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Virtual Power Plant Market Size, Share & Trends Analysis Report By Technology (Distributed Energy Resource, Demand Response, Mixed Asset), By End Use (Industrial, Commercial, Residential), By Region, And Segment Forecasts, 2024 - 2030

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    Report

  • 130 Pages
  • July 2024
  • Region: Global
  • Grand View Research
  • ID: 5899642
Description Jump to:
The global virtual power plant market size is anticipated to reach USD 16.65 billion by 2030 and is anticipated to expand at a CAGR of 22.2% from 2024 to 2030, according to a new report. Virtual power plants (VPPs) can play a significant role in reducing carbon emissions in the energy sector. Virtual power plants can be programmed to prioritize the use of clean energy sources and minimize the use of carbon-intensive generation sources when possible, thus lowering overall emissions associated with electricity production. Through advanced control algorithms and real-time monitoring, virtual power plants can optimize energy production and consumption, reducing energy waste and associated emissions.

Virtual power plants offer several benefits to customers, both residential and commercial, by providing them with greater control over their energy consumption and cost savings. Customers can reduce their energy bills by participating in virtual power plant programs. Virtual power plant enables customers to take advantage of time-of-use pricing and demand response opportunities, allowing them to shift energy consumption to lower-cost periods and avoid peak-demand charges. Virtual power plants often come with advanced energy management tools and applications that allow customers to monitor and control their energy usage in real-time.

Stringent government regulations can play a significant role in driving the use of virtual power plants. Regulations aimed at reducing greenhouse gas emissions often incentivize adopting clean energy technologies. Virtual power plants, by enabling the integration of renewables and demand response, contribute to reducing carbon emissions in the energy sector, aligning with government emission reduction goals. Governments often invest in grid modernization efforts to improve the overall efficiency and intelligence of the power grid.

Virtual Power Plant Market Report Highlights

  • In terms of technology, the demand response segment dominated the market in 2023. The demand response segment aligns with the broader sustainability goals, making it a critical driver of the VPP market's growth as the world increasingly transitions towards greener and more responsive energy systems
  • In terms of end use, the industrial segment dominated the market in 2023. The growth of the segment can be attributed to its substantial energy demands, complex energy management needs, and the potential for significant cost savings and carbon footprint reduction through VPP adoption
  • North America dominated the regional market in 2023. The growing awareness of the benefits of renewable power is leading to a rise in demand for renewables such as wind, solar, and hydropower in North America. Furthermore, supportive government initiatives in the region are promoting the development of renewable energy sources, which is expected to drive the demand for virtual power plants, thus driving the growth of the regional market
  • In June 2023, SolarEdge Technologies, Inc., a smart energy technology leader, unveiled its 1st battery virtual power plant that provides grid support through the U.K.'s National Grid ESO Demand Flexibility Service (DFS). This service can be leveraged for SolarEdge home battery owners with eligible smart meters across the U.K. and provides them financial incentives to utilize their stored battery energy during DFS demand events


