PUNE, India, Sept. 28, 2022 (GLOBE NEWSWIRE) — According to Fortune Business Insights, the is global Virtual power plant market will grow at a CAGR of 32.89%, reaching USD 6.47 billion during the forecast period 2021-2028. The market was valued at $0.71 billion in 2020. The market growth is attributed to factors such as increasing adoption of innovative technologies such as cloud platforms and Internet of Things (IoT) applications in the energy industry, which will have a great impact on the market development.
industry development:
July 2020: In Portland, Oregon, the Portland General Electric Company announced a pilot initiative to encourage the installation and connection of 525 residential energy storage batteries. This project will generate up to four megawatts of electricity. The distributed plants will build a virtual power plant of tiny units that can operate independently or together to power the grid.
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Scope and segmentation of the report:
| report coverage | details |
| forecast period | 2021-2028 |
| Forecast period 2021 TO 2028 CAGR | 32.89% |
| Value prognosis 2028 | $6.47 billion |
| base year | 2020 |
| Market size in 2020 | $0.71 billion |
| Historical data for | 2017-2019 |
| number of pages | 207 |
| segments covered | Technology, End User, Region |
| growth accelerator | Increasing shift towards distributed generation to support market dynamics |
| Increasing demand for combined renewable energy and growing investment in energy storage to fuel growth |
Highlights of the Global Virtual Power Plant Market:
A virtual power plant is a cloud-powered distributed power plant that combines distributed energy resource capacities to trade, generate, and sell power sources in the market. Increasing demand for reliable power sources and increasing adoption of IoT and cloud platforms are likely to drive demand for the product. In addition, the decline in the cost of solar power generation and energy storage, as well as…
