Global Virtual Power Plant Market Size & Share Expected to Grow Gradually Over USD 4,471.30 Million By 2030: Polaris Market Research

NEW YORK, April 5, 2022 /PRNewswire/ -- According to research report published by Polaris Market Research, the global virtual power plant market size & share expected to reach USD 4,471.30 Million by 2030 from USD 874.81 Million in 2021, at a compound annual growth rate (CAGR) of 21.9% during forecast period 2022 to 2030.

What is Virtual Power Plant? What is Expected Growth of Virtual Power Plant Market?

• An Overview

A virtual power plant is a cloud-based distributed power plant that integrates capacities of different distributed energy sources such as solar PV cells, wind turbines, and hydroelectric plants. It contains decentralized power systems that is used to offer efficient power generation as well as trading or selling power in the trading market.  A virtual power plant is a cluster of small-scale generators aggregating renewable energy sources for solar, wind, and other flexible power consumers and storage systems.

It's a pool of distributed energy resources connected via a central control system processing a wide range of information, such as current prices at the power exchange, price and weather forecasts, and grid information of the system operators. The purpose of a virtual power plant is to smartly distribute the power generated by the individual units even at peak load periods to let go of the load on the grid.   The ability of virtual power plant to integrate multiple power sources has created lucrative opportunities for growth within the market.

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The Reader Will Find the Following Key Points from This Research Document

• Existing virtual power plant market size and share overview
• Challenges and opportunities in the global market
• End-consumer target groups and their potential volumes of operation
• Top regions and segments to target
• Touchpoints and an opportunity breakdown within the value chain
• The growth rate during the forecast period
• Key factors driving the virtual power plant market
• Key market trends cracking up the growth of the market
• Key vendors of the virtual power plant market
• Opportunities and threats faced by the existing vendors

Major Companies in the Global Markets Are:

• ABB Ltd.
• AGL Energy
• AutoGrid
• Autogrid Systems Inc.
• Blue Pillar Inc.
• Cisco Systems Inc.
• Comverge
• Cpower Energy Management
• Enbala Power Networks Inc.
• Enel X
• Enernoc Inc
• Flexitricity Limited
• General Electric
• Hitachi Ltd.
• International Business Machines Corporation
• Limejump Limited
• Next Kraftwerke.
• Olivene Inc.
• Open Access Technology International Inc.
• Osisoft
• Robert Bosch.
• Schneider Electric
• Siemens

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Virtual Power Plant Market: Growth Drivers

Rising penetration of renewable energy in the power generation sector, growing shift in dynamics of power grids from centralized to distributed generation, electrification, digitization, and breakthroughs are anticipated to boost the virtual power plant market growth. Then, an increasing share of renewable energy in the power generation mix and a reduction in energy cost and energy storage are expected to fuel the market growth. Also, as compared to conventional power plant setup, VPP is more efficient and flexible to deliver the peak load of electricity in a short notice period, which is expected to drive the market growth. Moreover, VPP's characteristics, such as flexibility in trading and low energy cost, attracted lot of new participants. It allows customers to sell excess energy in the trade market as well as buy energy at a lower price. In addition, stringent government regulations associated with eco-friendly power generation are further likely to accelerate the demand for the virtual power plant market.

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Virtual Power Plant Market: Report Scope

Virtual Power Plant Market: Segmentation

• Insight by End-User

On the basis of end-user, the market is categorized into industrial, commercial, and residential. Among these, the residential segment witnessed the most significant revenue contributor in the global industry in 2021 and is anticipated to continue its dominance during the forecast period. The growth of the global industry in residential dwellings can be attributed to the growing adoption of demand response programs, energy storage systems, and distributed generation. It allows the storage of excess energy in energy storage products such as solar panels and batteries, among other things. In addition, government mandates and initiatives for consumer involvement and incentive schemes are expected to contribute to the growth of residential end-user virtual power plant market.

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Geography Overview: Virtual Power Plant Market

Based on geography, North America accounted for the highest market share in 2021. The factors contributing to this development involve technological improvements, policies aimed at reducing greenhouse gas emissions, and the widespread adoption of grid balancing solutions for commercial, residential, and industrial consumers. The U.S. and Canada have experienced the growth of the virtual power plant market.  However, the United States uses virtual energy units for optimal energy distribution, which is driving the industry expansion in the country. Asia Pacific generated a high CAGR in the global virtual power plant market in 2021, owing to renewable energy's enormous potential, the fast-growing residential and commercial sectors. In addition, smart metering, demand response, energy storage investments, and retail competition are some of the factors expected to boost market growth.

Browse the Detail Report "Virtual Power Plant Market Share, Size, Trends, Industry Analysis Report, By Technology (Demand Response, Distributed Generation, Mixed Asset); By Source (Solar, Wind, Small Hydro, Batteries, Others); By End-Use (Industrial, Commercial, Residential); By Region; Segment Forecast, 2022 - 2030" with in-depth TOC: https://www.polarismarketresearch.com/industry-analysis/virtual-power-plant-market 

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Frequently Asked Questions

• At what CAGR the virtual power plant market will expand during the forecast period?
• What will be the virtual power plant market value?
• Which are the factors that drive market growth?
• Who are the leading players in the virtual power plant market?
• What are the key segments?
• What are the key growth strategies of market players?
• Which is the emerging offering in the virtual power plant market?
• By region, which segment would grow at the highest CAGR during the forecast period?

The market is primarily segmented based on technology, source, end-user, and region.

Virtual Power Plant Market: By Technology Outlook

• Demand Response
• Distributed Generation
• Mixed Asset

Virtual Power Plant Market: By Source Outlook

• Solar
• Wind
• Small Hydro
• Batteries
• Others

Virtual Power Plant Market: By End-User Outlook

• Industrial
• Commercial
• Residential

About Polaris Market Research

Polaris Market Research is a global market research and consulting company. The company specializes in providing exceptional market intelligence and in-depth business research services for our clientele spread across different enterprises. We at Polaris are obliged to serve our diverse customer base present across the industries of healthcare, technology, semi-conductors and chemicals among various other industries present around the world. We strive to provide our customers with updated information on innovative technologies, high growth markets, emerging business environments and latest business-centric applications, thereby helping them always to make informed decisions and leverage new opportunities. Adept with a highly competent, experienced and extremely qualified team of experts comprising SMEs, analysts and consultants, we at Polaris endeavor to deliver value-added business solutions to our customers.

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SOURCE Polaris Market Research

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