The Virtual Power Plant Market has been valued at US$ 4.3 billion in the year 2021 and it is estimated to reach US$ 10.7 billion by the year 2027, with a CAGR of 25.2% from 2022 to 2027. A Virtual Power Plant is a cloud-based distributed power plant that aggregates the capacities of heterogeneous distributed energy resources (DER) for the purposes of enhancing power generation, as well as trading or selling power on the electricity market; these are the main factors that have considerably increased the demand for the Virtual Power Plant in the market, thereby driving the huge growth of the Virtual Power Plant market in the upcoming years

Market Drivers and Restraints:

The main factors that have considerably increased the demand for the Virtual Power Plant in the market are mainly due to Renewable energy is a naturally occurring source of energy that can be easily replenished, and plays an important role in reducing greenhouse gas emissions. Renewable energy is more expensive when compared with fossil fuel-based power generation. Owing to environmental conservation, and rising awareness, countries around the globe are veering towards renewable sources for power generation. As per IEA in 2015, renewables accounted for more than half of the net annual addition to power capacity and overtook coal in terms of cumulative installed capacity in the world; these are the main factors that have considerably increased the demand for the Virtual Power Plant in the market, thereby driving the huge growth of the Virtual Power Plant market in the upcoming years

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The report is segmented as:

Virtual Power Plant Market is segmented on the basis of:

By Technology (Distribution Generation, Response to Demand, and Mixed Assets),

By Source (Renewable Energy, Cogeneration, and Energy Storage),

By End-user (Commercial, Residential, and Industrial)

Geographical Segmentation:

Virtual Power Plant Market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa, and the rest of the world. North America has the dominant share in the Virtual Power Plant due to the Increasing share of renewable energy in the power generation mix these are the main factors that have considerably increased the demand for the Virtual Power Plant in North America, followed by Europe, Asia Pacific, Latin America, and the Middle East & Africa will register a slower increase in the Virtual Power Plant Market

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Impact of COVID-19 on the Market

The COVID-19 started at the end of 2019 in Wuhan china; this has affected many industries from different sectors in various countries and also affected the Virtual Power Plant market. The covid-19 pandemic has impacted hugely on the sales revenue of the Virtual Power Plant market. Due to the government restrictions like lockdown in many countries have stopped the production of products by the manufacturing companies, In recent days relaxation in restrictions by the government and people are getting vaccinated to stop the spread of coronavirus are expecting to raise the Virtual Power Plant market growth

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