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GLOBAL VIRTUAL POWER PLANT MARKET FORECAST 2019-2028

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GLOBAL VIRTUAL POWER PLANT MARKET FORECAST 2019-2028

Inkwood Research anticipates that the Global Virtual Power Plant market will reach $ 7941.96 million by 2028, growing at a CAGR of 22.54% during the forecast period. A virtual power plant refers to a cloud-based control center that can function either in a distributed or centralized manner. It takes benefits of information and communication technology (ICT) and the Internet of Things (IoT) devices that assist in aggregating the capacity of distributed energy resources.

GLOBAL VIRTUAL POWER PLANT MARKET FORECAST 2019-2028

Global Virtual Power Plant Market by Technology (Demand Response, Distributed Generation, Mixed Assets) by Source (Distributed Energy Generation System, Energy Storage System) by End-user (Industrial, Commercial, Residential) and by Geography.

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Inkwood Research anticipates that the Global Virtual Power Plant market will reach $ 7941.96 million by 2028, growing at a CAGR of 22.54% during the forecast period. A virtual power plant refers to a cloud-based control center that can function either in a distributed or centralized manner. It takes benefits of information and communication technology (ICT) and the Internet of Things (IoT) devices that assist in aggregating the capacity of distributed energy resources.

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The virtual power plant finds its application in the commercial & industrial, and residential sectors to manage energy grid resources. The virtual power plant integrates the distributed power sources into a single system and regulates the power efficiently. The report scope is widely characterized based on the adoption of virtual power plants in distributed energy resources. The report scope is restricted to the revenues generated from the software component of the virtual power plant solution only. It does not include power-plant systems such as wind turbines, fuel cells, batteries, PV panels, and other components.

Key factors enabling market growth are:

  • Increased trends in the adoption of decentralized power generation
    • The distributed generation is on the up-surging trend in the current scenario, owing to its operational benefits
    • The commercial and social benefits of the distributed generation include reduced financial risk, shorter construction time, and reduction in line losses, and reduced trapped equity.
    • However, managing such decentralized power is difficult as the consumption needs and the production may not match. Virtual power plants solve this problem.
    • Thus, decentralized power generation growth is pushing the market for virtual power plants.
  • Growth in renewable energy generation
  • Rising demand for cloud based energy management system
  • Government initiatives

Key factors hindering the market growth are:

  • Initial investment is high for the market
    • The integration of different components required in the virtual power plant is a costly affair. These technologies require regular maintenance to keep them running.
    • Therefore, the market players have found it challenging to enter small commercial businesses due to the high initial investment involved.
  • Privacy concerns

The report scope of the global virtual power plant market covers the segmentation analysis of technology, source, and end-user.

Market by Technology:

  • Demand Response
  • Distributed Generation
  • Mixed Assets
    • Mixed assets are considered the hybrid model of virtual power plants, which accumulate distributed generation units and battery storage systems within the centralized control platform.
    • Due to battery storage systems, this model provides more flexibility in optimizing the grid network, as the storage systems are dispatchable and schedulable.
    • This segment is expected to show the fastest growth during the forecast period.

Geographically, the global virtual power plant market has been segmented on the basis of four major regions, which includes:

  • North America: the United States and Canada
  • Europe: the United Kingdom, Germany, France, Italy, Denmark, Finland, & Rest of Europe
  • Asia Pacific: Japan, Australia, China, South Korea, and Rest of Asia Pacific
    • The region is projected to show the fastest growth during the forecast period
    • Major countries such as China, Australia, and Japan, among others in the region, are currently facing the energy-related issues of meeting the demand and supply of adequate resource accessibility in the region, owing to urbanization and economic growth.
    • This creates demand for the virtual power plant market.
    • Australia is showing major government initiatives & developments pertaining to the market
  • Rest of World: Latin America, Middle East & Africa

The major players in the global virtual power plant market are:

  • ABB
  • Siemens
  • Schneider Electric
  • Next Kraftwerke
  • Robert Bosch
  • Tesla
  • Others

Key strategies adopted by some of these companies;

In August 2020, ABB sought a contract for building a virtual power plant from Chinese utility State Grid Jibei Electric Power Co Ltd. In June 2020, Auto-Grid provided AutoGrid FlexTM Virtual Power Plant (VPP) software to Sunrun for managing its growing fleet of residential batteries across the United States.  In July 2020, Egypt’s national utility provider, selected Schneider Electric to convert the country’s national electric distribution network into a future-ready smart grid.

Key findings of the global virtual power plant market:

  • The integration of blockchain with virtual power plants enhances its capabilities.
  • The electric vehicle market can aid in providing market growth opportunities.
  • The growth in the smart grid market opens prospects for the market studied.
  • The internet of things (IoT) has significance in the virtual power plant market.
  • There is a consolidation of virtual power plants during the forecast period.

