Global $5.6 Billion Virtual Power Plant Market, Competition, Forecast & Opportunities, 2020-2025

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Mar 23, 2021, 07:00 ET

DUBLIN, March 23, 2021 /PRNewswire/ -- The "Global Virtual Power Plant Market, by Component (Software v/s Service), by Technology (Demand Response, Distributed Generation, Mixed Asset), by Source (Renewables, Energy Storage, CHP, Other local generation), by End User, by Region, Competition, Forecast & Opportunities, 2025" report has been added to ResearchAndMarkets.com's offering.

The Global Virtual Power Plant Market is forecast to witness a CAGR of 30% in the coming years and surpass $ 5.6 billion by 2025

Growth in the Global Virtual Power Plant Market can be attributed to the growing opportunities in renewable energy and battery storage systems, rising demand for power generation from renewable sources of energy, increase in penetration of smart grid technologies, shift from centralized to distributed generation, favorable government initiatives to mitigate power outages and increasing demand for power in key industries such as petroleum refining, chemicals, metals and mining, etc.

The Global Virtual Power Plant Market can be segmented based on component, technology, source, end-user and region. In terms of component, the market can be bifurcated into software and service. In 2020, software segment dominated the market, however, service segment is expected to grow at a higher rate in the coming years.

Based on technology, the market can be segmented into Demand Response, Distributed Generation, and Mixed Asset. Demand response segment currently holds the largest share and is expected to hold its dominance in the virtual power plant market during the forecast period. Demand response is highly lucrative for investment due to everlasting benefits for end-users and improving the energy efficiency of the grid.

Based on source, the market can be segmented into Renewables, CHP, Energy Storage, and Other Local Generation segments. Renewable sources, including solar, wind, hydro, and bio, are widely used sources for virtual power plant as they are naturally occurring sources of energy that can be easily replenished, and plays an important role in reducing greenhouse gas emissions. The increasing share of renewables in the power generation mix will positively impact the Global Virtual Power Plant Market.

In terms of end-user, the Global Virtual Power Plant Market is segmented into residential, commercial & industrial. The Industrial segment held the largest market share in 2019 and is expected to have the largest share over the forecast period as well. Industrial end-users are among the highest adopters of the virtual power plant setups and services. Regionally, North America is the largest virtual power plant market.

Shift towards renewable energy sources, need for higher grid stability, and presence of major companies is driving the virtual power plant market in the region. Asia-Pacific is also expected to present lucrative opportunities in the coming years owing to the phenomenal growth in the construction industry, and government regulatory policies and initiatives towards clean energy, especially in China and India. Japan and South Korea are also among the industrialized countries in APAC region that is also expected to boost the region's virtual power plant in the coming years.

Key Target Audience:

Virtual Power Plant market players and other stakeholders
Organizations, forums and alliances related to power industry
Government bodies such as regulating authorities and policy makers
Market research and consulting firms

Years considered for this report:

Historical Years: 2015-2018
Base Year: 2019
Estimated Year: 2020
Forecast Period: 2021-2025

Key Topics Covered:

1. Product Overview

2. Research Methodology

3. Executive Summary

4. Voice of Customer

5. Global Virtual Power Plant Market Outlook
5.1. Market Size & Forecast
5.1.1. By Value
5.2. Market Share & Forecast
5.2.1. By Component (Software vs. Service)
5.2.2. By Technology (Demand Response, Distributed Generation, and Mixed Asset)
5.2.3. By Source (Renewables, Energy Storage, CHP and Other local generation)
5.2.4. By End User (Residential, Commercial and Industrial (Petroleum Refining, Chemicals Industry, Metals & Mining and Others)
5.2.5. By Region
5.2.6. By Company (2019)
5.3. Product Market Map

6. North America Virtual Power Plant Market Outlook
6.1. Market Size & Forecast
6.1.1. By Value
6.2. Market Share & Forecast
6.2.1. By Component
6.2.2. By Technology
6.2.3. By Source
6.2.4. By End User
6.2.5. By Country
6.3. North America: Country Analysis

7. Europe Virtual Power Plant Market Outlook
7.1. Market Size & Forecast
7.1.1. By Value
7.2. Market Share & Forecast
7.2.1. By Component
7.2.2. By Technology
7.2.3. By Source
7.2.4. By End User
7.2.5. By Country
7.3. Europe: Country Analysis

8. APAC Virtual Power Plant Market Outlook
8.1. Market Size & Forecast
8.1.1. By Value
8.2. Market Share & Forecast
8.2.1. By Component
8.2.2. By Technology
8.2.3. By Source
8.2.4. By End User
8.2.5. By Country
8.3. APAC: Country Analysis

9. South America Virtual Power Plant Market Outlook
9.1. Market Size & Forecast
9.1.1. By Value
9.2. Market Share & Forecast
9.2.1. By Component
9.2.2. By Technology
9.2.3. By Source
9.2.4. By End User
9.2.5. By Country
9.3. South America: Country Analysis

10. Middle East and Africa Virtual Power Plant Market Outlook
10.1. Market Size & Forecast
10.1.1. By Value
10.2. Market Share & Forecast
10.2.1. By Component
10.2.2. By Technology
10.2.3. By Source
10.2.4. By End User
10.2.5. By Country
10.3. MEA: Country Analysis

11. Market Dynamics
11.1. Drivers
11.2. Challenges

12. Market Trends & Developments

13. Competitive Landscape
13.1. ABB Limited
13.2 AGL Energy
13.3. Autogrid Systems, Inc.
13.4. Siemens AG
13.5. Schneider Electric
13.6. Enbala Power Network
13.7. Robert Bosch GmbH
13.8. General Electric
13.9 Comverge
13.10. Next Kraftwerke
13.11. Cisco Systems

14. Strategic Recommendations

For more information about this report visit https://www.researchandmarkets.com/r/utgqt9

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