Press release
Virtual Power Plant Market Size Forecasted To Achieve $7.43 Billion By 2029 With Steady Growth
Virtual Power Plant
What Is the Current Virtual Power Plant Market Size and Its Estimated Growth Rate?
In recent times, the market size of the virtual power plant has seen massive growth, with its value set to increase from $2.81 billion in 2024 to $3.39 billion in 2025. This represents a compound annual growth rate (CAGR) of 20.8%. The spectacular growth in the historical period owes much to factors such as the growth of renewable energy, the expansion of energy storage, the backing and incentives from government, as well as pilot projects and demonstrations, and the decentralization of energy systems.
Expectations are high for the virtual power plant market size to experience significant expansion in the upcoming years. The prediction is a growth to $7.43 billion by 2029, with a compound annual growth rate (CAGR) of 21.7%. The surge in growth during the forecast period is linked to factors such as growing climate change awareness, the rising trend of renewable energy sources' adoption, and economic expansion. Key trends during the forecast period include digitalization, integration of IoT, collaborative partnerships, technological advancements, and decentralization of energy systems.
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How Are Emerging Segments Shaping the Virtual Power Plant Market Landscape?
The virtual power plant market covered in this report is segmented -
1) By Technology: Distribution Generation, Demand Response, Mixed Asset
2) By Source: Renewable Energy, Cogeneration, Energy Storage
3) By End User: Industrial, Commercial, Residential
Subsegments:
1) By Distribution Generation: Renewable Energy Sources (Solar, Wind), Combined Heat And Power (CHP) Systems
2) By Demand Response: Commercial Demand Response, Residential Demand Response, Industrial Demand Response
3) By Mixed Asset: Hybrid Energy Systems, Battery Energy Storage Systems (BESS)
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Which Growth Factors Are Influencing Virtual Power Plant Market Expansion?
The virtual power plant market is projected to grow owing to an upsurge in the interest for renewable energy. Natural resources that are renewed faster than their consumption rate account for this kind of energy. Demand response can be manipulated by directing customer actions by accurately predicting the balance of production and consumption of renewable energy through Virtual Power Plants (VPPs). As an example, the National Renewable Energy Laboratory (NREL), a U.S. based institution focusing on the promotion of energy efficiency and renewable energy technologies, reported in April 2023 that global photovoltaic (PV) installations had attained 231 gigawatts of direct current (GWdc), amounting to a cumulative total of 1.2 terawatts of direct current (TWdc) in 2022. The annual PV installations in China observed a 57% spike, contributing to 42% of the global demand, with distributed PV being a major driver. It is projected that the annual installations will surpass 300 GW by 2023 and exceed 400 GW by 2025. Thus, the rising interest in renewable energy stimulates the growth of the virtual power plant market.
Who Are the Dominant Players Across Different Virtual Power Plant Market Segments?
Major companies operating in the virtual power plant market include 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., Blue Pillar, Inc, Olivine Inc., Flexitricity Limited, Toshiba Energy Systems & Solutions Corporation
What Are the Latest Developing Trends in the Virtual Power Plant Market?
The embrace of cutting-edge technologies is an emerging trend gaining traction in the virtual power plant industry. Key entities in the virtual power plant arena are concentrating their efforts on utilizing these sophisticated technologies to maintain their market dominance. For example, AutoGrid Systems, an American virtual power plant provider, entered into a partnership with Mysa, a thermostat production startup from Canada in October 2022. They have unveiled utility-scale virtual power plants that incorporate an AI-powered VPP platform and the intelligent thermostat technology of Mysa. Through the utilization of its exclusive attributes, such as demand-side resources, dispersed power generation, consumer-held adjustable storage, and AutoGrid VPP, diverse energy markets can be turned into profit-making and income-generating ventures. Due to their asset refinement and prediction abilities, utility firms and aggregators have the potential to expand flexible capacity.
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Which Geographic Regions Are Expected to Dominate the Virtual Power Plant Market in the Coming Years?
North America was the largest region in the Virtual Power Plant market share in 2024. Middle East is expected to be the fastest-growing region in the forecast period. The regions covered in the virtual power plant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Virtual Power Plant Market?
2. What is the CAGR expected in the Virtual Power Plant Market?
3. What Are the Key Innovations Transforming the Virtual Power Plant Industry?
4. Which Region Is Leading the Virtual Power Plant Market?
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