The latest research study “Virtual Power Plants Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecasts 2022-2027” by IMARC Group, finds that the global market for virtual power plants has reached a value of $1.05 billion in 2021. Looking ahead, IMARC Group expects the market to be worth $4.47 billion by 2027, at a CAGR of 25.70% over the period 2022-2027 corresponds.

Effects of Covid-19:

We regularly track the direct impact of COVID-19 on the market as well as the indirect impact of related industries. These observations are integrated into the report.

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Industry definition and application:

A virtual power plant (VPP) represents the decentralized network that aggregates heterogeneous distributed energy resources (DER) capacities to improve the power generation process. It ensures smooth power supply to generate electricity from renewable energy sources by merging the energy in the battery for circulation. In addition, a virtual power plant includes a central control system that collects surplus data on grid information, current electricity exchange rates, weather forecasts, etc. reduced carbon footprint, etc.

Global Market Trends and Drivers for Virtual Power Plants:

Increasing demand for electric vehicles (EVs) and upgrading of existing smart grid infrastructures are primarily driving the virtual power plant market. Furthermore, increasing adoption of renewable energy sources including hydroelectric, biomass, solar, etc. for power generation further catalyzes the market growth. In addition, the introduction of several favorable policies by government agencies in countries to encourage the use of renewable technologies to curb greenhouse gas (GHG) emissions due to…