 

Frequently Asked Questions & Answers (FAQ):

  • What is the USP of virtual power plants?
  • A: The major unique selling proposition for the virtual power plant market is its ability to maintain grid stability, which makes renewable energy generation & distribution power generation more profitable & useful.
  • How will COVID-19 impact the market?
  • A: COVID-19 will negatively impact the market. The electricity demand is reduced globally, which reduces the investments in renewable energy and grid expansions.
  • Which country is expected to be a key investment pocket during the forecast period?
  • A: Australia is found to be a key investment pocket for the virtual power plant market, owing to the government incentives and companies such as Tesla making innovative developments in the country.
  1. RESEARCH SCOPE & METHODOLOGY
    • STUDY OBJECTIVES
    • SCOPE OF STUDY
    • METHODOLOGY
    • ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    • MARKET SIZE & ESTIMATES
    • MARKET OVERVIEW
  3. MARKET DYNAMICS
    • MARKET DEFINITION
    •    KEY DRIVERS
      • INCREASING TRENDS IN ADOPTION OF DECENTRALIZED POWER GENERATION
      • GROWTH IN RENEWABLE ENERGY GENERATION
      • RISING DEMAND FOR CLOUD BASED ENERGY MANAGEMENT SYSTEM
      • GOVERNMENT INITIATIVES
    •    KEY RESTRAINTS
      • INITIAL INVESTMENT IS HIGH FOR THE MARKET
      • PRIVACY CONCERNS
  1. KEY ANALYTICS
    • KEY INVESTMENT INSIGHTS
    •    PORTER’S FIVE FORCE ANALYSIS
      • BUYER POWER
      • SUPPLIER POWER
      • SUBSTITUTION
      • NEW ENTRANTS
      • INDUSTRY RIVALRY
    • OPPORTUNITY MATRIX
    • VENDOR LANDSCAPE
    •    VALUE CHAIN ANALYSIS
      • POWER PRODUCERS
      • VIRTUAL POWER PLANT
      • DIRECTED ENERGY OPERATORS (DSOS)
      • END-USERS
    •    KEY BUYING CRITERIA
      • TECHNOLOGY
      • SCALABILITY
      • PRICE
      • FEASIBILITY
    • REGULATORY FRAMEWORK
    • IMPACT OF COVID 19 PANDEMIC ON VIRTUAL POWER PLANT MARKET
  2. MARKET BY TECHNOLOGY
    • DEMAND RESPONSE
    • DISTRIBUTED GENERATION
    • MIXED ASSETS
  3. MARKET SOURCE
    • DISTRIBUTED ENERGY GENERATION SYSTEM
    • ENERGY STORAGE SYSTEM
  4. MARKET BY END-USER
    • INDUSTRIAL
    • COMMERCIAL
    • RESIDENTIAL
  5. GEOGRAPHICAL ANALYSIS
    •    NORTH AMERICA
      • UNITED STATES
      • CANADA
    •    EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • ITALY
      • DENMARK
      • FINLAND
      • REST OF EUROPE
    •    ASIA PACIFIC
      • JAPAN
      • AUSTRALIA
      • CHINA
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    •    REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA
  1. COMPANY PROFILES
    • ABB
    • AUTOGRID SYSTEMS INC
    • STATKRAFT
    • NEXT KRAFTWERKE
    • ENEL X
    • GENERAL ELECTRIC
    • HITACHI LTD
    • FLEXITRICITY LIMITED
    • IBM CORPORATION
    • OPEN ACCESS TECHNOLOGY INTERNATIONAL INC
    • ROBERT BOSCH
    • SCHNEIDER ELECTRIC
    • SIEMENS
    • VIRIDITY ENERGY
    • ENBALA
    • TESLA

LIST OF TABLES

TABLE 1: MARKET SNAPSHOT – VIRTUAL POWER PLANT

TABLE 2: REGULATORY FRAMEWORK

TABLE 3: GLOBAL VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 4: GLOBAL VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 5: GLOBAL DEMAND RESPONSE MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 6: GLOBAL DEMAND RESPONSE MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 7: GLOBAL DISTRIBUTED GENERATION MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 8: GLOBAL DISTRIBUTED GENERATION MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 9: GLOBAL MIXED ASSETS MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 10: GLOBAL MIXED ASSETS MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 11: GLOBAL VIRTUAL POWER PLANT MARKET, BY SOURCE, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 12: GLOBAL VIRTUAL POWER PLANT MARKET, BY SOURCE, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 13: GLOBAL DISTRIBUTED ENERGY GENERATION SYSTEM MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 14: GLOBAL DISTRIBUTED ENERGY GENERATION SYSTEM MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 15: GLOBAL ENERGY STORAGE SYSTEM MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 16: GLOBAL ENERGY STORAGE SYSTEM MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 17: GLOBAL VIRTUAL POWER PLANT MARKET, BY END-USER, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 18: GLOBAL VIRTUAL POWER PLANT MARKET, BY END-USER, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 19: GLOBAL INDUSTRIAL MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 20: GLOBAL INDUSTRIAL MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 21: GLOBAL COMMERCIAL MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 22: GLOBAL COMMERCIAL MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 23: GLOBAL RESIDENTIAL MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 24: GLOBAL RESIDENTIAL MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 25: GLOBAL VIRTUAL POWER PLANT MARKET, BY GEOGRAPHY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 26: GLOBAL VIRTUAL POWER PLANT MARKET, BY GEOGRAPHY, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 27: NORTH AMERICA VIRTUAL POWER PLANT MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 28: NORTH AMERICA VIRTUAL POWER PLANT MARKET, BY COUNTRY, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 29: EUROPE VIRTUAL POWER PLANT MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 30: EUROPE VIRTUAL POWER PLANT MARKET, BY COUNTRY, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 31: ASIA PACIFIC VIRTUAL POWER PLANT MARKET, BY COUNTRY, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 32: ASIA PACIFIC VIRTUAL POWER PLANT MARKET, BY COUNTRY, FORECAST YEARS, 2019-2028 (IN $ MILLION)

