The Virtual Power Plant Global Market Report 2023, provides comprehensive information on the virtual power plant market across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten year historic period – 2010-2021, and a ten year forecast period – 2023-2032.
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As per The Business Research Company’s Virtual Power Plant Global Market Report 2023, the market is expected to grow from $1.92 billion in 2022 to $2.36 billion in 2023 at a compound annual growth rate (CAGR) of 22.5%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of global virtual power plant market is expected to reach $5.04 billion in 2027 at a CAGR of 20.9%.
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The adoption of advanced technologies is a key trend gaining popularity in the virtual power plant market. Major players in the virtual power plant sector are focused on the adoption of advanced technologies to sustain their position in the market. For instance, in October 2022, AutoGrid Systems, a US-based virtual power plant (VPP) provider, partnered with Mysa, a Canada-based thermostat manufacturing startup, and developed utility-scale virtual power plants with an AI-powered VPP platform and Mysa’s smart thermostat technology. With the use of its unique features, such as demand-side resources, distributed generation, customer-owned flexible storage, and AutoGrid VPP, different energy markets can be made profitable and used to generate income. Utility companies and aggregators can increase flexible capacity thanks to their asset optimization and forecasting skills.
The virtual power plant market 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
North America was the largest region in the virtual power plant market in 2022.
The table of contents in TBRC’s virtual power plant market report includes:
1. Executive Summary
2. Virtual Power Plant Market Characteristics
3. Virtual Power Plant Market Trends And Strategies
4. Virtual Power Plant Market – Macro Economic Scenario
5. Virtual Power Plant Market Size And Growth
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26. Africa Virtual Power Plant Market
27. Virtual Power Plant Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Virtual Power Plant Market
29. Virtual Power Plant Market Future Outlook and Potential Analysis
30. Appendix
Top Major Players:
- ABB Ltd
- AGL Energy Ltd
- Autogrid Systems Inc
- Robert Bosch GmbH
- Cpower Energy Management
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The Business Research Company is a market intelligence firm that pioneers in market, company, and consumer research. TBRC’s specialist consultants are located globally and are experts in a wide range of industries that include healthcare, manufacturing, financial services, chemicals, and technology. The firm has offices located in the UK, the US, and India, along with a network of proficient researchers in 28 countries. Through the report businesses can gain a thorough understanding of the market’s size, growth rate, major drivers and leading players.
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