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Pulished Date April, 2021
ID: 10326
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Virtual Power Plant Market Segmentation by Technology (Distribution Generation, Response to Demand and Mixed Assets), by Source (Renewable Energy, Cogeneration, and Energy Storage), by End-user (Commercial, Residential and Industrial) and by Region - Industry Forecast | 2021 to 2026

Pulished: April, 2021
ID: 10326
Pages: 175

Virtual Power Plant Market Size and Growth Analysis:

The global virtual power plant market was assessed to be $ 3.3 billion in 2021and is foreseen to value about $ 8.7 billion by 2026, registering a CAGR of 23.2% from 2021to 2026.

Virtual Power Plant, an aggregate decentralized power plant, composed of decentralized power systems with the aim of integrating different distributed power sources such as photovoltaic solar cells, wind turbines and hydroelectric plants.The growth of the global market for virtual power plants can be attributed to increased opportunities in renewable energy and battery storage systems, augmented demand for power generation from renewable energy sources, rise in penetration of technologies from smart grids, to the shift from centralized generation to distributed generation, to supportive government initiatives to alleviate power outages and increased demand for electricity in key industries such as oil refining, chemicals, metals and mining, etc.

Impact of Covid-19 on Virtual Power Plant market:

The COVID-19 pandemic has caused a dramatic drop in freight and electricity prices for many networks around the world. However, renewable energy production has remained unchanged, amid the coronavirus lockdown. Moreover, power generation from thermal sources has seen a drop in electricity demand amid a global lockdown.

Virtual Power Plant Recent Developments In Industry:

  • Tesla is beginning Phase 3 of its massive virtual power plant in South Australia and has confirmed that soon, nearly 4,000 homes with electric walls and solar power will be connected to the system.
  • Power Ledger, Australian power trading and energy retailer Power Club, has joined forces with solar battery maker Sonnen and solar panel provider Natural Solar to launch its Virtual Power Plant (VPP) pilot project in the country.
  • Generac Holdings is recognized for its reserve generators, acquires the Enbala Power Networks, a virtual power plant company that makes optimization and control software.

Virtual Power Plant Market Drivers:

The growth of the global virtual power plant market is driven by several factors such as the rising demand for unconventional energy in the power generation sector, electricity grids that are moving from centralized to distributed, and regulation of costs, as well as the ease of use of electricity storage energy. The other crucial factor driving the growth of the market is the increasing demand for electricity through a reliable power source that is expected to drive the global industry during the forecast period. The virtual power plant helps to provide peak periods of energy use and end-users can save excess energy in energy storage devices such as batteries. Additionally, increasing government mandates and initiatives for customer engagement and incentive programs could provide an additional boost for the end-user segment. The global increase in the demand for unconventional energy in the power generation sector, changes in the dynamics of electricity grids from centralized to distributed, cost regulation and the ease of use of energy storage, stimulate the development of the virtual power plant market. The phenomenal growth of the construction industry exclusively in the Asia-Pacific region is expected to drive the global virtual power plant market during the forecast period.

Virtual Power Plant Market Restraints:

High-frequency radio and electromagnetic waves cause health problems in babies and the elderly, which can stunt growth. Factors such as the high initial investment and the lack of qualified professionals hinder the development of the VPP market.

Virtual Power Plant Market Segmentation:

The Global Virtual Power Plant market is segmented based on technology, source and end-user.

Based on technology, the market is classified into distribution generation, response to demand and mixed assets. Demand response accounted for the largest revenue share in the virtual power plant market. This can be attributed to the modernization of the grid with the emerging virtual power plant industry that will lead to a growing demand response to demand. Mixed assets are expected to experience the strongest growth in the market due to increased application of smart devices to control customer installed loads.

Based on end-user, the market is separated into commercial, industrial and residential. The industrial segment accounted for the largest share of revenue. The increasing application of small and medium-sized VPPs in industrial areas will drive market growth. Very good reliability and energy efficiency during peak load periods have made the virtual power plants suitable for industrial applications. The residential segment is expected to experience the highest growth in the outlook period.

Based on source, the market is segmented into the renewable energy, cogeneration, and energy storage. Renewable sources include solar, wind, hydro and biological and these are widely used sources for virtual power plants, as they are natural energy sources that can be easily replenished and play an important role in reducing gas emissions of Greenhouse effect.

Virtual Power Plant Regional Analysis:

The North American virtual power plant market accounted for a leading share in the world. Power grids face many challenges in the United States, and they don't match technological advancements in the power industry. When connected to grids, virtual power plants provide energy and address the problems of power fluctuations. In addition, the country's virtual power plants operate under demand response technology that aims at grid stability by changing the pattern of regular power consumption during peak hours. However, as the population is smaller and distributed over a larger geographic area in Canada, the country relies heavily on decentralized power generation technology. Since decentralized generation involves the production of electricity from renewable sources, Canada's need for virtual power plants has increased. All these factors justify the growing trend of adoption of virtual power plants in the region.

Virtual Power Plant Market Key Players:

The key players of global Virtual Power Plant market are 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.), Enbala Power Networks, Inc. (Canada), Enernoc, Inc. (U.S.), Flexitricity Limited (U.K.), General Electric Company (U.S.), Hitachi, Ltd. (Japan), IBM Corporation (U.S.), Robert Bosch GmbH (Germany), Schneider Electric SE (France), and Siemens AG (Germany).

