Global Virtual Power Plants Market to Reach $1.5 Billion by 2026

SAN FRANCISCO, March 10, 2022 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Virtual Power Plants - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

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Edition: 8; Released: February 2022
Executive Pool: 20519
Companies: 40 - Players covered include ABB; Siemens; Schneider Electric; AutoGrid; Next Kraftwerke; AGL Energy; Enel X; General Electric; Blue Pillar, Inc.; Cisco Systems, Inc.; Enbala Power Networks, Inc.; Hitachi, Ltd.; Robert Bosch GmbH; International Business Machines Corporation and Others.
Coverage: All major geographies and key segments
Segments: Technology (Demand Response, Distributed Generation, Mixed Asset); End-Use (Industrial & Commercial, Residential)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Virtual Power Plants Market to Reach $1.5 Billion by 2026
With traditional utilities stretched to the breaking point due to rapid population growth, urbanization and demands of the digital age, energy transformation is gaining momentum with new generation concepts like virtual power plants. Virtual power plants are garnering increasing attention in the energy industry owing to their compelling merits over conventional options. These plants are cloud-based distributed power systems capable of integrating different power sources to enhance power generation while ensuring reliable electricity supply. Virtual power plants facilitate selling and trading of energy on the electricity market. Virtual power plants are set to leapfrog and emerge as an integral component of the power sector in the coming years as they allow aggregators and utility companies to interconnect electricity generation from different distributed sources and plants. The relevance of these plants is anticipated to increase considerably owing to evolving energy landscape and significance in decentralized grid.

Rapid urbanization and industrialization along with rising digitalization are fundamentally transforming production of goods along with production and consumption of energy. These factors are leading to transformation of the power grid by influencing generation, distribution and consumption of power. In addition, technological advancements, supportive policies, emerging business models and cost reductions have expedited the shift from conventional towards smart power grids with two-way information and energy flow. The scenario points towards the need to increase capacity of ultra-high voltage transmission power grids as well as strengthen regional and local network solutions. In addition, local electricity generation and consumption are required to be pushed. These requirements establish virtual power plants as an effective solution for balancing renewable production along with consumption. These plants allow forecasting to help change consumer behaviors in line with demand response.

Amid the COVID-19 crisis, the global market for Virtual Power Plants estimated at US$556.1 Million in the year 2022, is projected to reach a revised size of US$1.5 Billion by 2026, growing at a CAGR of 24% over the analysis period. Demand Response, one of the segments analyzed in the report, is projected to grow at a 23.8% CAGR to reach US$1.5 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Distributed Generation segment is readjusted to a revised 22.3% CAGR for the next 7-year period. This segment currently accounts for a 14.9% share of the global Virtual Power Plants market. Demand Response (DR), also called demand-side response or load response, encompasses a broad range of manual and automated measures taken at the consumer side of the meter to modify electricity usage in reaction to electricity demand-supply imbalances or exceptionally high power-prices. Future growth in the market will be driven by surging demand for Automated Demand Response (Auto-DR) technologies. Distributed generation systems are capable of generating electricity or combined heat and power, and are suitable for versatile applications such as continuous, peak, intermittent, or backup power supply. Favorable government policy changes, incentives and subsidies are catalyzing the growth of distributed generation systems.

The U.S. Market is Estimated at $323.5 Million in 2022, While China is Forecast to Reach $78.9 Million by 2026
The Virtual Power Plants market in the U.S. is estimated at US$323.5 Million in the year 2022. The country currently accounts for a 58.22% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$78.9 Million in the year 2026 trailing a CAGR of 30.6% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 19.1% and 23.4% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 23.9% CAGR while Rest of European market (as defined in the study) will reach US$101.3 Million by the end of the analysis period. Asia-Pacific continues to witness high growth as several areas especially in rural and remote areas in developing economies still do not have access to power grid or have limited or unreliable power supply. The growing drive for rural electrification, fast paced industrialization, and the rising demand for quality and reliable power from energy intensive industries are driving growth in the region. The huge void created by power plant retirements in developed economies in North America and Western Europe, and the ever-growing requirement for electric power from populous emerging economies, is unlocking new opportunities for distributed power generation.

Mixed Asset Segment to Reach $118 Million by 2026
In the global Mixed Asset segment, USA, Canada, Japan, China and Europe will drive the 30.1% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$22.6 Million will reach a projected size of US$142.5 Million by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$6.1 Million by the year 2026. More

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SOURCE Global Industry Analysts, Inc.