The rising demand for renewable energy in the power generation sector and changes in the dynamics of power grids from centralized to distributed are factors expected to drive the market for Global Virtual Power Plant in the forecast period of 2024-2028.
According to TechSci Research report, Virtual Power Plant Market – Global Industry Size, Share, Trends, Opportunity, and Forecast. 2018–2028F, the global virtual power plant market is anticipated to register a robust growth during the forecast period 2024-2028. The Global Virtual Power Plant market is being driven on account of increasing demand for more renewables adoption and integration of intermittent and distributed energy resources, (DER) supported by big data analytics for monitoring and forecasting to optimize the dispatch of power load. Moreover, the growing investment and strategic partnerships within service providers along with increasing acceptance of innovative technologies such as cloud platforms and Internet of Things (IoT) applications in power industry will positively influence the global virtual power plant market in the upcoming years. The extensive use of smart applications, on-site generators and flexible heating and cooling loads in various sectors are anticipated to act as a catalyst in the growth of the Virtual Power Plant market.
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The virtual power plant market is segmented into technology, component, source, end-user, and region. Based on technology type, the market is bifurcated into distribution generation, demand response and mixed assets. Based on components, the market is segmented into software and services. Based on source, the market is categorized into renewables, energy storage, combined heat and power and other local generation. The end-user segment is further categorized into industrial, commercial, and residential.
Based on technology, the demand response is expected to dominate in the virtual power plant market in the forecast period, owing to the rising investments in demand response solutions with increasing requirement for improving the overall efficiency of any grid technology. This is attributed to higher and faster adoption rates of this technology in developed nations by electric system planners and operators as response options for balancing the supply and demand. Furthermore, growing investment in demand response solutions due to various benefits offered such as peak load management and earning incentives by participating in demand response program are also contributing in expanding the revenue growth of virtual power plant during the forecast period.
On the basis of source segment, renewables are expected to dominate in the virtual power plant market due to the requirement of decarbonized cost-effective decentralized system for power generation and power consumption. Furthermore, rising government initiatives and regulations for consumption of renewable resources for ecologically friendly power generation are likewise facilitating the renewable resources solutions to cater the demand of power generation sectors. Hence, renewable segment is projected to expand during the forecast period.
Based on end-user model, the residential segment dominates the largest share in the overall virtual power plant market and is expected to remain dominant in the forecast period as numerous users are seeking for smart meters applications for more customized and purpose-built solutions. The growing adoption of applications such as smart home appliances and home energy management system (HEMS), Internet of Things (IoT), Smart thermostats and sophisticated management software are enabling more flexible billing and visibility of energy transactions. Furthermore, several investments and initiatives taken by the governments for demand response programs and energy storage systems, are boosting the growth of virtual power plant market globally.
Key market players in the virtual power plant market:
- ABB Ltd.
- Siemens AG
- Schneider Electric SE
- EnerNoc, Inc.
- Comverge, Inc.
- AutoGrid System Inc.
- Flexitricity Limited
- General Electric Company
- AGL Energy
- International Business Machines Corporation
Recent Developments:
On November 02, 2022, The Puerto Rico Electric Power Authority announced the strategic partnership with Sunrun Inc. to develop a 17-Megawatt virtual power plant for Puerto Rico’s electric utility. The collaboration believes in a strategic approach to accelerate deployment that will lower energy cost for residence and improve grid availability by connecting 7,000 rooftop solar-plus-battery systems.
On September 22, 2022, Auto Grid, an industry leader in virtual power plant, announced a collaboration with Canadian manufacturer Mysa, to launch utility scale virtual power plant. The company aims to use smart and innovative thermostat technology for grid modernization which offers robust home energy management capability for both consumers and utility.
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“North America is estimated to hold the largest market share in the global virtual power plant market, owing to the growth in demand for hybridization services in the United States. However, Asia Pacific has also experienced significant growth for the virtual power plant market throughout the forecast period. The expanding capacity of renewable power plants with rising need for electrification, ecofriendly renewable energy, higher grid stability, and technical advancement for digital economy has significantly increased the demand for virtual power plants. Additionally, it is anticipated that the market would rise as robust infrastructure for electric vehicles and long-term carbon solutions are increasingly adopted. High-speed networks like cloud platforms, IoT, 5G services and the use of digitization in manufacturing, energy & utility, logistics and healthcare are further anticipated to fuel market expansion in North America.” said, Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“Segmented By Technology (Distribution Generation, Demand Response and Mixed Asset), By Component (Software and Service), By Source (Renewables, Energy Storage, Combined Heat and Power, Other Local Generation) By End User (Industrial, Commercial and Residential), By Region, Competition, Forecast & Opportunities, 2018-2028F” has evaluated the future growth potential of global virtual power plant market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the virtual power plant market.
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