Global Virtual Power Plant Market Size & Outlook
The virtual power plant industry worldwide is expected to reach a projected revenue of US$ 16,654.8 million by 2030. A compound annual growth rate of 22% is expected of the worldwide virtual power plant industry from 2024 to 2030.
Revenue, 2023 (US$M)
$4,129.2
Forecast, 2030 (US$M)
$16,654.8
CAGR, 2024 - 2030
22%
Report Coverage
Worldwide
Global virtual power plant market, 2018-2030 (US$M)
Related Markets
Global virtual power plant market highlights
- The global virtual power plant market generated a revenue of USD 4,129.2 million in 2023 and is expected to reach USD 16,654.8 million by 2030.
- The market is expected to grow at a CAGR (2024 - 2030) of 22% by 2030.
- In terms of segment, demand response accounted for a revenue of USD 1,994.1 million in 2023.
- Mixed Asset is the most lucrative technology segment registering the fastest growth during the forecast period.
- In terms of region, North America was the largest revenue generating market in 2023.
- Country-wise, U.S. is expected to register the highest CAGR from 2024 to 2030.
Global data book summary
| Market revenue in 2023 | USD 4,129.2 million |
| Market revenue in 2030 | USD 16,654.8 million |
| Growth rate | 22% (CAGR from 2023 to 2030) |
| Largest segment | Demand response |
| Fastest growing segment | Mixed Asset |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Distributed Energy Resource, Demand Response, Mixed Asset |
Other key industry trends
- In terms of revenue, the North America accounted for 36.1% of the global virtual power plant market in 2023.
- By country, the U.S. is projected to lead the global market in terms of revenue in 2030.
- By country, U.S. is the fastest growing regional market and is projected to reach USD 3,997.2 million by 2030.
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Virtual Power Plant Market Scope
Virtual power plant market segmentation & scope
Virtual Power Plant Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
Global virtual power plant market size, by regions, 2018-2030 (US$M)
Top 10 countries: Virtual power plant market size, 2023 (US$M)
Global virtual power plant market share, by technology, 2023 & 2030 (%, US$M)
Virtual power plant market: Opportunity assessment by country
Global virtual power plant market, by region, 2023 (US$M)
| Technology | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | CAGR |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| North America | 676.0 | 782.4 | 910.3 | 1,067.4 | 1,258.3 | 1,492.5 | 1,779.5 | 2,128.7 | 2,552.7 | 3,066.7 | 3,689.5 | 4,444.4 | 5,358.0 | 20.0% |
| Europe | 544.9 | 635.7 | 745.5 | 881.1 | 1,046.9 | 1,251.9 | 1,504.7 | 1,814.6 | 2,193.8 | 2,656.9 | 3,222.6 | 3,913.5 | 4,756.4 | 21.0% |
| Asia Pacific | 249.0 | 301.6 | 367.3 | 450.8 | 556.2 | 690.1 | 860.7 | 1,077.0 | 1,351.0 | 1,697.7 | 2,136.7 | 2,692.3 | 3,395.3 | 25.6% |
| Latin America | 114.5 | 136.6 | 163.8 | 197.9 | 240.3 | 293.8 | 360.9 | 444.9 | 549.8 | 680.7 | 843.9 | 1,047.6 | 1,301.5 | 23.7% |
| MEA | 138.4 | 170.6 | 210.3 | 260.1 | 322.1 | 401.0 | 500.0 | 623.4 | 776.6 | 966.2 | 1,200.4 | 1,489.1 | 1,843.6 | 24.4% |
| Overall | 1,722.8 | 2,026.8 | 2,397.2 | 2,857.2 | 3,423.9 | 4,129.2 | 5,005.8 | 6,088.6 | 7,423.8 | 9,068.2 | 11,093.1 | 13,586.9 | 16,654.8 | 22.1% |
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