Investor Empowerment: BCC Research provides insight into the
dynamic virtual power plant market and highlights new opportunities
and strategic partnerships.
BOSTON, May 22, 2024
/PRNewswire/ -- "According to the latest BCC Research study, the
demand for the Global Virtual Power Plant Market will
reach $6.2 billion by 2028 with a
CAGR of 21.5%.
This report offers a comprehensive analysis of the virtual power
plant (VPP) market, focusing on technology, source end use, and
regional development. It examines key countries like the U.S.,
Canada, China, India,
and Germany for profitable
opportunities in renewable power generation. Insights into leading
companies, their products, and market trends are provided,
alongside a patent analysis and ESG considerations. Market
projections extend from 2023 to 2028, with values in U.S. dollars,
emphasizing newly added annual VPP capacity.
Over the past few decades, the price of solar photovoltaic (PV)
modules has fallen by a staggering 80%, while installed capacity
has increased from 40 GW to more than 600 GW. This significant
shift highlights the huge white space opportunity in the virtual
power plant (VPP) industry. According to the International Energy
Agency (IEA), the global energy landscape will be heavily invested
by 2023, with an estimated US$2.8
trillion allocated to energy companies. Nuclear power,
electric vehicles, and efficiency improvements. It is worth noting
that the US, Germany, the UK,
France, and China have emerged as the major revenue
drivers in the global VPP market, accounting for more than 70% of
the global market.
To learn more about the Global Virtual Power Plant Market
Report, click here for details.
Key Drivers of the Global Virtual Power Plant Market
Increasing Use of Renewable Energy in Power Generation:
Renewable energy sources such as solar and wind are becoming more
popular around the world as we move away from fossil fuels. Virtual
power plants (VPPs) use resources such as rooftop solar panels and
wind turbines to increase production capacity due to their ability
to combine these resources.
Rising Investments in Adopting Smart Grids: A smart grid
is a modern electricity grid that improves stability, reliability,
and resilience by improving communication between producers,
consumers, and operators. VPP integrates seamlessly with smart
grids to optimize grid operations by managing energy flows from
distributed energy sources (DERs) such as solar panels and
batteries.
Growing Global Demand for Electricity: Electricity demand
continues to grow due to population growth, economic development,
and urbanization. VPP helps meet this demand by combining
distributed energy sources to provide reliable power, thereby
contributing to grid stability and resilience. As the demand for
electricity increases, virtual power plants play a crucial role in
ensuring a sustainable and efficient electricity supply.
Request a Sample Copy of the Global Virtual
Power Plant Market Report.
Report Synopsis
Report
Metrics
|
Details
|
Base year
considered
|
2022
|
Forecast Period
considered
|
2023-2028
|
Base year market
size
|
$2.1 billion
|
Market Size
Forecast
|
$6.2 billion
|
Growth Rate
|
CAGR of 21.5% from 2023
to 2028
|
Segment
Covered
|
By Technology,
End-User, and Region
|
Regions
covered
|
North America, Europe,
Asia-Pacific, and Rest of the World (Middle East & Africa and
South America)
|
Key Market
Drivers
|
•
Increasing Use of Renewable Energy in
Power Generation
•
Rising Investments in Adopting Smart
Grids
•
Growing Global Demand for
Electricity
|
Segmentation Analysis:
Technology Segmentation Analysis:
- Distributed Energy Resource (DER): DERs are
decentralized energy sources like solar panels and wind turbines.
Virtual Power Plants (VPPs) combine these resources to enhance grid
stability and integrate renewable energy efficiently.
- Demand Response (DR): DR involves adjusting electricity
usage in response to grid conditions. VPPs with DR capabilities
help balance the grid by shifting energy consumption during peak
demand, benefiting both utilities and consumers.
End-User Segmentation Analysis:
- Industrial: Factories and manufacturing facilities
benefit from VPPs by ensuring reliable power and optimizing energy
usage to meet high demands efficiently.
- Commercial: Offices, retail spaces, and commercial
buildings use VPPs to manage energy costs, enhance grid resilience,
and promote sustainability through technologies like rooftop solar
panels and battery storage.
- Residential: Individual homes participate in residential
VPPs, contributing excess solar energy and adjusting consumption to
support community-based energy sharing and transition to cleaner
energy sources.
This Global Virtual Power Plant Market Report contains
comprehensive information and analysis covering the following key
questions:
- What is the projected market size and growth rate of the
market?
The global virtual power plant market was valued at $2.1 billion in 2022 and will reach $6.2 billion by 2028 with a CAGR of 21.5%.
- What are the key factors driving the growth of the market?
- Increasing renewable energy usage in power generation boosts
the global market.
- Increasing investments in adopting smart grids propel market
growth.
- Increasing electricity demand worldwide is raising
the VPPs market growth.
- What segments are covered in the market?
The virtual power plant market is segmented based on technology,
end-user, and region.
- Which segment will dominate the market by the end of 2028
by Technology?
The Demand response segment will dominate the market by 2028.
- Which region has the highest market share in the market?
North America holds the highest
share of the global market.
Some of the Key Market Players Are:
- 1KOMMA5
- ABB
- AGL ENERGY LTD.
- AUTOGRID SYSTEMS INC.
- CPOWER
- ENEL X NORTH AMERICA INC.
- FLEXITRICITY
- GENERAL ELECTRIC
- LIMEJUMP
- NEXT KRAFTWERKE
- SIEMENS
- STATKRAFT AS
Directly Purchase a copy of the
report with BCC Research.
For further information or to make a purchase, please get in
touch with info@bccresearch.com.
About BCC Research
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assessment of market opportunities with detailed market research
reports. Our experienced industry analysts' goal is to help you
make informed business decisions, free of noise and hype.
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Data and analysis extracted from this press release must be
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source and publisher.
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