The Virtual Power Plant Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Virtual Power Plant Global Market
Report 2024, The virtual power plant market size has grown exponentially in
recent years. It will grow from $2.35 billion in 2023 to $2.86 billion in 2024
at a compound annual growth rate (CAGR) of 21.9%. The growth in the historic
period can be attributed to renewable energy growth, energy storage expansion,
government support and incentives, pilot projects and demonstrations,
decentralization of energy systems.
The virtual power plant market size is expected to see exponential growth in
the next few years. It will grow to $6.1 billion in 2028 at a compound annual
growth rate (CAGR) of 20.8%. The growth in the forecast period can be
attributed to growing awareness of climate change, increasing adoption of
renewable energy sources, growing awareness of climate change, economic growth.
Major trends in the forecast period include digitalization and IoT integration,
partnerships and collaborations, advancements in technology decentralization of
energy systems.
Increasing demand for renewable energy is expected to propel the virtual power
plant market going forward. Renewable energy refers to the energy that
originates from natural resources that replenish more quickly than they are
used up. Virtual power plants (VPPs) can balance the production and consumption
of renewable energy, and forecasts can help direct consumer behavior as a form
of demand response. For instance, in April 2023, according to a report
published by the National Renewable Energy Laboratory (NREL), a US-based
research institution dedicated to advancing renewable energy and energy
efficiency technologies, global photovoltaic (PV) installations reached 231
gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current
(TWdc) cumulatively in 2022. China's annual PV installations surged by 57%,
accounting for 42% of global demand, primarily driven by distributed PV, while
annual installations are forecast to exceed 300 GW by 2023 and surpass 400 GW
by 2025. , Therefore, increasing demand
for renewable energy is driving the growth of the virtual power plant market.
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The virtual power plant market covered in this report 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
Major companies operating in the virtual power plant market are focused on
developing advanced solutions such as battery virtual power plants to meet
rising demand for energy efficiency and grid flexibility, securing a
competitive edge. Battery Virtual Power Plant refers to an advanced energy
system that optimally integrates and manages distributed home batteries to
enhance grid stability and offer financial incentives during peak demand
events. For instance, in February 2023, SolarEdge Technologies, Inc., an
Israel-based smart energy technology company, launched its pioneering battery
virtual power plant in support of the National Grid ESO Demand Flexibility
Service (DFS) in Great Britain. This innovative service is now accessible to a
substantial number of SolarEdge Home Battery owners across Great Britain
equipped with eligible smart meters. These homeowners can capitalize on
financial incentives by utilizing their stored battery energy strategically
during DFS peak demand events, contributing to grid stabilization. SolarEdge
Home Battery owners with eligible export meters have the opportunity to
maximize their financial gains further by exporting excess battery energy back
into the grid. The cutting-edge technology developed by SolarEdge ensures
seamless optimization of battery charge and discharge during each demand event,
allowing homeowners to minimize grid consumption and earn incentives.
The virtual power plant market report table of contents 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. Global
Virtual Power Plant Market Size and Growth
.
32. Global Virtual Power Plant Market Competitive Benchmarking
33. Global
Virtual Power Plant Market Competitive Dashboard
34. Key
Mergers And Acquisitions In The Virtual Power Plant Market
35. Virtual
Power Plant Market Future Outlook and Potential Analysis
36.
Appendix
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