Press release
Virtual Power Plant Market to Reach USD 12.18 Billion by 2030, Growing at 32.28% CAGR
Virtual Power Plant Market
The Virtual Power Plant (VPP) market is experiencing unprecedented growth, with its valuation soaring from USD 1.71 billion in 2023 to an anticipated USD 12.18 billion by 2030, reflecting a robust Compound Annual Growth Rate (CAGR) of 32.28% during the forecast period.
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Competitive Landscape and Regional Demand
The VPP sector is witnessing intensified competition, with key players striving to innovate and capture market share. Notably, regions such as the United States, Asia Pacific, the Middle East and Africa, and Europe are experiencing heightened demand for VPP solutions, driven by the integration of renewable energy sources and the need for grid stability.
United States: Virtual Power Plant Growth and Consolidation
In the United States, VPPs are pivotal in balancing electricity supply and demand, especially with the increasing integration of renewable energy sources. The Department of Energy estimated VPP capacity at around 30 to 60 GW in 2023, accounting for approximately 4% to 8% of peak electricity demand. Companies like Tesla have been instrumental, operating VPPs in Texas and California, enhancing grid reliability and offering consumers financial incentives.
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Segmentation Analysis
by Technology
Distribution Generation
Demand Response
Mixed Asset
The Demand Response segment had the greatest market share of about in 2023 and is predicted to dominate the Virtual Power Plant market by the end of the forecast period. This is due to grid modernization and the growing virtual power plant industry, which will result in a greater requirement for demand response. Demand is also increasing due to the long-term benefits it offers to end users. It has the potential to improve the grid's energy efficiency.
by End User
Industrial
Commercial
Residential
The Residential category accounted for the biggest revenue share of the entire Virtual Power Plant market in 2023 and is predicted to expand significantly throughout the forecast period. This is owing to the widespread use of smart meters, smart home equipment, and interoperability with home energy management systems. The growing use of small and medium-sized VPP in industrial applications would fuel market expansion. VPP is ideal for industrial applications due to its great dependability and energy efficiency during peak loads. These reasons fuel the segment's growth over the projection period.
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Key Market Participants:
1.Cisco (U.S.)
2. Wind River (U.S.)
3. Mavenir (U.S.)
4. Ericsson (U.S.)
5. Limejump (U.K.)
6. ABB Ltd (Switzerland)
7. Radisys (U.S.)
8. Siemens AG (Germany)
9. Huawei (China)
10. Flexitricity (U.K.)
11. ECI Telecom (Israel)
12. Comverge (U.S.)
13. VMware(U.S.)
14. Ciena (U.S.)
15. Metaswitch (U.K.)
16. Nokia (Finland)
17. Fujitsu (Japan)
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