New York, United States, Jan. 18, 2024 (GLOBE NEWSWIRE) — The Global Virtual Power Plant Market Size to Grow from USD 1.82 Billion in 2022 to USD 13.65 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 22.3% during the forecast period.
The virtual power plant (VPP) market is experiencing significant growth due to its capacity to enhance energy flexibility, optimize grids, and integrate renewable energy sources. VPPs employ advanced technology to aggregate and manage distributed energy resources, thereby ensuring grid stability and resilience. In an era marked by a transition to cleaner and more sustainable energy systems, virtual power plants are pivotal in maximizing the utilization of renewables and reducing carbon emissions. With utilities, grid operators, and businesses recognizing the advantages of VPPs for achieving energy efficiency and advancing towards sustainability, the market is poised for continued expansion.Distribution analysis in the virtual power plant (VPP) market focuses on the intricate infrastructure that ensures the delivery of VPP services to end users. Collaborations with utilities and grid operators are common to integrate VPPs into the energy grid infrastructure. These VPPs manage a diverse array of distributed energy resources, and the services are then provided to various end users, including residential, commercial, and industrial consumers. This well-organized distribution network ensures efficient electricity collection and distribution, optimizing the grid and facilitating renewable energy integration, thereby enhancing energy security and sustainability.The distributed energy resource segment accounted for the largest market share over the forecast period 2023 to 2032. The growth of virtual power plant technologies is driven by the increasing use of renewable energy sources and the need for effective grid integration and management. Distributed energy resources (DERs), including solar panels, energy storage, and small-scale energy sources, play a vital role in enhancing grid stability and reliability. DERs are distributed across various locations, creating a decentralized and resilient energy landscape.The renewable energy sources segment accounted for the largest market share over the forecast period 2023 to 2032. The growing use of renewable energy sources, including solar and wind, drives the development of virtual power plants. These VPPs focus on integrating various renewable sources like solar photovoltaic, wind, hydro, and geothermal power, which produce environmentally friendly electricity without fossil fuels. Renewable energy VPPs are pivotal in advancing sustainable and cleaner energy systems by replacing traditional fossil fuel generation and reducing greenhouse gas emissions.The commercial segment accounted for the largest market share over the forecast period 2023 to 2032. The commercial segment of the virtual power plant market addresses the energy optimization needs of medium to large-scale commercial and institutional facilities, including office buildings, malls, hotels, hospitals, and educational institutions. These commercial VPPs often participate in demand response programs, contributing to grid stability and supporting sustainability objectives through advanced energy management systems.This study forecasts revenue at global, regional, and country levels from 2023 to 2032.
Virtual Power Plant Market (VPP), Technology Analysis
(GlobeNewsWire)