With the emergence and long-term Impact of COVID-19, Global Virtual Power Plant Market to reach USD 11.38 Billion by 2030
Bizwit Research & Consulting LLP’s Recent Analysis on Global Virtual Power Plant Market is poised to raise up to USD 11.38 Billion by 2030. Virtual Power Plants combine the production capabilities of several distributed energy sources to improve power generation and trade or sell power on the electricity market. It makes it possible to have a steady supply of electricity and permits utilities to produce electricity using renewable energy sources, store it in battery banks, and then provide it to users. It offers real-time information on the networked units’ capacity utilization.
The market is growing due to factors such as the rising share of renewable energy in the mix of energy sources, falling solar generation prices, and improvements in energy storage. The power industry is increasing the use of cutting-edge technologies such as cloud platforms and Internet of Things (IoT) applications is also boosting the market growth for virtual power plants. The Virtual Power Plant market is expanding because of factors such as increasing demand for renewable power generation, and a growing shift towards distributed generation.
Geographically, the global Virtual Power Plant market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). North America dominated the market in 2022 owing to the dominance of key market players, an increase in renewable energy installations, such as solar and wind power, increasing penetration of energy storage technologies, and a growing trend towards decentralized energy generation, with more consumers adopting rooftop solar panels. Whereas Asia Pacific is projected to have significant growth owing to factors such as rising investment in renewable energy power generation, and rising government support in the industry.
The global Virtual Power Plant market is highly competitive owing to the presence of several key manufacturers such as ABB, Ltd., Autogrid Systems, Inc., Cisco Systems, Inc., Cpower Energy Management, Enbala Power Networks, Inc., Enernoc, Inc, Flexitricity Limited, and others.
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Key findings of the study suggest:
- Global Virtual Power Market is anticipated to grow with a healthy growth rate of more than 32.89% over the forecast period 2023-2030.
- In the Technology segment, Demand Response emerged as the leading market segment in 2022.
- North America is anticipated to drive regional growth owing to the dominance of key market players, an increase in renewable energy installations, such as solar and wind power, increasing penetration of energy storage technologies, and a growing trend towards decentralized energy generation, with more consumers adopting rooftop solar panels.
- Asia-Pacific is expected to grow at a higher rate followed by North America during 2022-2030.
Bizwit Research & Consulting has considered following segments for the study:
Technology:
- Demand Response
- Distributed Generation
- Mixed Asset
End-user:
- Residential
- Commercial
- Industrial
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- Rest of Asia Pacific
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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