Virtual Power Plant Market Analysis By Component, Size, Share, Trend, Competition, Future Growth, Opportunities and Forecast 2025
Global virtual power plant market is forecast to witness a CAGR of 30% in the coming years and surpass $ 5.6 billion by 2025. Growth in the global virtual power plant market can be attributed to growing opportunities in renewable energy and battery storage systems, rising demand for power generation from renewable sources of energy, increase in penetration of smart grid technologies, shift from centralized to distributed generation, favorable government initiatives to mitigate power outages and increasing demand for power in key industries such as petroleum refining, chemicals, metals and mining, etc. Global virtual power plant market can be segmented based on component, technology, source, end user and region. In terms of component, the market can be bifurcated into software and service. In 2020, software segment dominated the market, however, service segment is expected to grow at a higher rate in the coming years. Based on technology, the market can be segmented into Demand Respons...