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Table of Contents

Chapter 1. Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Market Definitions
1.3. Research Methodology
1.3.1. Information Procurement
1.3.2. Information or Data Analysis
1.3.3. Market Formulation & Data Visualization
1.3.4. Data Validation & Publishing
1.4. Research Scope and Assumptions
1.4.1. List of Data Sources
Chapter 2. Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights
Chapter 3. Virtual Power Plant Market Variables, Trends, & Scope
3.1. Market Introduction/Lineage Outlook
3.2. Industry Value Chain Analysis
3.3. Market Dynamics
3.3.1. Market Drivers Analysis
3.3.1.1. Expansion of renewable energy capacity
3.3.1.2. Growing deployment of smart grids
3.3.2. Industry Opportunities
3.3.2.1. Increasing adoption of Electric Vehicles (EVs)
3.3.3. Industry Challenges
3.3.3.1. Technology, data security and privacy, and business challenges
3.4. Virtual Power Plant Market Analysis Tools
3.4.1. Porter’s Analysis
3.4.1.1. Bargaining power of the suppliers
3.4.1.2. Bargaining power of the buyers
3.4.1.3. Threats of substitution
3.4.1.4. Threats from new entrants
3.4.1.5. Competitive rivalry
3.4.2. PESTEL Analysis
3.4.2.1. Political landscape
3.4.2.2. Economic and Social landscape
3.4.2.3. Technological landscape
3.4.2.4. Environmental landscape
3.4.2.5. Legal landscape
Chapter 4. Virtual Power Plant Market: Technology Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Virtual Power Plant Market: Technology Movement Analysis, 2023 & 2030 (USD Million)
4.3. Distributed Energy Resource
4.3.1. Distributed Energy Resource Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
4.4. Demand Response
4.4.1. Demand Response Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
4.5. Mixed Asset
4.5.1. Mixed Asset Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 5. Virtual Power Plant Market: End Use Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Virtual Power Plant Market: End Use Movement Analysis, 2023 & 2030 (USD Million)
5.3. Industrial
5.3.1. Industrial Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
5.4. Commercial
5.4.1. Commercial Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
5.5. Residential
5.5.1. Residential Market Revenue Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 6. Virtual Power Plant Market: Regional Estimates & Trend Analysis
6.1. Virtual Power Plant Market Share, By Region, 2023 & 2030, USD Million
6.2. North America
6.2.1. North America Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.2.2. U.S.
6.2.2.1. U.S. Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.2.3. Canada
6.2.3.1. Canada Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.2.4. Mexico
6.2.4.1. Mexico Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.3. Europe
6.3.1. Europe Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.3.2. UK
6.3.2.1. UK Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.3.3. Germany
6.3.3.1. Germany Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.3.4. France
6.3.4.1. France Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.4. Asia Pacific
6.4.1. Asia Pacific Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.4.2. China
6.4.2.1. China Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.4.3. India
6.4.3.1. India Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.4.4. Japan
6.4.4.1. Japan Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.4.5. South Korea
6.4.5.1. South Korea Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.4.6. Australia
6.4.6.1. Australia Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.5. Latin America
6.5.1. Latin America Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.5.2. Brazil
6.5.2.1. Brazil Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.6. Middle East and Africa
6.6.1. Middle East and Africa Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.6.2. Kingdom of Saudi Arabia (KSA)
6.6.2.1. Kingdom of Saudi Arabia (KSA) Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.6.3. UAE
6.6.3.1. UAE Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
6.6.4. South Africa
6.6.4.1. South Africa Virtual Power Plant Market Estimates and Forecasts, 2017 - 2030 (USD Million)
Chapter 7. Competitive Landscape
7.1. Recent Developments & Impact Analysis by Key Market Participants
7.2. Company Categorization
7.3. Company Market Positioning
7.4. Company Market Share Analysis
7.5. Company Heat Map Analysis
7.6. Strategy Mapping
7.6.1. Expansion
7.6.2. Mergers & Acquisition
7.6.3. Partnerships & Collaborations
7.6.4. New Product Launches
7.6.5. Research And Development
7.7. Company Profiles
7.7.1. Siemens
7.7.1.1. Participant’s Overview
7.7.1.2. Financial Performance
7.7.1.3. Product Benchmarking
7.7.1.4. Recent Developments
7.7.2. TOSHIBA CORPORATION
7.7.2.1. Participant’s Overview
7.7.2.2. Financial Performance
7.7.2.3. Product Benchmarking
7.7.2.4. Recent Developments
7.7.3. Next Kraftwerke GmbH.
7.7.3.1. Participant’s Overview
7.7.3.2. Financial Performance
7.7.3.3. Product Benchmarking
7.7.3.4. Recent Developments
7.7.4. Hitachi, Ltd.
7.7.4.1. Participant’s Overview
7.7.4.2. Financial Performance
7.7.4.3. Product Benchmarking
7.7.4.4. Recent Developments
7.7.5. ABB
7.7.5.1. Participant’s Overview
7.7.5.2. Financial Performance
7.7.5.3. Product Benchmarking
7.7.5.4. Recent Developments
7.7.6. Tesla
7.7.6.1. Participant’s Overview
7.7.6.2. Financial Performance
7.7.6.3. Product Benchmarking
7.7.6.4. Recent Developments
7.7.7. AutoGrid Systems, Inc
7.7.7.1. Participant’s Overview
7.7.7.2. Financial Performance
7.7.7.3. Product Benchmarking
7.7.7.4. Recent Developments
7.7.8. Limejump Limited
7.7.8.1. Participant’s Overview
7.7.8.2. Financial Performance
7.7.8.3. Product Benchmarking
7.7.8.4. Recent Developments
7.7.9. Sunverge Energy, Inc.
7.7.9.1. Participant’s Overview
7.7.9.2. Financial Performance
7.7.9.3. Product Benchmarking
7.7.9.4. Recent Developments
7.7.10. Centrica plc
7.7.10.1. Participant’s Overview
7.7.10.2. Financial Performance
7.7.10.3. Product Benchmarking
7.7.10.4. Recent Developments
List of Tables
Table 1 Virtual power plant market, 2017 - 2030 (USD Million)
Table 2 Global market estimates and forecasts, by region, 2017 - 2030 (USD Million)
Table 3 Global market estimates and forecasts, by technology, 2017 - 2030 (USD Million)
Table 4 Global market estimates and forecasts, by end use, 2017 - 2030 (USD Million)
Table 5 Distributed Energy Resource virtual power plant market, by region, 2017 - 2030 (USD Million)
Table 6 Demand Response virtual power plant market, by region, 2017 - 2030 (USD Million)
Table 7 Mixed Asset virtual power plant market, by region, 2017 - 2030 (USD Million)
Table 8 Industrial virtual power plant market, by region, 2017 - 2030 (USD Million)
Table 9 Commercial virtual power plant market, by region, 2017 - 2030 (USD Million)
