Virtual Power Plant Market Will Reach USD 12,273.3 Million by 2030, Says P&S Intelligence

NEW YORK, Jan. 18, 2023 /PRNewswire/ -- In 2022, the virtual power plant market valued USD 3,367.7 million, and it is predicted to hit USD 12,273.3 million in revenue by 2030, progressing at a rate of 16.9% from 2022 to 2030, according to P&S Intelligence.

This can be credited to the increasing acceptance of enhanced technologies in the power industry, including cloud platforms and the internet of things; snowballing concentration on cost-effectiveness in power generation, ease of accessibility of power through VPPs, and rising knowledge about the advantages of renewable power.

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Demand Response Category Generates More than Half the Revenue 

In 2022, the demand response category held a share, of approximately 65%, and the situation will remain unchanged in the years to come. This can be ascribed to the high acceptance of this technology in developed countries because of the direct advantages provided to end consumers, in the form of incentives, for varying their power utilization. 

High Investment in VPP Installations Is Key Trend

The growing expenditure in setting up new VVPs is a key trend in the industry. Older power plants need heavy investment for management as well as construction. While, a VPP is a centralized control system allied with transmitting and power generating units. This is why it needs low capital investment and can control numerous distributed energy resources.

Electric Vehicles Category Will Grow at Highest Pace

The electric vehicles category is projected to witness the fastest growth in the future, at an over 20% CAGR. This can be credited to the high sales and production of electric automobiles, snowballing fuel charges, and surging R&D investment by industry players in clean transportation.

North America Has Highest Demand for VPP Solutions

In 2022, North America dominated the market with a share of above 40%, and it will continue to be dominant over the forecast period. This can be attributed to the increasing capacity of renewable power installations, along with the expansion of smart grid networks armed with VPP expertise and the mounting acceptance of grid balancing solutions among commercial, industrial, and residential consumers.

Browse detailed report on Virtual Power Plant Market Size, Growth, Development and Demand Forecast to 2030

The APAC virtual power plant market is projected to grow at a significant rate in the years to come. This will be due to the heavy investments by regional countries, including China, South Korea, and Japan, in smart energy management solutions, including smart meters, VPPs, and smart grids, and the surging requirement for a dependable and consistent power supply for commercial and industrial purposes.

Virtual Power Plant Market Report Coverage

By Technology

• Demand Response
• Supply Side
• Mixed Asset

By Consumer

• Industrial
• Commercial
• Residential
• Electric Vehicles

Regional Analysis

• North America
• U.S.
• Canada
• Europe
• Germany
• U.K.
• France
• Italy
• Asia-Pacific
•  China
• Japan
• India
• Australia
• South Korea
• Latin America
• Brazil
• Mexico
• Middle East & Africa
• Saudi Arabia
• South Africa
• U.A.E.

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SOURCE P&S Intelligence