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SOUTH KOREA VIRTUAL POWER PLANT MARKET FORECAST 2024-2032

SCOPE OF THE REPORT

South Korea Virtual Power Plant Market by Technology (Demand Response, Distributed Generation, Mixed Assets) Market by Application (Industrial, Commercial, Residential)

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MARKET OVERVIEW

The South Korea virtual power plant market is projected to record a CAGR of 24.91% during the forecast period, 2024-2032, and garner a revenue of $xx million by 2032.

South Korea stands out as a promising market for virtual power plants, poised for robust growth driven by the widespread adoption of automation and control technologies, particularly in digital energy monitoring applications. The nation is actively addressing long-term energy demands and greenhouse gas reduction by transitioning away from carbon-intensive fuels, thereby enhancing energy efficiency. In 2018, South Korea’s renewable energy accounted for 8% of the total power generated, and the government aims to elevate this to 20% by 2030 through dedicated policy measures.

In alignment with these goals, the South Korean government is set to introduce a blockchain-enabled virtual power plant as part of its new initiatives, allocating a substantial budget of $3.5 million for its establishment. The commitment to reducing greenhouse gas emissions and transitioning towards cleaner energy sources is expected to propel the virtual power plant market’s growth throughout the forecast period.

South Korea Virtual Power Plant Market

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Government support is thus a key driver, with initiatives aimed at encouraging the adoption of advanced practices to meet the growing consumer demand and heightened awareness of the benefits associated with virtual power plants. The integration of big data analytics is poised to further amplify market expansion.

The South Korea virtual power plant market segmentation includes technology and application. The application segment includes residential, commercial, and industrial. 

Commercial virtual power plants offer a solution for effectively managing energy demand and supply within their respective user base. Commercial buildings often contend with electricity shortages during peak hours and exorbitant per-unit electricity costs. To address these challenges, these buildings are undergoing upgrades through the integration of decentralized electricity generation sources like rooftop solar panels aimed at meeting their energy demands.

With the rising prevalence of decentralized electricity generation and the imperative to maintain a balanced flow of electrical energy in the grid network, virtual power plants are seamlessly incorporating distributed energy resources. This integration results in an optimized system operation. The spectrum of commercial consumers benefiting from these advancements includes offices, government institutions, public services, and hospitals, among others.

Some of the key companies in the South Korea virtual power plant market include Siemens, ABB, General Electric, etc.

Siemens AG (Siemens) is a globally renowned technology firm specializing in automation, electrification, and digitization. Its primary focus lies in delivering an extensive range of products, solutions, and services spanning various sectors. These include medical imaging and laboratory diagnostics, power generation, oil and gas exploration and transportation, transmission and distribution, industrial technologies, and automation systems. Additionally, Siemens provides solutions in infrastructure and building technologies, mobility and logistics, and audiology.

The company primarily serves a diverse clientele, encompassing public utility companies, oil and gas enterprises, independent power producers, transportation entities, hospitals, diagnostics centers, infrastructure developers, and network operators. Siemens operates on a global scale, maintaining a significant presence across regions such as the Middle East, Europe, Africa, the Commonwealth of Independent States, the Americas, and the Asia-Pacific. The company’s headquarters are situated in Munich, Germany.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2024-2032
Base Year2023
Market Historical Years2018-2022
Forecast Units

Revenue ($ Million)

Segments Analyzed
Technology and Application
Countries AnalyzedSouth Korea
Companies AnalyzedSiemens, ABB, General Electric, Next Kraftwerke, Itron, Enel X

TABLE OF CONTENTS

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. SCOPE OF STUDY
    3. METHODOLOGY
    4. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. COUNTRY SNAPSHOT
    3. COUNTRY ANALYSIS
    4. MAJOR MARKET FINDINGS
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. INCREASING EMPHASIS ON RENEWABLE ENERGY GENERATION
      2. GROWING ADOPTION OF DECENTRALIZED POWER GENERATION
    2. KEY RESTRAINTS
      1. HIGH CAPITAL REQUIREMENT
      2. INADEQUATE INFRASTRUCTURE AND TECHNOLOGY INTEGRATION CHALLENGES
  4. KEY ANALYTICS
    1. CRISIS SCENARIO ANALYSIS
    2. PEST ANALYSIS
      1. POLITICAL
      2. ECONOMICAL
      3. SOCIAL
      4. TECHNOLOGICAL
    3. KEY MARKET TRENDS
    4. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    5. GROWTH PROSPECT MAPPING
      1. GROWTH PROSPECT MAPPING FOR SOUTH KOREA
  5. MARKET BY TECHNOLOGY
    1. DEMAND RESPONSE
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. DISTRIBUTED GENERATION
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    3. MIXED ASSETS
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY APPLICATION
    1. INDUSTRIAL
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. COMMERCIAL
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    3. RESIDENTIAL
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS 
  7. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PARTNERSHIPS & AGREEMENTS
      3. BUSINESS EXPANSIONS & DIVESTITURES
    2. COMPANY PROFILES
      1. SIEMENS
        1. COMPANY OVERVIEW
        2. SERVICE LIST
        3. STRENGTHS & CHALLENGES
      2. ABB
        1. COMPANY OVERVIEW
        2. SERVICES LIST
        3. STRENGTHS & CHALLENGES
      3. GENERAL ELECTRIC
        1. COMPANY OVERVIEW
        2. SERVICES LIST
        3. STRENGTHS & CHALLENGES
      4. NEXT KRAFTWERKE
        1. COMPANY OVERVIEW
        2. SERVICE LIST
        3. STRENGTHS & CHALLENGES
      5. ITRON
        1. COMPANY OVERVIEW
        2. SERVICES LIST
        3. STRENGTHS & CHALLENGES
      6. ENEL X
        1. COMPANY OVERVIEW
        2. SERVICES LIST
        3. STRENGTHS & CHALLENGES

LIST OF TABLES

TABLE 1:  MARKET SNAPSHOT – VIRTUAL POWER PLANT

TABLE 2:  SOUTH KOREA VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3:  SOUTH KOREA VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 4:  SOUTH KOREA VIRTUAL POWER PLANT MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5:  SOUTH KOREA VIRTUAL POWER PLANT MARKET, BY APPLICATION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 6:  LIST OF MERGERS & ACQUISITIONS

TABLE 7:  LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 8:  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 SOUTH KOREA

FIGURE 4: SOUTH KOREA VIRTUAL POWER PLANT MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2023

FIGURE 5: SOUTH KOREA VIRTUAL POWER PLANT MARKET, BY DEMAND RESPONSE, 2024-2032 (IN $ MILLION)

FIGURE 6: SOUTH KOREA VIRTUAL POWER PLANT MARKET, BY DISTRIBUTED GENERATION, 2024-2032 (IN $ MILLION)

FIGURE 7: SOUTH KOREA VIRTUAL POWER PLANT MARKET, BY MIXED ASSETS, 2024-2032 (IN $ MILLION)

FIGURE 8: SOUTH KOREA VIRTUAL POWER PLANT MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2023

FIGURE 9: SOUTH KOREA VIRTUAL POWER PLANT MARKET, BY INDUSTRIAL, 2024-2032 (IN $ MILLION)

FIGURE 10: SOUTH KOREA VIRTUAL POWER PLANT MARKET, BY COMMERCIAL, 2024-2032 (IN $ MILLION)

FIGURE 11: SOUTH KOREA VIRTUAL POWER PLANT MARKET, BY RESIDENTIAL, 2024-2032 (IN $ MILLION)

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