Navigating the Future Virtual Power Plant Market Forecast and Growth Prospects

Market Overview

According to MRFR analysis, the global Virtual Power Plant Market is expected to register a CAGR of ~29.6% from 2023 to 2030 and hold a value of over USD 1.5 billion by 2030.

An aggregated decentralized power plant called a "virtual power plant" is made up of decentralized power systems to integrate various distributed energy sources including solar PV cells, wind turbines, and hydroelectric facilities. The ability to buy or sell electricity on the trading market is another benefit of virtual power plants, which provide efficient power output even during moments of high load.

The term "virtual power plant" refers to a medium-sized power generating unit that integrates several renewable energy sources for solar, wind, and other flexible power consumers and storage systems. A virtual power plant is made up of several mixed assets that are connected via a central control system that processes a wide range of data, including forecasts for pricing and the weather as grid information from the system operators.

Regional Analysis

Europe held the largest market share due to the existence of a significant number of industry participants and new government efforts on 100% green energy in several European nations. Asia-Pacific is seeing the fastest growth in the worldwide virtual power plant market. This can be attributed to increased energy consumption in rapidly industrializing nations such as China and India. For example, China accounts for 36 percent of the steel industry's yearly contribution to global GDP. Because of the increased need for renewable energy, the U.S. is likely to dominate the industry in North America and see considerable demand for virtual power plants.

Market Segmentation

The Global Distributed Energy Resources Market has been segmented into Technology and End-User

Based on the Technology, the market has been segmented into Distribution Generation, Demand Response, and Mixed Asset.

Based on the End User, the market has been segmented into Commercial, Industrial, and Residential.

Key Players

·         ABB Ltd. (Switzerland)

·         Autogrid Systems Inc.(U.S.)

·         Blue Pillar Inc. (U.S.)

·         Cisco Systems Inc. (U.S.)

·         Comverge (U.S.)

·         Cpower Energy Management (U.S.)

·         Enabala Power Networks Inc. (Canada)

·         Enernoc Inc. (U.S.)

·         Flexitricity Limited(U.K.)

·         General Electric Company(U.S.)

·         Hitachi Limited(Japan)

·         International Business Machines Corporation(U.S.)

·         Robert Bosch GmbH(Germany)

·         Schneider Electric SE(France)

·         Siemens AG(Germany)

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