Table 10 Residential virtual power plant market, by region, 2017 - 2030 (USD Million)
Table 11 North America virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 12 North America virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 13 U.S. virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 14 U.S. virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 15 Canada virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 16 Canada virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 17 Mexico virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 18 Mexico virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 19Europe virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 20Europe virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 21 UK virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 22 UK virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 23 Germany virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 24 Germany virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 25 France virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 26 France virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 27 Asia Pacific virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 28 Asia Pacific virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 29 China virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 30 China virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 31 Japan virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 32 Japan virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 33 India virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 34 India virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 35 South Korea virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 36 South Korea virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 37 Australia virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 38 Australia virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 39 Latin America virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 40 Latin America virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 41 Brazil virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 42 Brazil virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 43 Middle East & Africa virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 44 Middle East & Africa virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 45 Kingdom of Saudi Arabia (KSA)virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 46 Kingdom of Saudi Arabia (KSA)virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 47 UAE virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 48 UAE virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 49 South Africa virtual power plant market, by end use, 2017 - 2030 (USD Million)
Table 50 South Africa virtual power plant market, by technology, 2017 - 2030 (USD Million)
Table 51 Company Market Share, 2023
Table 52 Company Heat Map Analysis
Table 53 Key Companies undergoing partnerships, collaborations, & agreements
Table 54 Key Companies launching new products
List of Figures
Fig. 1 Virtual power plant market segmentation
Fig. 2 Information procurement
Fig. 3 Data analysis models
Fig. 4 Market formulation and validation
Fig. 5 Data validating & publishing
Fig. 6 Market snapshot
Fig. 7 Segment snapshot
Fig. 8 Competitive landscape snapshot
Fig. 9 Parent Market Value, 2023 (USD Million)
Fig. 10 Virtual power plant market - Industry value chain analysis
Fig. 11 Virtual power plant market dynamics
Fig. 12 Virtual power plant market: Porter’s analysis
Fig. 13 Virtual power plant market: PESTEL analysis
Fig. 14 Virtual power plant market, by technology: key takeaways
Fig. 15 Virtual power plant market, by technology: market share, 2023 & 2030
Fig. 16 Virtual power plant market estimates & forecasts, by distributed energy resource, 2017 - 2030 (USD Million)
Fig. 17 Virtual power plant market estimates & forecasts, by demand response, 2017 - 2030 (USD Million)
Fig. 18 Virtual power plant market estimates & forecasts, by mixed asset, 2017 - 2030 (USD Million)
Fig. 19 Virtual power plant market, by end use: key takeaways
Fig. 20 Virtual power plant market, by end use: market share, 2023 & 2030
Fig. 21 Virtual power plant market estimates & forecasts, by industrial, 2017 - 2030 (USD Million)
Fig. 22 Virtual power plant market estimates & forecasts, by commercial, 2017 - 2030 (USD Million)
Fig. 23 Virtual power plant market estimates & forecasts, by residential, 2017 - 2030 (USD Million)
Fig. 24 Virtual power plant market revenue, by region, 2023 & 2030 (USD Million)
Fig. 25 Regional marketplace: key takeaways
Fig. 26 North America virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 27 U.S virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 28 Canada virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 29 Mexico virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 30 Europe virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 31 U.K Virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 32 Germany virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 33 France virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 34 Asia Pacific virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 35 China virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 36 India virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 37 Japan virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 38 South Korea virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 39 Australia virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 40 Latin America virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 41 Brazil virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 42 Middle East & Africa virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 43 Kingdom of Saudi Arabia (KSA) virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 44 UAE virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 45 South Africa virtual power plant market estimates & forecasts, 2017 - 2030 (USD Million)
Fig. 46 Key company categorization
Fig. 47 Company market positioning
Fig. 48 Company market share analysis, 2023
Fig. 49 Strategic framework

Companies Mentioned

  • Siemens
  • TOSHIBA CORPORATION
  • Next Kraftwerke GmbH.
  • Hitachi, Ltd.
  • ABB
  • Tesla
  • AutoGrid Systems, Inc
  • Limejump Limited
  • Sunverge Energy, Inc.
  • Centrica plc

Methodology

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Table Information

Report AttributeDetails
No. of Pages130
PublishedJuly 2024
Forecast Period2023 - 2030
Estimated Market Value ( USD ) in 2023 $ 4.13 Billion
Forecasted Market Value ( USD ) by 2030 $ 16.65 Billion
Compound Annual Growth Rate22.2%
Regions CoveredGlobal
No. of Companies Mentioned10

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