According to the report published by Allied Market Research, the global virtual power plant market generated $1.3 billion in 2019, and is estimated to reach $5.9 billion by 2027, registering a CAGR of 21.3% from 2020 to 2027. The report offers an extensive analysis of changing market trends, key winning strategies, top player positioning, major segments, and competitive heat map.
Proliferating demand for renewable energy in power generation sector coupled with changes in dynamics of power grids from centralized to distributed is expected to drive the market growth. In addition, VPP is more efficient and flexible to deliver the peak load electricity in a short notice period compared to conventional power plant set up that will further drive the market growth. However, high-frequency human exposure of electromagnetic and radio waves leads to health concerns, which may hamper the market growth.
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The report offers a detailed segmentation of the global virtual power plant market based on technology, end user, and region.
Based on technology, the demand response segment contributed to the largest share in 2019, accounting for more than three-fifths of the total share, and is estimated to maintain its dominant position during the forecast period. However, the mixed asset segment is expected to register the highest CAGR of 23.1% from 2020 to 2027.
Based on end user, the industrial segment accounted for the largest share in 2019, holding more than half of the total share, and is expected to maintain the largest share throughout the forecast period. However, the residential segment is estimated to portray the highest CAGR of 22.4% during the forecast period.
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Based on region, Europe contributed the highest share, accounting for more than half of the total market share in 2019, and will maintain its dominance throughout the forecast period. However, Asia-Pacific is expected to grow at the highest CAGR of 26.5% from 2020 to 2027.
The key players operating in the virtual power plant market share adopted product launch and business expansion to sustain the intense market competition. The key players profiled in the report include ABB Ltd., AGL Energy, AutoGrid Systems, Inc., Enbala Power Networks, Enel X Inc., General Electric Company, Siemens AG, Schneider Electric SE, Limejump Ltd., and others.
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Covid-19 scenario:
- Virtual power plants have been impacted negatively due to the restrictions on residential and commercial projects in the construction industry during the few months of the coronavirus pandemic.
- The installation of new virtual power plants has been postponed during the Covid-19 pandemic to avoid social gathering and control the transmission of virus.
Key Findings of The Study
- China is projected to grow at the highest CAGR of approximately 30.3%, in terms of revenue, during the forecast period.
- By technology, the mixed asset segment is anticipated to grow with a CAGR 23.1%, in terms of revenue, during the forecast period.
- The rest of the Europe region dominated the market with highest revenue shares in 2019