Virtual Power Plant Market Trend, Business Opportunities, Challenges, Drivers and Restraint Research Report by 2030
The global virtual power plant market size is expected to reach USD 4,471.30 Million by 2030, according to a new study by Polaris Market Research.
The major factors that boost the industry growth include its benefits for energy generation, expansion of smart grids, and growing demand for renewable energy. Virtual energy plants are used to maximize energy generation from existing sources, incorporate multiple renewable energy sources, and, as a result, reduce carbon emissions.
Any expansion of the smart grid would directly impact the virtual energy plant business. Furthermore, factors such as a growing share of renewable energy in the energy generation mix and falling solar generation and energy storage prices are expected to increase the virtual power plant business.
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Based on the technology, the demand response segment accounted for the leading share in the industry in 2021. Due to increased expenditures in demand-response systems, the demand response category is expected to hold the most significant market share. Its popularity is fast growing due to its long-term benefits for end-users and capacity to improve the grid’s energy efficiency. It also offers perks like peak load control and the chance to earn prizes by engaging in demand response programs.
Market players such as International Business Machines Corporation, General Electric, AGL Energy, ABB, Schneider Electric, Siemens. AutoGrid, Blue Pillar, Inc., Enbala Power Networks, Inc., Next Kraftwerke., Enel X, Cisco Systems, Inc., Hitachi, Ltd., Robert Bosch GmbH are key players operating in the global market.
In November 2021, SunPower Corp., a leading solar technology and energy services company, has announced the opening of its Virtual Power Plant (VPP) solution, which allows SunVaultTM energy storage consumers to be compensated for allowing the versatility to use stored energy throughout peak demand, resulting in a more stable electric grid in their community. Thus, these strategies adopted by the major players are boosting market growth.
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Polaris Market Research has segmented the virtual power plant market report based on technology, source, end-user, and region:
Virtual Power Plant, Technology Outlook (Revenue – USD Million, 2018 – 2030)
- Demand Response
- Distributed Generation
- Mixed Asset
Virtual Power Plant, Source Outlook (Revenue – USD Million, 2018 – 2030)
- Solar
- Wind
- Small Hydro
- Batteries
- Others
Virtual Power Plant, End-User Outlook (Revenue – USD Million, 2018 – 2030)
- Industrial
- Commercial
- Residential
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