1. Introduction               

              1.1 Market Definition   

              1.2 Scope of the report

              1.3 Study Assumptions 

              1.4 Base Currency, Base Year and Forecast Periods        

2. Research Methodology                         

              2.1 Analysis Design        

              2.2 Research Phases     

                             2.2.1 Secondary Research

                             2.2.2 Primary Research 

                             2.2.3 Data Modelling

                             2.2.4 Expert Validation

              2.3 Study Timeline         

3. Report Overview                      

              3.1 Executive Summary

              3.2 Key Inferencees       

4. Market Dynamics                    

              4.1 Impact Analysis       

                             4.1.1 Drivers

                             4.1.2 Restaints

                             4.1.3 Opportunities

              4.2 Regulatory Environment      

              4.3 Technology Timeline & Recent Trends          

5. Competitor Benchmarking Analysis                 

              5.1 Key Player Benchmarking    

                             5.1.1 Market share analysis

                             5.1.2 Products/Service

                             5.1.3 Regional Presence

              5.2 Mergers & Acquistion Landscape     

              5.3 Joint Ventures & Collaborations       

6. Market Segmentation                           

              6.1 Virtual Power Plant Market, By Technology 

                             6.1.1 Distribution Generation

                             6.1.2 Response to Demand

                             6.1.3 Mixed Assets

                             6.1.4 Market Size Estimations & Forecasts (2019-2024)

                             6.1.5 Y-o-Y Growth Rate Analysis

                             6.1.6 Market Attractiveness Index

              6.2 Virtual Power Plant Market, By Source          

                             6.2.1 Renewable Energy

                             6.2.2 Cogeneration

                             6.2.3 Energy Storage

                             6.2.4 Market Size Estimations & Forecasts (2019-2024)

                             6.2.5 Y-o-Y Growth Rate Analysis

                             6.2.6 Market Attractiveness Index

              6.3 Virtual Power Plant Market, By End-User     

                             6.3.1 Commercial

                             6.3.2 Residential

                             6.3.3 Industrial

                             6.3.4 Market Size Estimations & Forecasts (2019-2024)

                             6.3.5 Y-o-Y Growth Rate Analysis

                             6.3.6 Market Attractiveness Index

7. Geographical Landscape                      

              7.1 Global Identity Governance and Administration Market, by Region             

              7.2 North America - Market Analysis (2018 - 2024)         

                             7.2.1 By Country

                             7.2.2 By Technology

                             7.2.3 By Source

                             7.2.4 By End-User

              7.3 Europe        

                             7.3.1 By Country

                             7.3.2 By Technology

                             7.3.3 By Source

                             7.3.4 By End-User

              7.4 Asia Pacific 

                             7.4.1 By Country

                             7.4.2 By Technology

                             7.4.3 By Source

                             7.4.4 By End-User

              7.5 Latin America           

                             7.5.1 By Country

                             7.5.2 By Technology

                             7.5.3 By Source

                             7.5.4 By End-User

              7.6 Middle East and Africa         

                             7.6.1 By Country

                             7.6.2 By Technology

                             7.6.3 By Source

                             7.6.4 By End-User

8. Key Player Analysis                  

              8.1 ABB Ltd       

                             8.1.1 Business Description

                             8.1.2 Products/Service

                             8.1.3 Financials

                             8.1.4 SWOT Analysis

                             8.1.5 Recent Developments

                             8.1.6 Analyst Overview

              8.2 Autogrid Systems, Inc           

              8.3 Blue Pillar, Inc          

              8.4 Cisco Systems, Inc.  

              8.5 Schneider Electric SE             

              8.6 Siemens AG

              8.7 General Electric Company   

              8.8 Hitachi, Ltd 

              8.9 IBM Corporation     

              8.10 Robert Bosch GmbH           

9. Market Outlook & Investment Opportunities               

Appendix                         

              List of Tables    

              List of Figures   

  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the regions that are still untapped

  • Segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail

  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics

  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis

  • Study the micro environment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development

  • A comprehensive list of key market players along with their product portfolio, current strategic interests, key financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment

  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies

  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions

  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market

  1. Global Virtual Power Plant Market By Region, From 2021-2026 ( USD Billion )

  2. Global Virtual Power Plant Market By Technology, From 2021-2026 ( USD Billion )

  3. Global Distribution Generation Market By Region, From 2021-2026 ( USD Billion )

  4. Global Response to Demand Market By Region, From 2021-2026 ( USD Billion )

  5. Global Mixed Assets Market By Region, From 2021-2026 ( USD Billion )

  6. Global Virtual Power Plant Market By Source, From 2021-2026 ( USD Billion )

  7. Global Renewable Energy Market By Region, From 2021-2026 ( USD Billion )

  8. Global Cogeneration Market By Region, From 2021-2026 ( USD Billion )

  9. Global Energy Storage Market By Region, From 2021-2026 ( USD Billion )

  10. Global Virtual Power Plant Market By End-User, From 2021-2026 ( USD Billion )

  11. Global Commercial Market By Region, From 2021-2026 ( USD Billion )

  12. Global Residential Market By Region, From 2021-2026 ( USD Billion )

  13. Global Industrial Market By Region, From 2021-2026 ( USD Billion )

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