Virtual Power Plant Market Poised to Reach US$ 11.6 Billion 2024-2032, Driven by Impressive 23.42% CAGR: IMARC Group

IMARC Group, a leading market research company, has recently releases report titled "Virtual Power Plant Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2024-2032." The study provides a detailed analysis of the industry, including the global virtual power plant market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

How big is the Global Virtual Power Plant Market?

The global virtual power plant market size reached US$ 1.7 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 11.6 Billion by 2032, exhibiting a growth rate (CAGR) of 23.42% during 2024-2032.

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What is Virtual Power Plant?

A virtual power plant (VPP) is a network of decentralized energy sources that are aggregated to function as a single power plant. It utilizes advanced software and communication technologies and seamlessly integrates a multitude of energy assets, such as solar panels, wind turbines, and batteries, to deliver a balanced and reliable electricity supply. It continuously monitors energy production and consumption, making real-time adjustments to ensure grid stability. It is essential for decentralizing energy systems, thereby reducing vulnerabilities associated with centralized power plants. It enables quick responses to changing market conditions, providing a level of resilience and adaptability. It allows scalability, making it easier to adapt to growing energy needs or technological advancements.

Global Virtual Power Plant Market and Drivers:

At present, the rising shift towards renewable energy sources like wind and solar to reduce carbon footprints represents one of the crucial factors impelling the market growth. Additionally, the increasing number of government policies and incentives, such as tax benefits, subsidies, and grants aimed at encouraging sustainable energy solutions, are contributing to the growth of the market. Besides this, the growing awareness about environmental sustainability among individuals is driving the demand for greener energy solutions, including VPPs.

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Moreover, the rising work-from-home culture is changing energy consumption patterns, creating a need for more flexible and adaptive energy solutions like VPPs. In addition, there is an increasing need for load shifting due to variable energy production from renewable sources, which employs VPPs to store excess energy and release it when needed. Furthermore, the growing concerns about cybersecurity in energy infrastructure are leading to an increased focus on secure, smart systems like VPPs that offer better protection against cyber threats. Apart from this, the rising integration of artificial intelligence (AI) and data analytics tools for more intelligent, autonomous operation of VPPs is strengthening the market growth. Additionally, the rise of industrial internet of things (IIoT) is allowing for more sophisticated data collection and analytics, enabling better optimization and efficiency in VPP operations.

Global Virtual Power Plant Market 2024-2032 Analysis and Segmentation:

Top Key Players covered in this report 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, Sunverge Energy Inc., etc.

The report segmented the market on the basis of region, technology, source and end user.

Breakup by Technology:

• Distribution Generation
• Demand Response
• Mixed Asset

Breakup by Source:

• Renewable Energy
• Cogeneration
• Energy Storage

Breakup by End User:

• Industrial
• Commercial
• Residential

Breakup by Region:

• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa

Key highlights of the report:

• Market Performance (2018-2023)
• Market Outlook (2024- 2032)
• Porter's Five Forces Analysis
• Market Drivers and Success Factors
• SWOT Analysis
• Value Chain
• Comprehensive Mapping of the Competitive Landscape

If you need specific information that is not currently within the scope of the report, we can provide it to you as a part of the customization.

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This release was published on openPR.