Global Virtual Power Plant Market

Virtual Power Plant Market Size, Share, Growth Analysis, By Technology (Demand Response, Supply Side), By Offering (Hardware, Software), By Source (Renewable Energy, Storage), By Vertical (Commercial, Industrial), By Region - Industry Forecast 2025-2032

Report ID: SQMIG55A2037 | Region: Global | Published Date: December, 2024
Pages: 182 | Tables: 63 | Figures: 75

Virtual Power Plant Market News

in Virtual Power Plant Market

  • In May 2023, Swan Innovation said, Deal Box, a capital markets advisory and secure token offering packaging platform, has announced its partnership with Swan Innovations, a groundbreaking virtual power plant (VPP) company that leverages electric vehicles (EVs) to revolutionize the energy industry. The collaboration aims to launch a $3.25 million seed round, utilizing Deal Box’s capital raise technology to accelerate growth and expand Swan Innovations’ audience reach.
  • In January 2023, Companies including GM, Ford, Google and solar energy producers said on Tuesday they would work together to establish standards for scaling up the use of virtual power plants (VPPs), systems for easing loads on electricity grids when supply is short. Energy transition nonprofit RMI will host the initiative, the Virtual Power Plant Partnership (VP3), which will also aim to shape policy for promoting the use of the systems, the companies said.
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Global Virtual Power Plant Market size was valued at USD 6.47 billion in 2022 and is poised to grow from USD 7.29 billion in 2023 to USD 19.05 billion by 2031, growing at a CAGR of 12.8% in the forecast period (2024-2031). 

The global virtual power plant market is highly competitive, with several players vying for a significant market share. The leading companies in the Automotive Flooring market are investing heavily in research and development to stay ahead of the competition and offer innovative solutions to their customers. Some of the major players in the market have a global presence and offer a wide range of virtual power plant catering to various applications such as consumer compatibility, offices, transportation and industrial automation. They are also focused on expanding their product portfolio and enhancing their distribution networks to better serve their customers. 'ABB  ', 'Siemens  ', 'General Electric  ', 'AGL Energy  ', 'Schneider Electric  ', 'Enel X  ', 'Cisco Systems, Inc.  ', 'Bosch  ', 'IBM  ', 'Hitachi, Ltd.  ', 'Mitsubishi Heavy Industries  ', 'Next Kraftwerke  ', 'AutoGrid Systems, Inc.  ', 'Blue Pillar, Inc.  ', 'Tesla Inc.  ', 'Engie SA  ', 'E.ON SE  ', 'Ormat Technologies Inc ', 'Flexitricity Limited  ', 'Toshiba corporation '

The global shift towards clean and sustainable energy sources is a major driver for the virtual power plant market. Governments and organizations worldwide are setting renewable energy targets and incentivizing the integration of renewable resources into the grid. Virtual power plants enable efficient integration and management of distributed renewable energy sources, such as solar and wind, thereby supporting the transition to a low-carbon energy system.

One significant trend in the virtual power plant market is the growing integration of energy storage systems. Energy storage technologies, such as batteries, are being increasingly deployed alongside virtual power plants to enhance their performance and flexibility. Energy storage systems enable efficient management of renewable energy generation and provide grid support services like frequency regulation and peak shaving. By combining energy storage with virtual power plants, operators can store excess energy during periods of low demand and release it during peak demand, thereby optimizing energy usage and reducing reliance on the grid. This trend is driven by advancements in battery technology, declining costs of energy storage systems, and the increasing need for grid stabilization and resilience.

North America is a significant market for virtual power plants, with the United States and Canada leading in adoption. The region's growth is driven by supportive government policies, renewable energy targets, and increasing investments in grid modernization. The United States has witnessed a rapid expansion of virtual power plant projects, particularly in states like California and New York, aiming to enhance grid reliability and resilience.

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Global Virtual Power Plant Market

Report ID: SQMIG55A2037

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