The Virtual Power Plant Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Virtual Power Plant Global Market Report 2024, The virtual power plant market size has grown exponentially in recent years. It will grow from $2.35 billion in 2023 to $2.86 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic period can be attributed to renewable energy growth, energy storage expansion, government support and incentives, pilot projects and demonstrations, decentralization of energy systems.
The virtual power plant market size is expected to see exponential growth in the next few years. It will grow to $6.1 billion in 2028 at a compound annual growth rate (CAGR) of 20.8%. The growth in the forecast period can be attributed to growing awareness of climate change, increasing adoption of renewable energy sources, growing awareness of climate change, economic growth. Major trends in the forecast period include digitalization and IoT integration, partnerships and collaborations, advancements in technology decentralization of energy systems.
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 instance, in April 2023, according to a report published by the National Renewable Energy Laboratory (NREL), a US-based research institution dedicated to advancing renewable energy and energy efficiency technologies, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China’s annual PV installations surged by 57%, accounting for 42% of global demand, primarily driven by distributed PV, while annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW by 2025. , Therefore, increasing demand for renewable energy is driving the growth of the virtual power plant market.
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The virtual power plant market covered in this report is segmented –
1) By Technology: Distribution Generation, Demand Response, Mixed Asset
2) By Source: Renewable Energy, Cogeneration, Energy Storage
3) By End User: Industrial, Commercial, Residential
Major companies operating in the virtual power plant market are focused on developing advanced solutions such as battery virtual power plants to meet rising demand for energy efficiency and grid flexibility, securing a competitive edge. Battery Virtual Power Plant refers to an advanced energy system that optimally integrates and manages distributed home batteries to enhance grid stability and offer financial incentives during peak demand events. For instance, in February 2023, SolarEdge Technologies, Inc., an Israel-based smart energy technology company, launched its pioneering battery virtual power plant in support of the National Grid ESO Demand Flexibility Service (DFS) in Great Britain. This innovative service is now accessible to a substantial number of SolarEdge Home Battery owners across Great Britain equipped with eligible smart meters. These homeowners can capitalize on financial incentives by utilizing their stored battery energy strategically during DFS peak demand events, contributing to grid stabilization. SolarEdge Home Battery owners with eligible export meters have the opportunity to maximize their financial gains further by exporting excess battery energy back into the grid. The cutting-edge technology developed by SolarEdge ensures seamless optimization of battery charge and discharge during each demand event, allowing homeowners to minimize grid consumption and earn incentives.
The virtual power plant market report table of contents includes:
1. Executive Summary
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