Global Virtual Power Plant Market Report 2023: Forecast Market Size, Industry Share, Growth Rate And Key Drivers
16 May, 2023
The global virtual power plant market is expected to grow from $1.92 billion in 2022 to $2.36 billion in 2023 at a compound annual growth rate (CAGR) of 22.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The virtual power plant market is expected to reach $5.04 billion in 2027 at a CAGR of 20.9%.
Global Virtual Power Plant Market Key Driver
Rising demand for renewable energy is expected to propel the virtual power plant market forward in the coming years. Renewable energy is energy derived from natural resources that replenish more quickly than they are depleted. Virtual power plants (VPPs) can balance renewable energy production and consumption, and forecasts can help direct consumer behavior as a form of demand response. For an instance, in April 2021, according to the Global Energy Review 2021, published by International Energy Agency, a France-based, autonomous intergovernmental organization, the percentage of renewables in global electricity generation reached 29% in 2020, from 27% in 2019, however, in 2020, demand for renewable energy rose by 3% as demand for all other fuels decreased. Therefore, increasing demand for renewable energy is driving the growth of the virtual power plant market.
Get a sample of the global virtual power plant market reportGlobal Virtual Power Plant Market Segments
The global virtual power plant market is segmented:
1) By Technology: Distribution Generation, Demand Response, Mixed Asset
2) By Source: Renewable Energy, Cogeneration, Energy Storage
3) By End User: Industrial, Commercial, Residential
4) By Geography: The regions covered in the virtual power plant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, North America accounts for the largest share in the global virtual power plant market.
Major Virtual Power Plant Industry Players
ABB Ltd., AGL Energy Ltd., Autogrid Systems Inc., Robert Bosch GmbH, Cpower Energy Management, Enbala Power Networks Inc., Enel X Ltd., Flexitricity Limited, General Electric Ltd., Hitachi Ltd., International Business Machines Corporation, Limejump Limite
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Virtual Power Plant Market Overview
A virtual power plant is a network of decentralized, moderate power-generating units that are all controlled by a single control system. The goal is to integrate various energy sources, such as solar and wind farms, as well as energy assets and battery storage units, into a single cohesive unit.
Virtual Power Plant Global Market Report 2023 provides data on the global virtual power plant market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The virtual power plant market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.