Global virtual power plant market is projected to reach $5,510.2 million by 2023. The market growth is mainly driven by the growing penetration of renewable energy sources in the energy mix across different parts of the world. Virtual power plant refers to an integrated system consisting of centralized control system connected to power generating, distributing, and transmitting units which regulate, optimize, and manage the supply of electricity from distributed power generating sources to the consumers.
Demand response has been recording the highest share in the virtual power plant market, due to its lower development cost and higher operational efficiency. The technology also offers incentives to customers in the form of lower electricity bills in case the customers alter their electricity consumption during peak hours.
In terms of value, electric vehicles is expected to be the fastest growing consumer category in the virtual power plant market. The growing focus on the usage of pollution-free vehicles is boosting the demand for these vehicles in North America and Europe.
Countries such as India, Brazil, and Indonesia witness frequent power shortages due to low quality of power infrastructure. The rapid economic growth in these countries has helped in promoting investment in the power sector to support industrial and commercial activities.
Globally, North America has been leading the global virtual power plant market in terms of value, with an estimated share of more than 40% in 2017. The U.S. and Canada are focusing more on the promotion of clean energy sources including wind, solar, and other renewable sources of electricity.
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Some of the major players operating in the global virtual power plant market are Enbala Power Networks, AutoGrid Systems Inc., Sunverge Energy Inc., AGL Energy Limited (AGL), Limejump Ltd, EnerNoc Inc., ENGIE Storage Services NA LLC, ABB Ltd., Schneider Electric SE, and Siemens AG.
GLOBAL VIRTUAL POWER PLANT MARKET SEGMENTATION
By Technology
- Demand Response
- Supply Side
- Mixed Asset
By Consumer
- Industrial
- Commercial
- Residential
- Electric Vehicles
By Region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Rest of Europe
- Asia-Pacific (APAC)
- China
- Japan
- Australia
- South Korea
- Rest of APAC
- Latin America (LATAM)
- Brazil
- Mexico
- Rest of LATAM
- Middle East and Africa (MEA)
- Saudi Arabia
- U.A.E.
- South Africa
- Rest of MEA
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