“Virtual Power Plant Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on virtual power plant market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Where is the largest and fastest growing market for virtual power plant? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The virtual power plant market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
- 1) By Technology: Distribution Generation; Demand Response; Mixed Asset
- 2) By Source: Renewable Energy; Cogeneration; Energy Storage
- 3) By End User: Industrial; Commercial; Residential
- Companies Mentioned: ABB Ltd.; AGL Energy Ltd.; Autogrid Systems Inc.; Robert Bosch GmbH; Cpower Energy Management
- Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA
- Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
- Time series: Five years historic and ten years forecast.
- Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,
- Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.
- Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
- Delivery format: PDF, Word and Excel Data Dashboard.
Executive Summary
Major players in the virtual power plant market 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, Limejump Limited, Next Kraftwerke GmbH, Schneider Electric SE, Siemens AG, Osisoft LLC, Engie SA, Olivine Inc., Open Access Technology International Inc., Shell Plc., and Generac Holdings Inc.
The global virtual power plant market is expected to grow from $1.92 billion in 2022 to $2.36 billion in 2023 at a compound annual growth rate (CAGR) of 22.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The virtual power plant market is expected to reach $5.04 billion in 2027 at a CAGR of 20.9%.
The virtual power plant market consists of revenues earned by entities providing energy management systems, power consumers and storage systems services. The market value includes the value of related goods sold by the service provider or included within the service offering. The virtual power plant market also includes sales of thermal and renewable energy units and wind turbines. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
A virtual power plant is a network of decentralized, moderate power-generating units operated by a single control system. The aim is to connect different energy sources into one cohesive unit, anything from solar and wind farms, to energy assets and battery storage units.
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 report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main technologies in a virtual power plant are distribution generation, demand response and mixed assets. Distribution generation is a collection of DG installations (such as wind turbines, solar power plants, small hydro, and others.) together with any other power generators that can work in tandem locally and are managed by a single control unit. The major sources are renewable energy, cogeneration and energy storage used by various end users such as industrial, commercial and residential.
Increasing demand for renewable energy is expected to propel the virtual power plant market going forward. Renewable energy refers to the energy that originates from natural resources that replenish more quickly than they are used up. Virtual power plants (VPPs) can balance the production and consumption of renewable energy, and forecasts can help direct consumer behavior as a form of demand response. For an instance, in April 2021, according to the Global Energy Review 2021, published by International Energy Agency, a France-based, autonomous intergovernmental organization, the percentage of renewables in global electricity generation reached 29% in 2020, from 27% in 2019, however, in 2020, demand for renewable energy rose by 3% as demand for all other fuels decreased. Therefore, increasing demand for renewable energy is driving the growth of the virtual power plant market.
The adoption of advanced technologies is a key trend gaining popularity in the virtual power plant market. Major players in the virtual power plant sector are focused on the adoption of advanced technologies to sustain their position in the market. For instance, in October 2022, AutoGrid Systems, a US-based virtual power plant (VPP) provider, partnered with Mysa, a Canada-based thermostat manufacturing startup, and developed utility-scale virtual power plants with an AI-powered VPP platform and Mysa's smart thermostat technology. With the use of its unique features, such as demand-side resources, distributed generation, customer-owned flexible storage, and AutoGrid VPP, different energy markets can be made profitable and used to generate income. Utility companies and aggregators can increase flexible capacity thanks to their asset optimization and forecasting skills.
In October 2021, BP plc, a UK-based multinational oil and gas company, acquired Blueprint Power for an undisclosed amount. With this acquisition, corporate building owners are expected to be allowed to sell excess energy that is either generated on-site using techniques like solar panels or stored in batteries. Blueprint Power is a US-based company associated with turning commercial buildings into a virtual power network plant.
