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Virtual Power Plant Market Report 2024 - Virtual Power Plant Market Size, Drivers And Share
Virtual Power Plant Market
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According to The Business Research Company's, The virtual power plant market size has grown exponentially in recent years. It will grow from $2.35 billion in 2023 to $2.86 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to renewable energy growth, energy storage expansion, government support and incentives, pilot projects and demonstrations, decentralization of energy systems.
The virtual power plant market size is expected to see exponential growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to growing awareness of climate change, increasing adoption of renewable energy sources, growing awareness of climate change, economic growth. Major trends in the forecast period include digitalization and IoT integration, partnerships and collaborations, advancements in technology decentralization of energy systems.
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Market Drivers and Trends:
Increasing demand for renewable energy is expected to propel the virtual power plant market going forward. 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 instance, in April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China's annual PV installations surged by 57%, accounting for 42% of global demand, primarily driven by distributed PV, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025. , Therefore, increasing demand for renewable energy is driving the growth of the virtual power plant market.
The adoption of advanced technologies is a key trend gaining popularity in the virtual power plant market. 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. Utility companies and aggregators can increase flexible capacity thanks to their asset optimization and forecasting skills.
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Major Key Players of the Market:
Robert Bosch GmbH, Hitachi Ltd., Siemens AG, Engie SA, General Electric Ltd., International Business Machines Corporation, Cisco Systems, Inc., Schneider Electric SE, Honeywell International Inc, Asea Brown Boveri Ltd., AGL Energy Ltd., Generac Holdings Inc., EnerNOC, Inc, Enel X Ltd., Osisoft LLC, Limejump Limited, Open Access Technology International Inc., Shell Plc., Stem, Inc., Blueprint Power Technologies Inc., Next Kraftwerke GmbH, Cpower Energy Management, Autogrid Systems Inc., Enbala Power Networks Inc., Comverge, Blue Pillar, Inc, Olivine Inc., Sunverge Energy, Inc., Flexitricity Limited, Toshiba Energy Systems & Solutions Corporation
Virtual Power Plant Market 2024 Key Insights:
• The virtual power plant market size is expected to see exponential growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%.
• Renewable Energy Surge Propels Virtual Power Plant Market Growth
• Increasing Embrace Of Advanced Technologies Shapes Virtual Power Plant Market Landscape
• North America was the largest region in the Virtual Power Plant market share in 2023
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The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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