TABLE 33: REST OF WORLD VIRTUAL POWER PLANT MARKET, BY REGION, HISTORICAL YEARS, 2016-2019 (IN $ MILLION)

TABLE 34: REST OF WORLD VIRTUAL POWER PLANT MARKET, BY REGION, FORECAST YEARS, 2019-2028 (IN $ MILLION)

LIST OF FIGURES

FIGURE 1: KEY INVESTMENT INSIGHTS

FIGURE 2: PORTER’S FIVE FORCE ANALYSIS

FIGURE 3: OPPORTUNITY MATRIX

FIGURE 4: VENDOR LANDSCAPE

FIGURE 5: VALUE CHAIN ANALYSIS

FIGURE 6: KEY BUYING CRITERIA

FIGURE 7: GLOBAL VIRTUAL POWER PLANT MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2019

FIGURE 8: GLOBAL VIRTUAL POWER PLANT MARKET, BY DEMAND RESPONSE, 2019-2028 (IN $ MILLION)

FIGURE 9: GLOBAL VIRTUAL POWER PLANT MARKET, BY DISTRIBUTED GENERATION, 2019-2028 (IN $ MILLION)

FIGURE 10: GLOBAL VIRTUAL POWER PLANT MARKET, BY MIXED ASSETS, 2019-2028 (IN $ MILLION)

FIGURE 11: GLOBAL VIRTUAL POWER PLANT MARKET, GROWTH POTENTIAL, BY SOURCE, IN 2019

FIGURE 12: GLOBAL VIRTUAL POWER PLANT MARKET, BY DISTRIBUTED ENERGY GENERATION SYSTEM, 2019-2028 (IN $ MILLION)

FIGURE 13: GLOBAL VIRTUAL POWER PLANT MARKET, BY ENERGY STORAGE SYSTEM, 2019-2028 (IN $ MILLION)

FIGURE 14: GLOBAL VIRTUAL POWER PLANT MARKET, GROWTH POTENTIAL, BY END-USER, IN 2019

FIGURE 15: GLOBAL VIRTUAL POWER PLANT MARKET, BY INDUSTRIAL, 2019-2028 (IN $ MILLION)

FIGURE 16: GLOBAL VIRTUAL POWER PLANT MARKET, BY COMMERCIAL, 2019-2028 (IN $ MILLION)

FIGURE 17: GLOBAL VIRTUAL POWER PLANT MARKET, BY RESIDENTIAL, 2019-2028 (IN $ MILLION)

FIGURE 18: NORTH AMERICA VIRTUAL POWER PLANT MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 19: UNITED STATES VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 20: CANADA VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 21: EUROPE VIRTUAL POWER PLANT MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 22: UNITED KINGDOM VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 23: GERMANY VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 24: FRANCE VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 25: ITALY VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 26: DENMARK VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 27: FINLAND VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 28: REST OF EUROPE VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 29: ASIA PACIFIC VIRTUAL POWER PLANT MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 30: JAPAN VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 31: AUSTRALIA VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 32: CHINA VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 33: SOUTH KOREA VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 34: REST OF ASIA PACIFIC VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION

FIGURE 35: REST OF WORLD VIRTUAL POWER PLANT MARKET, REGIONAL OUTLOOK, 2019 & 2028 (IN %)

FIGURE 36: LATIN AMERICA VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

FIGURE 37: MIDDLE EAST & AFRICA VIRTUAL POWER PLANT MARKET, 2019-2028 (IN $ MILLION)

  1. MARKET BY TECHNOLOGY
    • DEMAND RESPONSE
    • DISTRIBUTED GENERATION
    • MIXED ASSETS
  2. MARKET SOURCE
    • DISTRIBUTED ENERGY GENERATION SYSTEM
    • ENERGY STORAGE SYSTEM
  3. MARKET BY END-USER
    • INDUSTRIAL
    • COMMERCIAL
    • RESIDENTIAL
  4. GEOGRAPHICAL ANALYSIS
    •    NORTH AMERICA
      • UNITED STATES
      • CANADA
    •    EUROPE
      • UNITED KINGDOM
      • GERMANY
      • FRANCE
      • ITALY
      • DENMARK
      • FINLAND
      • REST OF EUROPE
    •    ASIA PACIFIC
      • JAPAN
      • AUSTRALIA
      • CHINA
      • SOUTH KOREA
      • REST OF ASIA PACIFIC
    •    REST OF WORLD
      • LATIN AMERICA
      • MIDDLE EAST & AFRICA

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