Press release
Virtual Power Plant Industry Outlook 2025-2029: Market Set to Cross $7.43 Billion Milestone
Virtual Power Plant Market
Virtual Power Plant Market Size Growth Forecast: What to Expect by 2025?
Over the recent years the scale of the virtual power plant market has seen an exponential increase. The market is anticipated to rise from $2.81 billion in 2024 to $3.39 billion in 2025, boasting a compound annual growth rate (CAGR) of 20.8%. The expansion witnessed in the past years has been brought about by factors like the surge in renewable energy, ramping up of energy storage, governmental backing and incentives, introduction of demonstration and pilot projects, and a shift towards decentralized energy systems.
How Will the Virtual Power Plant Market Size Evolve and Grow by 2029?
Expected to witness significant growth in the coming years, the virtual power plant market size is projected to reach $7.43 billion by 2029, growing at a compound annual growth rate (CAGR) of 21.7%. The increase over the forecast period is believed to be due to rising awareness of climate change, increased use of renewable energy sources, and economic growth. The major trends that will characterize the forecast period comprise digitalization and integration of IoT, strategic partnerships and collaborations, as well as the evolution of technology-driven decentralization of energy systems.
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What Drivers Are Propelling the Growth of Virtual Power Plant Market Forward?
The surge in the need for renewable energy is projected to fuel the progression of the virtual power plant market. This type of energy comes from natural resources that replenish faster than their consumption rate. Virtual power plants (VPPs) have the capacity to balance the use and production of renewable energy, and predictions can guide consumers in demand response. For example, as per the National Renewable Energy Laboratory (NREL), a US-based research institution focused on the advancement of renewable energy and energy-efficient technologies, global photovoltaic (PV) installations hit 231 gigawatts of direct current (GWdc), amounting to a cumulative total of 1.2 terawatts of direct current (TWdc) in 2022. There was a 57% spike in China's annual PV installations, contributing 42% to global demand. This was predominately due to distributed PV, with projected installations anticipated to surpass 300 GW by 2023, and exceed 400 GW by 2025. As a result, the escalating demand for renewable energy is augmenting the expansion of the virtual power plant market.
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Which Emerging Trends Are Transforming the Virtual Power Plant Market in 2025?
The increasing uptake of cutting-edge technologies is a notable trend emerging in the virtual power plant market. To maintain their market position, significant players in the field of virtual power plants pay specific attention to the utilization of advanced technologies. For instance, AutoGrid Systems, a U.S. virtual power plant (VPP) vendor, collaborated with Mysa, a thermostat manufacturing startup based in Canada, in October 2022. They worked together to create utility-scale virtual power plants using Mysa's intelligent thermostat technology and an artificial intelligence-powered VPP platform of AutoGrid. The unique features provided, including demand-side resources, distributed creation, consumer-held flexible storage, and AutoGrid VPP, has the potential to make various energy markets profitable and income-generating. These features further enable utility corporations and aggregators to boost their flexible ability via asset optimization and forecasting capabilities.
What Are the Key Segments in the Virtual Power Plant Market?
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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Who Are the Key Players Shaping the Virtual Power Plant Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth in the Virtual Power Plant Market?
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.
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