The latest research study “Virtual Power Plant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027” by IMARC Group, finds that the global virtual power plant market reached a value of US$ 1.05 Billion in 2021. Looking forward, IMARC Group expects the market to reach a value of US$ 4.47 Billion by 2027, exhibiting a CAGR of 25.70% during 2022-2027.
Covid-19 Impact:
We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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Industry Definition and Application:
A virtual power plant (VPP) represents the decentralized network that aggregates heterogeneous distributed energy resources (DER) capacities to enhance the power generation process. It provides a smooth power supply to generate electricity from renewable energy sources by amalgamating the energy in the battery for circulation. In addition to this, a virtual power plant includes a central control system that processes excessive data regarding grid information, current power exchange rates, weather forecasts, etc. Consequently, it offers various benefits, such as reliability, optimized power generation from existing sources, reduced carbon footprints, etc.
Global Virtual Power Plant Market Trends and Drivers:
The escalating demand for electric vehicles (EVs) and the upgradation of the existing smart grid infrastructures are primarily driving the virtual power plant market. Additionally, the growing adoption of renewable energy sources, including hydropower, biomass, solar energy, etc., for power generation is further catalyzing the market growth. Besides this, the launch of several favorable policies by government bodies across the countries to promote the utilization of renewable technologies to curb greenhouse gas (GHG) emissions, on account of the rising consumer environmental consciousness and an enhanced focus on sustainable development, is acting as another significant growth-inducing factor. Moreover, the elevating integration of advanced technologies, such as cloud-based solutions and the Internet of Things (IoT), is also positively influencing the global market. Apart from this, the increasing investments in R&D activities to introduce upgraded versions of product variants are anticipated to fuel the virtual power plant market over the forecasted period.
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Virtual Power Plant Market Report Scope |
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Report Coverage |
Details |
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Market size value in 2021 |
US$ 1.05 Billion |
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Market forecast in 2027 |
US$ 4.47 Billion |
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Growth Rate |
CAGR of 25.70% from 2022 to 2027 |
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Base year for estimation |
2021 |
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Historical data |
2016-2021 |
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Forecast period |
2022-2027 |
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Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
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Segments covered |
Technology, Source, End User and Region |
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Regional scope |
North America, Europe, Asia-Pacific, Latin America, Middle East and Africa |
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Key companies profiled |
ABB Ltd., AGL Energy Ltd., Autogrid Systems Inc., Enel Spa, Flexitricity Limited (Reserve Power Holdings (Jersey) Limited), General Electric Company, Hitachi Ltd., Next Kraftwerke GmbH, Osisoft LLC (AVEVA Group plc), Schneider Electric SE, Siemens Aktiengesellschaft and Sunverge Energy Inc. |
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Market Dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and future consumer dynamics, market condition analysis for forecast period, |
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Customization preview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Report Segmentation:
The report has been segmented the market into following categories:
Breakup by Technology:
• Distribution Generation
• Demand Response
• Mixed Asset
Breakup by Source:
• Renewable Energy
• Cogeneration
• Energy Storage
Breakup by End User:
• Industrial
• Commercial
• Residential
By Geography:
• North America
o United States
o Canada
• Asia-Pacific
o China
o Japan
o India
o South Korea
o Australia
o Indonesia
o Others
• Europe
o Germany
o France
o United Kingdom
o Italy
o Spain
o Russia
o Others
• Latin America
o Brazil
o Mexico
o Others
• Middle East and Africa
List of Major Key Players:
The major players in the market are ABB Ltd., AGL Energy Ltd., Autogrid Systems Inc., Enel Spa, Flexitricity Limited (Reserve Power Holdings (Jersey) Limited), General Electric Company, Hitachi Ltd., Next Kraftwerke GmbH, Osisoft LLC (AVEVA Group plc), Schneider Electric SE, Siemens Aktiengesellschaft and Sunverge Energy Inc.
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