Market Leaders - Virtual Power Plant Market
The global virtual power plant (VPP) market is forecast to reach USD 5.5 billion by 2029 from an estimated USD 1.9 billion in 2024, at a CAGR of 23.4% during the forecast period (2024-2029). Seamless integration with renewable sources such as solar and wind, and need to mitigate impact of intermittent renewable sources are the key factors driving the Virtual power plant market.
The virtual power plant market is served by a mix of large international players with a global operational presence and local players with a strong domestic supply network.
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The key players in the virtual power plant market include companies such as Siemens (Germany), Schneider Electric (France), General Electric (US), Shell (UK), Tesla (US).
Siemens is a group of technology companies offering services in the areas of automation and digitalization in the process and manufacturing of industrial applications, intelligent infrastructure for buildings and distributed energy systems, and smart mobility solutions for road, rail, and digital health services.
Schneider Electric is a global energy and automation digital solutions provider focused on efficiency and sustainability. The company combines energy technology, real-time automation, software, and services to target homes, buildings, data centers, infrastructure, and industries. It offers services to various industries and sectors, such as oil & gas, mining, minerals & metals, power, food & beverages, infrastructure, waste & wastewater treatment, manufacturing, chemicals, and fertilizers.
General Electric, commonly known as GE, is a globally operating high-tech industrial corporation that operates globally through four main segments: Aerospace, Renewable Energy, Healthcare, and Power. Its virtual power plant falls under the power business segment. GE's virtual power plant is a digital model that enables distributed energy resources and participants in electricity supply systems to work together as if they were a large-scale power plant.
Tesla is a prominent American multinational corporation specializing in electric vehicles and sustainable energy solutions. The company designs, develops, manufactures, sells, and leases electric vehicles and energy generation and storage systems. Tesla operates through two primary business segments: automotive, services and others and energy generation and storage. Tesla provides virtual power plant (VPP) products and services within the energy generation and storage segment. These offerings encompass the complete lifecycle, from design and manufacturing to installation, sales, and leasing of solar energy generation and energy storage products. Additionally, the company is actively involved in selling solar energy systems incentives.
Related Reports:
Virtual Power Plant Market by Technology (Demand Response, Supply Side, Mixed Asset), Vertical (Commercial, Industrial, Residential), Source (Renewable Energy, Storage, Cogeneration), Offering, & Region- Global Forecast to 2029
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