LONDON, April 13, 2023 (GLOBE NEWSWIRE) -- The Business Research Company’s research on the virtual power plant market identifies the rising demand for renewable energy to propel the virtual power plant market forward in the coming years. Renewable energy is energy derived from natural resources that replenish more quickly than they are depleted. Virtual power plants (VPPs) can balance renewable energy production and consumption, and forecasts can help direct consumer behaviour as a form of demand response. For example, according to the International Energy Agency's Global Energy Review 2021, published in April 2021, the percentage of renewables in global electricity generation reached 29% in 2020, up from 27% in 2019. However, demand for renewable energy increased by 3% in 2020, while demand for all other fuels decreased. As a result, rising demand for renewable energy is propelling the virtual power plant market forward.
Learn More In-Depth On The Virtual Power Plant Market
The global virtual power plant market size is expected to grow from $1.9 billion in 2022 to $2.3 billion in 2023 at a compound annual growth rate (CAGR) of more than 22%. The virtual power plant market is then expected to reach $5 billion in 2027 at a CAGR of more than 20%.
Major virtual power plant compnaies are ABB Ltd., AGL Energy Ltd., Autogrid Systems Inc., Robert Bosch GmbH, Cpower Energy Management, Enbala Power Networks Inc., Enel X Ltd., Flexitricity Limited, General Electric Ltd., Hitachi Ltd., International Business Machines Corporation.
Get A Free Sample Of The Global Virtual Power Plant Market Report
The use of advanced technologies is a key trend that is gaining traction in the virtual power plant market. To maintain their market position, major players in the virtual power plant sector are focusing on the adoption of advanced technologies. For example, in October 2022, AutoGrid Systems, a virtual power plant (VPP) provider based in the United States, partnered with Mysa, a thermostat manufacturing startup based in Canada, to develop utility-scale virtual power plants using an AI-powered VPP platform and Mysa's smart thermostat technology. Different energy markets can be made profitable and used to generate income by utilising its unique features such as demand-side resources, distributed generation, customer-owned flexible storage, and AutoGrid VPP. Utility companies and aggregators can increase flexible capacity by optimising assets and forecasting.
North America was the largest region in the Virtual Power Plant market in 2022. 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 and Africa.
The global virtual power plant market is segmented by technology into distribution generation, demand response, mixed asset; by source into renewable energy, cogeneration, energy storage; by end user into industrial, commercial, residential.
Virtual Power Plant Global Market Report 2023 by The Business Research Company provides insights on the virtual power plant market size, virtual power plant market segments, virtual power plant market trends, drivers and restraints, major competitors’ market positioning, revenues and market shares.
The Business Research Company has published over 3,000+ industry reports, covering more than 2,500+ market segments and 60 geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Learn More About The Business Research Company
The Business Research Company is a market intelligence firm pioneering in company, market, and consumer research. With offices all around the world, TBRC has specialist consultants in a variety of fields, including manufacturing, healthcare, financial services, chemicals, and technology.
Global Market Model – World’s Most Comprehensive Database
The Business Research Company’s flagship product, Global Market Model, is a market intelligence platform covering various macroeconomic indicators and metrics across 60 geographies and 27 industries. The Global Market Model covers multi-layered datasets which help its users assess supply-demand gaps.
