EUROPE VIRTUAL POWER PLANT MARKET FORECAST 2024-2032
SCOPE OF THE REPORT
Europe Virtual Power Plant Market by Technology (Demand Response, Distributed Generation, Mixed Assets) Market by Application (Industrial, Commercial, Residential) by Geography
REPORTS » ENERGY, POWER & UTILITIES » UTILITIES » EUROPE VIRTUAL POWER PLANT MARKET FORECAST 2024-2032
MARKET OVERVIEW
The Europe virtual power plant market is set to project a CAGR of 23.85% during the forecast period, 2024-2032, and garner a revenue of $xx million by 2032.
The virtual power plant market in Europe includes strategies and programs to enhance power generation through environmentally friendly energy sources, aiming for zero emissions and a reduction in energy consumption in the coming years. Virtual power plants play a crucial role in aggregating distributed energy sources, effectively addressing the uncertainty associated with power generation from renewable energy sources.
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The Europe virtual power plant market growth evaluation includes the analysis of Italy, Germany, France, Poland, Belgium, Spain, the United Kingdom, and Rest of Europe. The U.K. market is actively engaging in energy performance initiatives, aiming to achieve an 80% reduction in greenhouse gas emissions by 2050. As the share of renewable energy increases as the primary power source, there is a growing need for grid flexibility. This flexibility in the British grid can be achieved through virtual power plants, which consolidate diverse distributed energy sources, including battery storage systems, into a centralized platform to fulfill the electricity demands of end-users.
To address the rising global competition for clean energy electricity generation and to meet escalating electricity demands, the country is expanding its growth capabilities by adopting grid-flexible solutions. The U.K. virtual power plant market has seen increased market penetration from both established and local players such as Statkraft, Energy & Meteo Systems, and Moixa.
Virtual power plants, expected to revolutionize the electrical grid, are being employed across residential, commercial, and industrial consumer sectors. The key function of virtual power plants is to aggregate distributed energy resources on a centralized platform, monitor and analyze real-time energy consumption data, employ predictive algorithms for estimating day-ahead electricity demand, and capitalize on the opportunities they present.
The Europe virtual power plant market segmentation includes technology and application. The technology segment includes distributed generation, demand response, and mixed assets.
The mixed asset serves as the hybrid framework for a virtual power plant, consolidating distributed generation units and battery storage systems within a centralized control platform. The incorporation of battery storage systems enhances flexibility in grid optimization, as these systems are dispatchable and schedulable. Consequently, the storage systems can function as a reliable energy source during peak hours.
Anticipated growth in the mixed asset market is attributed to favorable government regulations supporting the deployment of battery storage systems as a consistent power source to uphold grid stability during the forecast period.
Some of the prominent companies in the Europe virtual power plant market include Cisco Systems Inc, Bosch, AutoGrid Systems Inc, etc.
Bosch is a worldwide provider of automotive, consumer goods, industrial technology, and energy and building technology products. The group’s product range includes power tools, heating systems, accessories, eBike systems, household appliances, security systems, and solar inverters. Additionally, it delivers industry solutions, packaging technology, and business process management solutions.
Further, Bosch conducts its operations through engineering locations, subsidiaries, and regional companies situated in various countries across Europe, the Americas, Asia, the Middle East, and Africa. The company’s headquarters are located in Stuttgart, Germany. The group functions through five distinct business segments: mobility solutions, industrial technology, consumer goods, energy and building technology, and others.
REPORT SYNOPSIS
REPORT SCOPE | DETAILS |
---|---|
Market Forecast Years | 2024-2032 |
Base Year | 2023 |
Market Historical Years | 2018-2022 |
Forecast Units | Revenue ($ Million) |
Segments Analyzed | Technology and Application |
Countries Analyzed | Italy, Germany, France, Poland, Belgium, Spain, the United Kingdom, and Rest of Europe |
Companies Analyzed | General Electric, ABB, Siemens, Cisco Systems Inc, Bosch, AutoGrid Systems Inc, Generac Grid Services, Sunverge Energy Inc, Next Kraftwerke, Energy Hub, Limejump, Enel X |
TABLE OF CONTENTS
RESEARCH SCOPE & METHODOLOGY
- STUDY OBJECTIVES
- METHODOLOGY
- ASSUMPTIONS & LIMITATIONS
EXECUTIVE SUMMARY
- MARKET SIZE & ESTIMATES
- MARKET OVERVIEW
- SCOPE OF STUDY
- CRISIS SCENARIO ANALYSIS
- MAJOR MARKET FINDINGS
MARKET DYNAMICS
- KEY DRIVERS
