Virtual Power Plant Market Growth Analysis
Virtual Power Plant Market Growth is expecting total revenue of USD 709.2 million by 2027, with a high CAGR of approximately 29.68% by the end of 2027.
COVID-19 Analysis
The sudden COVID-19 outbreak has affected the worldwide economy adversely and has disrupted several businesses in different countries. Owing to the government imposed lockdown across the world, there has been a decline in the investments in energy grid projects. Also the crisis resulted in the decline in the prices of electricity for the majority of the networks. The power generation however through renewable sources remained unchanged. With the lifting of the lockdown, the government has reconsidered its focus on the various renewable energy sources. Thus the market is expected to boost for the increase in investments to create energy infrastructure.
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Report Attribute | Details |
Forecast Period | 2022 - 2030 |
Market Growth value | 29.68 % CAGR |
Revenue forecast in 2022-2030 | USD 709.2 million |
Base year for estimation | 2021 |
Historical data | 2019 – 2020 |
Unit | USD Billion, CAGR (2022 – 2030) |
Segmentation | By Application, By End-Use, and By Region |
Drivers –
Growing demand for power through a reliable power source
Opportunities
Growing government mandates and initiatives for customer engagement, and incentives programs
Key Companies Profiled
- 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)
- International Business Machines Corporation (U.S.)
- Robert Bosch GmbH (Germany)
- Schneider Electric SE (France)
- Siemens AG (Germany)
Market Segmentation
The global Virtual Power Plant Market Growth is bifurcated based on end user and technology.
By technology, the demand response segment will lead the market over the forecast period.
By end user, the residential segment will dominate the market over the forecast period.
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Regional Analysis
North America to Hold Lions Share in Virtual Power Plant Market Growth
North America will hold the lions share in the Virtual Power Plant Market Growth over the forecast period. Increasing adoption of such solutions in commercial and industrial sectors, the presence of strict government regulations about greenhouse gas emissions, the growing popularity of green energy, increasing investments by key players, and technological advances are adding to the global Virtual Power Plant Market Growth in the region.
The global Virtual Power Plant Market Growth is both fragmented and also competitive due to the presence of several international as well as domestic industry players. These players have utilized innumerable innovative strategies for staying at the vanguard and also sufficing to the surging need of the customers including contracts, partnerships, collaborations, contracts, new product launches, joint ventures, geographic expansions, and more. Further, they are also investing in numerous research and development activities.