The countries covered in the virtual power plant market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products
The virtual power plant market research report is one of a series of new reports from The Business Research Company that provides virtual power plant market statistics, including virtual power plant industry global market size, regional shares, competitors with a virtual power plant market share, detailed virtual power plant market segments, market trends and opportunities, and any further data you may need to thrive in the virtual power plant industry. This virtual power plant market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
Table of Contents
1. Executive Summary
2. Virtual Power Plant Market Characteristics
3. Virtual Power Plant Market Trends And Strategies
4. Virtual Power Plant Market - Macro Economic Scenario
- 4.1. COVID-19 Impact On Virtual Power Plant Market
- 4.2. Ukraine-Russia War Impact On Virtual Power Plant Market
- 4.3. Impact Of High Inflation On Virtual Power Plant Market
5. Virtual Power Plant Market Size And Growth
- 5.1. Global Virtual Power Plant Historic Market, 2017-2022, $ Billion
- 5.1.1. Drivers Of The Market
- 5.1.2. Restraints On The Market
- 5.2. Global Virtual Power Plant Forecast Market, 2022-2027F, 2032F, $ Billion
- 5.2.1. Drivers Of The Market
- 5.2.2. Restraints On the Market
6. Virtual Power Plant Market Segmentation
- 6.1. Global Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Distribution Generation
- Demand Response
- Mixed Asset
- 6.2. Global Virtual Power Plant Market, Segmentation By Source, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Renewable Energy
- Cogeneration
- Energy Storage
- 6.3. Global Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- Industrial
- Commercial
- Residential
7. Virtual Power Plant Market Regional And Country Analysis
- 7.1. Global Virtual Power Plant Market, Split By Region, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 7.2. Global Virtual Power Plant Market, Split By Country, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
8. Asia-Pacific Virtual Power Plant Market
- 8.1. Asia-Pacific Virtual Power Plant Market Overview
- Region Information, Impact Of COVID-19, Market Information, Background Information, Government Initiatives, Regulations, Regulatory Bodies, Major Associations, Taxes Levied, Corporate Tax Structure, Investments, Major Companies
- 8.2. Asia-Pacific Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 8.3. Asia-Pacific Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
9. China Virtual Power Plant Market
- 9.1. China Virtual Power Plant Market Overview
- 9.2. China Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
- 9.3. China Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F,$ Billion
10. India Virtual Power Plant Market
- 10.1. India Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 10.2. India Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
11. Japan Virtual Power Plant Market
- 11.1. Japan Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 11.2. Japan Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
12. Australia Virtual Power Plant Market
- 12.1. Australia Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 12.2. Australia Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
13. Indonesia Virtual Power Plant Market
- 13.1. Indonesia Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 13.2. Indonesia Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
14. South Korea Virtual Power Plant Market
- 14.1. South Korea Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 14.2. South Korea Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
15. Western Europe Virtual Power Plant Market
- 15.1. Western Europe Virtual Power Plant Market Overview
- 15.2. Western Europe Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 15.3. Western Europe Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
16. UK Virtual Power Plant Market
- 16.1. UK Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 16.2. UK Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
17. Germany Virtual Power Plant Market
- 17.1. Germany Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 17.2. Germany Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
18. France Virtual Power Plant Market
- 18.1. France Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 18.2. France Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
19. Eastern Europe Virtual Power Plant Market
- 19.1. Eastern Europe Virtual Power Plant Market Overview
- 19.2. Eastern Europe Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 19.3. Eastern Europe Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
20. Russia Virtual Power Plant Market
- 20.1. Russia Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 20.2. Russia Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
21. North America Virtual Power Plant Market
- 21.1. North America Virtual Power Plant Market Overview
- 21.2. North America Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 21.3. North America Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
22. USA Virtual Power Plant Market
- 22.1. USA Virtual Power Plant Market Overview
- 22.2. USA Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 22.3. USA Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
23. South America Virtual Power Plant Market
- 23.1. South America Virtual Power Plant Market Overview
- 23.2. South America Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 23.3. South America Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
24. Brazil Virtual Power Plant Market
- 24.1. Brazil Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 24.2. Brazil Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
25. Middle East Virtual Power Plant Market
- 25.1. Middle East Virtual Power Plant Market Overview
- 25.2. Middle East Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 25.3. Middle East Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
26. Africa Virtual Power Plant Market
- 26.1. Africa Virtual Power Plant Market Overview
- 26.2. Africa Virtual Power Plant Market, Segmentation By Technology, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
- 26.3. Africa Virtual Power Plant Market, Segmentation By End User, Historic and Forecast, 2017-2022, 2022-2027F, 2032F, $ Billion
27. Virtual Power Plant Market Competitive Landscape And Company Profiles
- 27.1. Virtual Power Plant Market Competitive Landscape
- 27.2. Virtual Power Plant Market Company Profiles
- 27.2.1. ABB Ltd.
- 27.2.1.1. Overview
- 27.2.1.2. Products and Services
- 27.2.1.3. Strategy
- 27.2.1.4. Financial Performance
- 27.2.2. AGL Energy Ltd.
- 27.2.2.1. Overview
- 27.2.2.2. Products and Services
- 27.2.2.3. Strategy
- 27.2.2.4. Financial Performance
- 27.2.3. Autogrid Systems Inc.
- 27.2.3.1. Overview
- 27.2.3.2. Products and Services
- 27.2.3.3. Strategy
- 27.2.3.4. Financial Performance
- 27.2.4. Robert Bosch GmbH
- 27.2.4.1. Overview
- 27.2.4.2. Products and Services
- 27.2.4.3. Strategy
- 27.2.4.4. Financial Performance
- 27.2.5. Cpower Energy Management
- 27.2.5.1. Overview
- 27.2.5.2. Products and Services
- 27.2.5.3. Strategy
- 27.2.5.4. Financial Performance
28. Key Mergers And Acquisitions In The Virtual Power Plant Market
29. Virtual Power Plant Market Future Outlook and Potential Analysis
30. Appendix
- 30.1. Abbreviations
- 30.2. Currencies
- 30.3. Historic And Forecast Inflation Rates
- 30.4. Research Inquiries
- 30.5. The Business Research Company
- 30.6. Copyright And Disclaimer