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Global Virtual Power Plant Market Analysis & Trends - Industry Forecast to 2028

Global Virtual Power Plant Market Analysis & Trends - Industry Forecast to 2028

  • July 2021
  • 180 pages
  • ID: 5762065
  • Format: PDF
  • Accuray Research LLP

Summary

Table of Contents

Virtual Power Plant: Market Size

From $28.99 billion in 2020, the global Virtual Power Plant market is projected to reach $118.95 billion by 2028. Based on our analysis the market is expected to grow at a CAGR of 19.3 from 2020 - 2028 timeframe.


Some of the prominent trends that the market is witnessing include, growing penetration for renewable energy, growing demand for power through a reliable power source and the need for aggregation of distributed electricity.

Global Virtual Power Plant Market: Market Dynamics

The growing regulatory initiatives and cost-competitiveness for solar generation for the deployment of energy storage systems are anticipated to tend the demand for virtual power plants during the projected period. Increasing awareness about the benefits of renewable power has surged the demand for renewable sources in the past few decades. In the power generation sector the significant rise in the demand for non-conventional energy and changes in dynamics of power grids from centralized to distributed and easy convenience of energy storage drive the development of the virtual power plant market due to its regulating costs. Furthermore the easy accessibility of energy storage will contribute to the increase in the market demand.

For instance, Statkraft’s virtual power plant in Germany is the biggest and the first of its kind in Europe. It generates a total of more than 10,000 MW of electricity, which is equivalent to 10 nuclear reactors.

On the other hand, the inadequate infrastructure is likely to obstruct the profit boundaries. In addition rising demand for electric vehicles and development of smart grids will further boost for the virtual power plant market.

Impact of COVID-19 on Virtual Power Plant

The COVID-19 pandemic has caused a substantial drop in freight and electricity prices for many networks around the globe and due to the imposition of lockdown investments in energy grid have been projects declined. Even so, renewable energy production has remained unchanged, amid the coronavirus lockdown. Moreover, power generation from thermal sources has seen a drop in electricity demand and prices for most of the networks amid the lockdown. Frankfurt School-UNEP institution had suggested that the pandemic is a golden opportunity for governments to prioritize spending on clean energy sources and make them an integral part of their post-coronavirus recovery packages. As the lockdown got uplifted, many countries governments have started to reconsider its focus on renewable energy sources. Therefore, the market is likely to grow due to the surge in funding to develop energy infrastructure.

By Technology

Demand Response Segment Dominate the Market in 2020

The demand response segment made huge revenue in 2020 and growing its prominence during the forecast period owing to the increasing investments in demand-response solutions. Due to their ability to improve the energy efficiency of the grid and their lasting benefits for end-users the demand response segment has huge growth. Demand response programs provide benefits such as peak load management and the possibility of earning incentives.

By Geography

Asia Pacific Region is Leading in the Global Market Place

The Asia Pacific is likely to have a huge demand in the forecast period owing to the massive potential of renewable energy, coupled with rapidly developing residential & commercial sectors and the surging need for decentralized power generation, which is projected to contribute to the regional market growth. Developing economies such as China and India are experiencing excessive energy demand. The deployment of smart metering, adoption of demand response, investments in energy storage and promotion of retail competition are expected to flourish in the electricity sector in the Asia Pacific region.

List of the Key Players Profiled in the Market Include:

• ABB Ltd
• Cisco Systems, Inc.
• General Electric Company
• Hitachi, Ltd.
• International Business Machines Corporation
• Robert Bosch GmbH
• Schneider Electric SE
• Blue Pillar, Inc.
• Siemens AG
• Autogrid Systems, Inc.
• Novartis AG
• Samsung Heavy Industries Co.
• Generac Holdings Inc.
• Flexitricity Ltd
• Limejump Ltd

List of the Regions/Countries Profiled in the Market Include:

North America
• US
• Canada
• Mexico
Europe
• Germany
• U.K
• Italy
• France
• Spain
• Rest of Europe
Asia Pacific
• China
• Japan
• India
• Australia
• New Zealand
• Rest of Asia Pacific
Middle East
• Saudi Arabia
• UAE
• Rest of Middle East
Latin America
• Argentina
• Brazil
• Rest of Latin America
Rest of the World (RoW)
• South Africa
• Others

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