (Japan)
- Mitsubishi Heavy Industries (Japan)
- Next Kraftwerke (Germany)
- AutoGrid Systems, Inc. (U.S.)
- Blue Pillar, Inc. (U.S.)
- Enbala Power Networks, Inc. (U.S.)
Virtual Power Plant Market Report Scope:
|Market size available for years
|Base year considered
||Revenue in USD million and CAGR from 2021-20281
||Types, Applications, End-Users, and more.
||Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, and Trends
||Report customization with purchase. Addition or alteration to country, regional & segment scope.
|Pricing and purchase options
||Avail of customized purchase options to meet your exact research needs. Explore purchase options
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An Overview of the Impact of COVID-19 on this Market:
Latest Update: This has brought along several changes this report also covers the impact of Current COVID-19 situation
We are making continuous efforts to help your business sustain and grow during COVID-19 pandemics. Based on our experience and expertise, we will offer you an impact analysis of coronavirus outbreaks across industries to help you prepare for the future.
Stepping into a Post-COVID Economy: How Energy and Power Industry Will Play an Essential Role in its Recovery. Request Sample Copy.
Virtual Power Plant Market Regional Analysis:
For the historical and forecast period to 2028, it provides detailed and accurate country-wise volume analysis and region-wise market size analysis of the global market.
- North America (US, Canada, Mexico)
- Europe (Germany, U.K., France, Italy, Russia, Rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Rest of Asia Pacific)
- Rest of the World (the Middle East & Africa and South America)
Rising Emphasis on Distributed Generation to Push Growth
Energy is created and delivered utilizing small-scale technologies such as wind turbines, solar cells, geothermal systems, and micro hydropower plants in today's decentralized energy distribution networks worldwide. During power outages and periods of high energy demand, distributed generating systems, especially when coupled with heat and power and emergency generators, can be utilized to provide electricity. Increased attention on decarbonization, electrification, digitalization, and improvements in power production and storage technologies are major reasons hastening the transition to distributed energy. Due to the cost-effectiveness of renewable technology, distributed generating is becoming more popular. Furthermore, local and state government policies and laws support the greater deployment of renewable technologies because of their benefits, such as cheaper CAPEX and energy security driving the virtual power plant market growth.
To enhance their market position in the global sustainable aviation fuel market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.
July 2020: In Portland, Oregon, the Portland General Electric Company announced a pilot initiative to encourage the installation and connection of 525 home energy storage batteries. This project will generate up to four megawatts of electricity. The distributed assets will build a virtual power plant of tiny units that may operate independently or in concert to service the grid.
The Growth rate or CAGR exhibited by a market for a certain forecast period is calculated on the basis of various factors and their level of impact on the market. These factors include market drivers, restraints, industry challenges, market and technological developments, market trends, etc.
Some of the Key Questions Answered in this Report:
- Detailed Overview of Virtual Power Plant Market will help deliver clients and businesses making strategies.
- Influencing factors that are thriving demand and latest trends running in the market.
- Virtual Power Plant Market forecast for global market split into segments like region, product, applications, end-user, technology, etc.
- What trends, challenges and barriers will impact the development and sizing of the Global Virtual Power Plant Market?
- SWOT Analysis of each defined key player along with its profile and Porter’s five forces analysis to complement the same.
The Virtual Power Plant Market research report offers a complete assessment of the industry. The projections included in the report have been determined utilizing demonstrated research philosophies and presumptions.
Detailed TOC of Global Virtual Power Plant Market Report 2022
1.1. Research Scope
1.2. Market Segmentation
1.3. Research Methodology
1.4. Definitions and Assumptions
2. Executive Summary
3. Market Dynamics
3.1. Market Drivers
3.2. Market Restraints
3.3. Market Opportunities
4. Key Insights
4.1 Global Statistics — Key Countries
4.2 New Product Launches
4.3 Pipeline Analysis
4.4 Regulatory Scenario — Key Countries
4.5 Recent Industry Developments — Partnerships, Mergers & Acquisitions
5. Global Internet of Things Market Analysis, Insights and Forecast
5.1. Key Findings/ Summary
5.2. Market Analysis — By Product Type
5.3. Market Analysis — By Distribution Channel
5.4. Market Analysis — By Countries/Sub-regions
11. Competitive Analysis
11.1. Key Industry Developments
11.2. Global Market Share Analysis
11.3. Competition Dashboard
11.4. Comparative Analysis — Major Players
12. Company Profiles
12.2 Products & Services
12.3 SWOT Analysis
12.4 Recent developments
12.5 Major Investments
12.6 Regional Market Size and Demand
13. Strategic Recommendations
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