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Virtual Power Plant Market 2023 Size Industry Key Strategies, Historical Analysis, Segmentation, Application, Technology, Trends And Opportunities Forecasts To 2032
Virtual Power Plant Market
The Business Research Company's Virtual Power Plant Global Market Report 2023 identifies Increasing demand for renewable energy as the major driver for the Virtual Power Plant market's growth in the forecast period. Renewable energy refers to the energy that originates from natural resources that replenish more quickly than they are used up. Virtual power plants (VPPs) can balance the production and consumption of renewable energy, 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.
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 market size of global virtual power plant market is expected to reach $5.04 billion in 2027 at a CAGR of 20.9%.
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Major competitors in the Virtual Power Plant market are ABB Ltd., AGL Energy Ltd., Autogrid Systems Inc., Robert Bosch GmbH, Cpower Energy Management, Enbala Power Networks Inc., Enel X Ltd., Flexitricity Limited
A key trend in the Virtual Power Plant market includes adoption of advanced technologies Major players in the virtual power plant sector are focused on the adoption of advanced technologies to sustain their position in the market. For instance, in October 2022, AutoGrid Systems, a US-based virtual power plant (VPP) provider, partnered with Mysa, a Canada-based thermostat manufacturing startup, and developed utility-scale virtual power plants with an AI-powered VPP platform and Mysa's smart thermostat technology. With the use of its unique features, such as demand-side resources, distributed generation, customer-owned flexible storage, and AutoGrid VPP, different energy markets can be made profitable and used to generate income.
Read More On TheGlobal Virtual Power Plant Market Report Here: https://www.thebusinessresearchcompany.com/report/virtual-power-plant-global-market-report
The Virtual Power Plant market is segmented -
• By Technology: Distribution Generation, Demand Response, Mixed Asset
• By Source: Renewable Energy, Cogeneration, Energy Storage
• By End User: Industrial, Commercial, Residential
• By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. North America was the largest region in the Virtual Power Plant market.
The Business Research Company's "Global Virtual Power Plant Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Virtual Power Plant Market Include:
1. Executive Summary
2. Virtual Power Plant Market Characteristics
3. Virtual Power Plant Market Trends And Strategies
4. Virtual Power Plant Market - Macro Economic Scenario
5. Virtual Power Plant Market Size And Growth
.....................
26. Africa Virtual Power Plant Market
27. Virtual Power Plant Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Virtual Power Plant Market
29. Virtual Power Plant Market Future Outlook and Potential Analysis
30. Appendix
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