Virtual power plant market was valued at $1.3B in 2019, projected to hit $5.9B by 2027, with a 21.3% CAGR from 2020

WILMINGTON, DE, UNITED STATES, September 4, 2024 /EINPresswire.com/ -- The global Virtual Power Plant market size was valued at $1.3 billion in 2019, and is projected to reach $5.9 billion by 2027, growing at a CAGR of 21.3% from 2020 to 2027.

Virtual power plant is an aggregation of decentralized generators with the outline to integrate different distributed energy sources such as biomass plants, biogas block heating plants, wind turbines, and hydroelectric plants. In addition, virtual power plant offers enhanced power generation with a scope to trade or sell power on the electricity market.

𝐃𝐨𝐰𝐧𝐥𝐨𝐚𝐝 𝐬𝐚𝐦𝐩𝐥𝐞 𝐫𝐞𝐩𝐨𝐫𝐭 𝐰𝐢𝐭𝐡 𝐈𝐧𝐝𝐮𝐬𝐭𝐫𝐲 𝐈𝐧𝐬𝐢𝐠𝐡𝐭𝐬: https://www.alliedmarketresearch.com/request-sample/4154

It is a medium-scale power generating unit for solar, wind, and other flexible power consumers and storage systems. A virtual power plant consists of different assets that are connected via central control system processing wide range of information, such as current prices at the power exchange, price and weather forecasts, and grid information of the system operators.

Proliferating demand for renewable energy in power generation sector coupled with changes in dynamics of power grids from centralized to distributed is expected to drive the market growth. In addition, VPP is more efficient and flexible to deliver the peak load electricity in a short notice period compared to conventional power plant set up that will further drive the market growth. However, high-frequency human exposure of electromagnetic and radio waves leads to health concerns, which may hamper the market growth.

Based on technology demand response emerged as the leading segment in virtual power plant market. This is attributed to the grid modernization with virtual power plant leading to increase in demand response. Growing application of mixed asset due to increasing demand for smart devices to control customer-sited loads.

𝐁𝐮𝐲 𝐍𝐨𝐰 & 𝐆𝐞𝐭 𝐄𝐱𝐜𝐥𝐮𝐬𝐢𝐯𝐞 𝐃𝐢𝐬𝐜𝐨𝐮𝐧𝐭 𝐎𝐧 𝐓𝐡𝐢𝐬 𝐑𝐞𝐩𝐨𝐫𝐭: https://www.alliedmarketresearch.com/checkout-final/ec37c1c9ba2f36a3944f03115e9ae300

Based on end user the industrial segment accounted for 53% share of global market in 2019, and is expected to maintain its dominance during the forecast period, owing to energy efficiency of VPPs. However, residential user segment is also expected to grow with a highest CAGR, due to rise in demand for renewable energy.

Europe accounted for the highest market share in 2019, owing to the presence of large number of industry players and new government initiatives across different European countries on 100% green energy initiative. Asia-Pacific possesses highest growth in the global virtual power plant market, owing to rise in energy demand in countries such as China and India with rapid industrialization.

The key players operating in the virtual power plant market share adopted product launch and business expansion to sustain the intense market competition. The key players profiled in the report include ABB Ltd., AGL Energy, AutoGrid Systems, Inc., Enbala Power Networks, Enel X Inc., General Electric Company, Siemens AG, Schneider Electric SE, Limejump Ltd., and others.

𝐆𝐞𝐭 𝐂𝐮𝐬𝐭𝐨𝐦𝐢𝐳𝐞𝐝 𝐑𝐞𝐩𝐨𝐫𝐭𝐬 𝐰𝐢𝐭𝐡 𝐲𝐨𝐮'𝐫𝐞 𝐑𝐞𝐪𝐮𝐢𝐫𝐞𝐦𝐞𝐧𝐭𝐬: https://www.alliedmarketresearch.com/request-for-customization/4154

𝐊𝐞𝐲 𝐅𝐢𝐧𝐝𝐢𝐧𝐠𝐬 𝐨𝐟 𝐭𝐡𝐞 𝐒𝐭𝐮𝐝𝐲:

China is projected to grow at the highest CAGR of approximately 30.3%, in terms of revenue, during the forecast period.

By technology, the mixed asset segment is anticipated to grow with a CAGR 23.1%, in terms of revenue, during the forecast period.

The rest of the Europe region dominated the market with highest revenue shares in 2019

David Correa
Allied Market Research
+1 800-792-5285
email us here
Visit us on social media:
Facebook
X