Virtual Power Plant Market Share, Growing Demand, and Top Key...

Virtual Power Plant Market Share, Growing Demand, and Top Key Players

Posted 2023-07-05 08:37:21

The virtual power plant market will power at a rate of 16.9% in the years to come, reaching USD 12,273.3 million by 2030, as stated by P&S Intelligence.

This is because of the increasing acceptance of cutting-edge technologies such as IoT and cloud platforms in the power sector, the increasing consciousness toward the advantages of renewable power, the availability ease of power through VPP platforms, and the growing emphasis on cost-efficiency in generation of power.

The demand response category had the largest share of revenue, about 65%, in 2022, and it will maintain its dominance in the years to come.

This is because of the higher acceptance of this technology in industrialized nations, as a result of direct advantages offered to end customers as incentives for varying their consumption of power; an increase in the necessity for energy consumption; and it lets users to participate in the energy load drop throughout peak demand periods with the use of VPP software and solution.

Browse detailed report - Virtual Power Plant Market Analysis and Demand Forecast Report

North America virtual power plant market, with more than 40%, in 2022, and it is will also lead the market in the years to come. This is mostly because of the increasing capacity of renewable power projects, accompanied by the growth of smart grid networks equipped with VPP technology, and the rising acceptance rate of grid balancing solutions for residential,commercial and industrial consumers.

Furthermore, the increasing use of virtual energy units for optimal energy distribution boosts the growth of the energy in the region.

Due to the increasing awareness of advantages of renewable power, the demand for virtual power plant will continue to grow in the years to come.