Global Virtual Power Plant (VPP) Market Report 2024-2034: Increasing Adoption of Residential Solar, Storage, and Smart Home Technologies Contributes to the Growth of VPPs

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Jan 12, 2024, 12:30 ET

DUBLIN, Jan. 12, 2024 /PRNewswire/ -- The "Virtual Power Plant (VPP) Market Report 2024-2034" report has been added to ResearchAndMarkets.com's offering.

Overall world revenue for Virtual Power Plant (VPP) Market, 2024 to 2034 in terms of value market will surpass US$2.6 billion in 2024, this work calculates. The author predicts strong revenue growth through to 2034. This work identifies which organizations hold the greatest potential. Discover their capabilities, progress, and commercial prospects, helping you stay ahead.

The Virtual Power Plant (VPP) Market Report 2024-2034: This report will prove invaluable to leading firms striving for new revenue pockets if they wish to better understand the industry and its underlying dynamics. It will be useful for companies that would like to expand into different industries or to expand their existing operations in a new region.

Driving Forces and Opportunities in the Virtual Power Plant (VPP) Market

The propulsion of the VPP market stems from several influential factors, with the widespread deployment of Distributed Energy Resources (DERs), encompassing solar PV, wind power, and energy storage systems, standing out as a primary catalyst. A global shift toward cleaner energy sources, supported by governments and industries, encourages the seamless integration of renewable resources into the grid.

Simultaneously, the ongoing liberalization of electricity markets acts as a driving force, fostering demand for innovative solutions like VPPs that provide essential flexibility and adaptability within the ever-evolving energy landscape.

Vulnerability to Cyber Threats and Potential System Failures Rises Restraining Factor for Market Growth

The vulnerability to cyber threats and potential system failures stands out as a significant restraining factor for the growth of the Virtual Power Plant (VPP) market. As VPPs rely heavily on digital technologies and interconnected systems, they become susceptible to cyberattacks, which could compromise the integrity and functionality of the entire system.

The interconnected nature of VPPs, designed to enhance efficiency and coordination, also exposes them to the risk of system failures. Any disruptions, whether caused by cyber threats or system failures, can have far-reaching consequences, affecting the reliability and stability of power generation and distribution. As a result, addressing and mitigating these vulnerabilities becomes crucial for the widespread and secure adoption of VPP technologies.

What Questions Should You Ask before Buying a Market Research Report?

How is the virtual power plant (VPP) market evolving?
What is driving and restraining the virtual power plant (VPP) market?
How will each virtual power plant (VPP) submarket segment grow over the forecast period and how much revenue will these submarkets account for in 2034?
How will the market shares for each virtual power plant (VPP) submarket develop from 2024 to 2034?
What will be the main driver for the overall market from 2024 to 2034?
Will leading virtual power plant (VPP) markets broadly follow the macroeconomic dynamics, or will individual national markets outperform others?
How will the market shares of the national markets change by 2034 and which geographical region will lead the market in 2034?
Who are the leading players and what are their prospects over the forecast period?
What are the virtual power plant (VPP) projects for these leading companies?
How will the industry evolve during the period between 2024 and 2034?
What are the implications of virtual power plant (VPP) projects taking place now and over the next 10 years?
Is there a greater need for product commercialisation to further scale the virtual power plant (VPP) market?
Where is the virtual power plant (VPP) market heading and how can you ensure you are at the forefront of the market?
What are the best investment options for new product and service lines?
What are the key prospects for moving companies into a new growth path and C-suite?

Market Dynamics

Market Driving Factors

Ongoing Innovation and Research Fueling VPP Advancements
Virtual Power Plants Could be Pathway to Decarbonization
VPPs as Platforms for Distributed Energy Resources (DERs)

Market Restraining Factors

Vulnerability to Cyber Threats and Potential System Failures Rises Restraining Factor for Market Growth
The Substantial Upfront Costs Associated with the Deployment of VPP Infrastructure, Including Smart Grids and Advanced Control Systems
Fluctuations in Energy Markets, coupled with Uncertainties in Government Policies and Incentives

Market Opportunities

Continued Advancements in Iot, AI, And Communication Technologies
Countries Worldwide Recognize the Benefits of Smart, Distributed Energy Systems
Increasing Adoption of Residential Solar, Storage, and Smart Home Technologies Contributes to the Growth of VPPs

Company Profiles

Siemens AG
ABB Ltd.
Schneider Electric SE
General Electric Company
Next Kraftwerke
Cisco Systems Inc
Enel X
Engie SA
Sunverge Energy Inc
Spirae Inc.
Tesla, Inc
Cpower Energy Management
Sympower
Swell Energy Inc.
LO3 Energy Inc.

Segments Covered in the Report

Market Segment by Component

Software
Hardware

Market Segment by Technology

Demand Response VPP
Distributed Generation VPP
Mixed Asset VPP

Market Segment by End-User

Residential
Commercial
Industrial
Utility

Market Segment by Generation Source

Solar PV
Wind Power
Combined Heat and Power (CHP) Units
Energy Storage Systems
Other Sources

North America

U.S.
Canada

Europe

Germany
Spain
United Kingdom
France
Italy
Rest of Europe

Asia Pacific

China
Japan
India
Australia
South Korea
Rest of Asia Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

GCC
South Africa
Rest of Middle East & Africa

For more information about this report visit https://www.researchandmarkets.com/r/y0ajtp

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