- INCREASING EMPHASIS ON RENEWABLE ENERGY GENERATION
- GROWING ADOPTION OF DECENTRALIZED POWER GENERATION
- KEY RESTRAINTS
- HIGH CAPITAL REQUIREMENT
- INADEQUATE INFRASTRUCTURE AND TECHNOLOGY INTEGRATION CHALLENGES
- KEY DRIVERS
KEY ANALYTICS
- KEY MARKET TRENDS
- PORTER’S FIVE FORCES ANALYSIS
- BUYERS POWER
- SUPPLIERS POWER
- SUBSTITUTION
- NEW ENTRANTS
- INDUSTRY RIVALRY
- GROWTH PROSPECT MAPPING
- GROWTH PROSPECT MAPPING FOR EUROPE
- MARKET CONCENTRATION ANALYSIS
MARKET BY TECHNOLOGY
- DEMAND RESPONSE
- MARKET FORECAST REVENUE & FIGURE
- SEGMENT ANALYSIS
- DISTRIBUTED GENERATION
- MARKET FORECAST REVENUE & FIGURE
- SEGMENT ANALYSIS
- MIXED ASSETS
- MARKET FORECAST REVENUE & FIGURE
- SEGMENT ANALYSIS
- DEMAND RESPONSE
MARKET BY APPLICATION
- INDUSTRIAL
- MARKET FORECAST REVENUE & FIGURE
- SEGMENT ANALYSIS
- COMMERCIAL
- MARKET FORECAST REVENUE & FIGURE
- SEGMENT ANALYSIS
- RESIDENTIAL
- MARKET FORECAST REVENUE & FIGURE
- SEGMENT ANALYSIS
- INDUSTRIAL
GEOGRAPHICAL ANALYSIS
- EUROPE
- MARKET SIZE & ESTIMATES
- COUNTRY ANALYSIS
- UNITED KINGDOM
- UNITED KINGDOM VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
- GERMANY
- GERMANY VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
- FRANCE
- FRANCE VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
- SPAIN
- SPAIN VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
- ITALY
- ITALY VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
- BELGIUM
- BELGIUM VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
- POLAND
- POLAND VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
- REST OF EUROPE
- REST OF EUROPE VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
- UNITED KINGDOM
- EUROPE
COMPETITIVE LANDSCAPE
- KEY STRATEGIC DEVELOPMENTS
- MERGERS & ACQUISITIONS
- PARTNERSHIPS & AGREEMENTS
- BUSINESS EXPANSIONS & DIVESTITURES
- COMPANY PROFILES
- GENERAL ELECTRIC
- COMPANY OVERVIEW
- SERVICE LIST
- STRENGTHS & CHALLENGES
- ABB
- COMPANY OVERVIEW
- SERVICES LIST
- STRENGTHS & CHALLENGES
- SIEMENS
- COMPANY OVERVIEW
- SERVICE LIST
- STRENGTHS & CHALLENGES
- CISCO SYSTEMS INC
- COMPANY OVERVIEW
- SERVICES LIST
- STRENGTHS & CHALLENGES
- BOSCH
- COMPANY OVERVIEW
- SERVICE LIST
- STRENGTHS & CHALLENGES
- AUTOGRID SYSTEMS INC
- COMPANY OVERVIEW
- SERVICES LIST
- STRENGTHS & CHALLENGES
- GENERAC GRID SERVICES
- COMPANY OVERVIEW
- SERVICE LIST
- STRENGTHS & CHALLENGES
- SUNVERGE ENERGY INC
- COMPANY OVERVIEW
- SERVICES LIST
- STRENGTHS & CHALLENGES
- NEXT KRAFTWERKE
- COMPANY OVERVIEW
- SERVICES LIST
- STRENGTHS & CHALLENGES
- ENERGY HUB
- COMPANY OVERVIEW
- SERVICES LIST
- STRENGTHS & CHALLENGES
- LIMEJUMP
- COMPANY OVERVIEW
- SERVICES LIST
- ENEL X
- COMPANY OVERVIEW
- SERVICES LIST
- GENERAL ELECTRIC
- KEY STRATEGIC DEVELOPMENTS
LIST OF TABLES
TABLE 1: MARKET SNAPSHOT – VIRTUAL POWER PLANT
TABLE 2: EUROPE VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 3: EUROPE VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 4: EUROPE VIRTUAL POWER PLANT MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 5: EUROPE VIRTUAL POWER PLANT MARKET, BY APPLICATION, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 6: EUROPE VIRTUAL POWER PLANT MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)
TABLE 7: EUROPE VIRTUAL POWER PLANT MARKET, BY COUNTRY, FORECAST YEARS, 2024-2032 (IN $ MILLION)
TABLE 8: LIST OF MERGERS & ACQUISITIONS
TABLE 9: LIST OF PARTNERSHIPS & AGREEMENTS
TABLE 10: LIST OF BUSINESS EXPANSIONS & DIVESTITURES
LIST OF FIGURES
FIGURE 1: KEY MARKET TRENDS
FIGURE 2: PORTER’S FIVE FORCES ANALYSIS
FIGURE 3: GROWTH PROSPECT MAPPING FOR EUROPE
FIGURE 4: MARKET CONCENTRATION ANALYSIS
FIGURE 5: EUROPE VIRTUAL POWER PLANT MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2023
FIGURE 6: EUROPE VIRTUAL POWER PLANT MARKET, BY DEMAND RESPONSE, 2024-2032 (IN $ MILLION)
FIGURE 7: EUROPE VIRTUAL POWER PLANT MARKET, BY DISTRIBUTED GENERATION, 2024-2032 (IN $ MILLION)
FIGURE 8: EUROPE VIRTUAL POWER PLANT MARKET, BY MIXED ASSETS, 2024-2032 (IN $ MILLION)
FIGURE 9: EUROPE VIRTUAL POWER PLANT MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2023
FIGURE 10: EUROPE VIRTUAL POWER PLANT MARKET, BY INDUSTRIAL, 2024-2032 (IN $ MILLION)
FIGURE 11: EUROPE VIRTUAL POWER PLANT MARKET, BY COMMERCIAL, 2024-2032 (IN $ MILLION)
FIGURE 12: EUROPE VIRTUAL POWER PLANT MARKET, BY RESIDENTIAL, 2024-2032 (IN $ MILLION)
FIGURE 13: EUROPE VIRTUAL POWER PLANT MARKET, COUNTRY OUTLOOK, 2023 & 2032 (IN %)
FIGURE 14: UNITED KINGDOM VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)
FIGURE 15: GERMANY VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)
FIGURE 16: FRANCE VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)
FIGURE 17: SPAIN VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)
FIGURE 18: ITALY VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)
FIGURE 19: BELGIUM VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)
FIGURE 20: POLAND VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)
FIGURE 21: REST OF EUROPE VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)
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