Virtual Power Plant Market to exceed US$ 4.7 Billion by 2027 Globally |CAGR: 34%| UnivDatos Market Insights

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20 Apr, 2022, 20:30 IST

NOIDA, India, April 20, 2022 /PRNewswire/ -- A comprehensive overview of the Virtual Power Plant Market is recently added by UnivDatos Market Insights to its humongous database. The Virtual Power Plant market report has been aggregated by collecting informative data on various dynamics such as market drivers, restraints, and opportunities. This innovative report makes use of several analyses to get a closer outlook on the Virtual Power Plant market. The Virtual Power Plant market report offers a detailed analysis of the latest industry developments and trending factors in the market that are influencing the market growth. Furthermore, this statistical market research repository examines and estimates the Virtual Power Plant market at the global and regional levels. Virtual Power Plant market is expected to grow at a CAGR of 34% from 2021-2027 to exceed US$ 4.7 billion by 2027.

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Market Overview  

The transforming energy infrastructure is giving rise to various new and complementary concepts. Distributed Energy Resource Management (DERMS) and Virtual Power Plants are two such new concepts. They are software that helps in balancing the utility requirements with the energy that is generated by the distributed energy sources (DERs) at the distribution end. One key difference between the two is that VPPs focus on the consumer whereas DERMS on the network utility. Virtual Power plants are used for active power control that is not highly dependent on specific locations of individual assets like feeders of circuits to provide grid services. They can provide system-wide benefits which are associated with increased or decreased generation or load and are mainly installed in large areas such as counties, cities, states, or RTO/ISO areas. AutoGrid, a company based in Redwood, California operating in 12 countries with 5,000 MW under contract has realized that VPPs are now becoming commodity items and thus can be purchased through Amazon Web Services.

COVID-19 Impact

The recent covid-19 pandemic in 2019 took the world by storm. The pandemic brought the world to a standstill. All industries have suffered some form of loss due to the pandemic. In addition to this, the pandemic has also cost many lives. To date, there have been 177,470,620 covid-19 cases in the world and 3,839,931 deaths.  Most nations around the world were affected by the pandemic which not only took lives but also took away jobs. The pandemic caused a huge economic burden all around the world with most industries bearing some form of loss. The Virtual Power Plant industry also saw a slowdown during the pandemic as the industries were shut and production was affected.

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Virtual Power Plant market report is studied thoroughly with several aspects that would help stakeholders in making their decisions more curated.

By Technology, the market is primarily segmented into

  • Distribution Generation
  • Demand Response
  • Mixed Asset

Based on technology, the virtual power plants market is segmented into Distribution Generation, Demand Response, and Mixed Asset. Amongst technology, the mixed-asset segment of the virtual power plants market was at US$ 0.2 billion in 2020 and is likely to reach US$ 2.0 billion by 2027 and is growing at a CAGR of 35% from 2021-2027. This is due to increasing behind the meter (BTM) and front of the meter (FTM) devices are growing which positively influence distributed energy resources (DER) owners to achieve the greatest possible profits and increase savings on utility bills coupled with maintaining the proper balance of the electricity grid at the lowest possible environmental and economic cost.

By End-User, the market is primarily segmented into

  • Commercial
  • Industrial
  • Residential

Based on end-user, the virtual power plant market is segmented into Commercial, Industrial, and Residential. Amongst end-user, the residential segment accounted for the largest share in the market and is expected to retain its position in the market. Increasing penetration of DER in residential complexes like rooftop solar in countries like Australia and Germany are some of the key factors. Further, Australia is building the world's largest virtual power plant which is expected to fuel the residential virtual power plant with the support of the South Australian Government, Tesla, and electricity retailer Energy Locals are developing SA VPP – a network of potentially 50,000 solar and Tesla Powerwall home battery systems across South Australia forming the world's largest virtual power plant.

Virtual Power Plant Market Geographical Segmentation Includes:

  • North America
  • Europe
  • Asia-Pacific
  • Rest of the World

Based on the estimation, the Europe region dominated the Virtual Power Plant market with almost 62% revenue share in 2020. Asia-Pacific saw the highest CAGR of 40% in the forecast period due to the increasing demand for electricity in rural areas and thus more renewable energy generation.

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The major players targeting the market include

  • Schneider Electric
  • Engie
  • Siemens AG
  • Enel S.p.A.
  • General Electric Company
  • Royal Dutch Shell Plc
  • AGL Energy Limited
  • Flexitricity Limited
  • Generac Holding Inc.
  • ABB Ltd.

Competitive Landscape

The degree of competition among prominent global companies has been elaborated by analysing several leading key players operating worldwide. The specialist team of research analysts sheds light on various traits such as global market competition, market share, most recent industry advancements, innovative product launches, partnerships, mergers, or acquisitions by leading companies in the Virtual Power Plant market. The leading players have been analysed by using research methodologies for getting insight views on global competition.

Key questions resolved through this analytical market research report include:

  • What are the latest trends, new patterns, and technological advancements in the Virtual Power Plant market?
  • Which factors are influencing the Virtual Power Plant market over the forecast period?
  • What are the global challenges, threats, and risks in the Virtual Power Plant market?
  • Which factors are propelling and restraining the Virtual Power Plant market?
  • What are the demanding global regions of the Virtual Power Plant market?
  • What will be the global market size in the upcoming years?
  • What are the crucial market acquisition strategies and policies applied by global companies?

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