MarkNtel Advisors recently published a detailed industry analysis of the Virtual Power Plant Market. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Virtual Power Plant Market Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2028
The Virtual Power Plant Market is projected to grow at a CAGR of around 27.68% during the forecast period, i.e., 2023-28
What are the major Driver the Virtual Power Plant industry?
Growing Inclination Toward Distributed Power Generation – The surging demand for virtual power plants with distributed generation technology owing to its cost-effectiveness, coupled with favorable government regulations & policies toward encouraging the deployment of renewable technologies, are the prime aspects driving the global market through 2028. Further, decentralized power generation helps provide electricity when there are power outages & high-energy requirements. Hence, several countries, ambitious to reach clean energy targets, are increasingly investing in & installing virtual power plants powered with this technology.
Moreover, the mounting focus of various countries on reducing carbon emissions & promoting electrification, entwined with numerous advancements in power generation & storage technologies, is also propelling the adoption of distributed generation.
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What segments define the Virtual Power Plant market from 2023 to 2028? How do these segments contribute to market dynamics and growth?
- By Source
- Renewables
- Energy Storage
- Cogeneration
- By Based on Components
- Distributed Energy Generation Systems
- Energy Storage systems
- Information Communication Technology (ICT)
- By Based on Models
- Demand Response (DR)
- Supply-side
- Mixed-asset
According to report, Of all the models, the Demand Response (DR) acquired the highest share of the Global Virtual Power Plant Market in the historical period owing to the large influx of investments in demand-response solutions, backed by their remarkable ability to enhance the grid’s overall energy efficiency while offering peak load management and incentive opportunity for end-users.
- By End Users
- Residential
- Industrial
- Commercial
According to report, Here, the residential sector dominates the market with the largest share, principally due to the extensive demand for renewable energy in different home applications.
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Geographical Analysis: Virtual Power Plant Market
- North America
- South America
- Europe
- Asia Pacific
- Middle East and Africa
Virtual Power Plant Market Share & Competitive Landscape:
The Virtual Power Plant Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry’s leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Virtual Power Plant Market are:
- ABB Ltd
- AutoGrid Systems
- Advanced Microgrid Solutions, Inc.
- CISCO Systems Inc.
- Enbala Power Networks Inc.
- Enel X North America Inc.
- General Electric
- Itron Inc.
- Hitachi Ltd
- Mitsubishi Electric Corporation
- Next Kraftwerke
- Siemens AG
- Schneider Electric
- Tesla Inc.
Virtual Power Plant Industry Recent Development:
- In June 2023, Tesla Inc. announced its plans to offer virtual power plant programs for Powerwall customers in Texas and Puerto Rico.
- In February 2023, SolarEdge Technologies, Inc. announced the launch of its first Battery Virtual Power Plant supporting Great Britain’s National Grid ESO DFS (Demand Flexibility Service), i.e., available to thousands of SolarEdge Home Battery owners across Great Britain with eligible smart meters, who can now earn financial incentives utilizing their stored battery energy during DFS peak demand events.
Questions Addressed in this Study
1.What factors are driving the Virtual Power Plant Market growth?
2.How is the Virtual Power Plant Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Virtual Power Plant Market?
4.What is the current size of the Virtual Power Plant Market, and how is it projected to change in the future?
6.What is the future outlook for the Virtual Power Plant Market in terms of technological advancements and market expansion?
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Why MarkNtel Advisors?
MarkNtel Advisors is a leading research, consulting, & data analytics firm that provides an extensive range of strategic reports on diverse industry verticals. We deliver data to a substantial & varied client base, including multinational corporations, financial institutions, governments, & individuals, among others.
Our specialization in niche industries & emerging geographies allows our clients to formulate their strategies in a much more informed way and entail parameters like Go-to-Market (GTM), product development, feasibility analysis, project scoping, market segmentation, competitive benchmarking, market sizing & forecasting, & trend analysis, among others, for 15 diverse industrial verticals.
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