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The virtual power plant market size has experienced exponential growth in recent years, increasing from $2.35 billion in 2023 to $2.86 billion in 2024 at a compound annual growth rate (CAGR) of 21.9%. This growth in the historic period is attributed to the expansion of renewable energy sources, the proliferation of energy storage solutions, government support and incentives, pilot projects, and the decentralization of energy systems. Looking ahead, the virtual power plant market is poised for continued exponential growth, projected to reach $6.1 billion in 2028 with a CAGR of 20.8%. Anticipated growth drivers include heightened awareness of climate change, greater adoption of renewable energy sources, and overall economic expansion. Major trends expected in the forecast period encompass digitalization and IoT integration, partnerships and collaborations within the industry, technological advancements, and further decentralization of energy systems.

The virtual power plant market is poised for growth owing to the increasing demand for renewable energy. Virtual power plants (VPPs) play a crucial role in balancing the production and consumption of renewable energy, offering forecasts to guide consumer behavior through demand response. In April 2023, global photovoltaic (PV) installations reached 231 gigawatts of direct current (GWdc), totaling 1.2 terawatts of direct current (TWdc) cumulatively in 2022. China’s annual PV installations saw a 57% surge, accounting for 42% of global demand. The annual installations are projected to exceed 300 GW by 2023 and surpass 400 GW by 2025, indicating a significant growth trajectory in renewable energy demand. This surge is propelling the virtual power plant market, with market sizes of $A billion in 2023, $B billion in 2024, and a projected $C billion in 2028.

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What Are The Key Trends That Influence Virtual Power Plant Market Share Analysis?

The adoption of advanced technologies is a key trend gaining popularity in the virtual power plant market. Major players in the virtual power plant sector are focused on the adoption of advanced technologies to sustain their position in the market. For instance, in October 2022, AutoGrid Systems, a US-based virtual power plant (VPP) provider, partnered with Mysa, a Canada-based thermostat manufacturing startup, and developed utility-scale virtual power plants with an AI-powered VPP platform and Mysa’s smart thermostat technology. With the use of its unique features, such as demand-side resources, distributed generation, customer-owned flexible storage, and AutoGrid VPP, different energy markets can be made profitable and used to generate income. Utility companies and aggregators can increase flexible capacity thanks to their asset optimization and forecasting skills.

Which Market Players Are Driving Growth In The Virtual Power Plant Market?

Major companies operating in the virtual power plant market report are Robert Bosch GmbH, Hitachi Ltd., Siemens AG, Engie SA, General Electric Ltd., International Business Machines Corporation, Cisco Systems, Inc., Schneider Electric SE, Honeywell International Inc, Asea Brown Boveri Ltd., AGL Energy Ltd., Generac Holdings Inc., EnerNOC, Inc, Enel X Ltd., Osisoft LLC, Limejump Limited, Open Access Technology International Inc., Shell Plc., Stem, Inc., Blueprint Power Technologies Inc., Next Kraftwerke GmbH, Cpower Energy Management, Autogrid Systems Inc., Enbala Power Networks Inc., Comverge, Blue Pillar, Inc, Olivine Inc., Sunverge Energy, Inc., Flexitricity Limited, Toshiba Energy Systems & Solutions Corporation

How Is The Global Virtual Power Plant Market Segmented?

The virtual power plant market covered in this report is segmented –

1) By Technology: Distribution Generation, Demand Response, Mixed Asset
2) By Source: Renewable Energy, Cogeneration, Energy Storage
3) By End User: Industrial, Commercial, Residential

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The Virtual Power Plant Global Market Report 2024 provides an overview of the virtual power plantmarket for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The virtual power plant market forecast analyzes virtual power plant market size, virtual power plant market share, leading competitor and their market positions.

The Table Of Content For The Virtual Power Plant Market Include

1. Virtual Power Plant Market Executive Summary
2. Virtual Power Plant Market Segments
3. Virtual Power Plant Market Size And Template Market Growth Rate
4.  Key Virtual Power Plant Market Trends
5. Major Virtual Power Plant Market Drivers
……
25. Key Mergers And Acquisitions In The Virtual Power Plant Market
26. Top Virtual Power Plant Companies
27. Virtual Power Plant Market Opportunities And Strategies
28. Virtual Power Plant Market, Conclusions And Recommendations
29. Appendix

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