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ASIA-PACIFIC VIRTUAL POWER PLANT MARKET FORECAST 2024-2032

SCOPE OF THE REPORT

Asia-Pacific Virtual Power Plant Market by Technology (Demand Response, Distributed Generation, Mixed Assets) Market by Application (Industrial, Commercial, Residential) by Geography


MARKET OVERVIEW

The Asia-Pacific virtual power plant market is expected to register a CAGR of 24.62% during the forecast period, 2024-2032, and is estimated to reach a revenue of $xx million by 2032.

The virtual power plant market growth in Asia-Pacific is attributed to the region’s adoption of policies and government regulations that support power generation from environmentally friendly sources, aiming at achieving zero emissions and reducing overall energy consumption.

Asia-Pacific Virtual Power Plant Market

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The Asia-Pacific virtual power plant market growth analysis includes the assessment of India, South Korea, China, Australia & New Zealand, Japan, and Rest of Asia-Pacific. Rapid urbanization in China has led to a significant surge in energy consumption, consequently escalating the per capita energy consumption within the nation. To mitigate this upward trajectory, the government has implemented specific energy policies. Aligning with International Energy Agency standards, the government has established energy efficiency benchmarks for industrial products and electrical appliances. The introduction of virtual power plants is poised to catalyze China’s growth, propelling it into a new phase of global competitiveness within the energy management industry.

To ensure sustained growth, China must address critical skill and infrastructure gaps, foster cross-industry collaboration, and expedite research and development investments in the sector. In the forthcoming five-year plan (2021-2025), government initiatives, substantial investments from industry leaders, and public-private partnerships are anticipated to incentivize companies in the country to adopt virtual power plants.

Furthermore, entities and service providers nationwide are actively contributing to knowledge transfer by facilitating the exchange of information and ideas within the industry. This collaborative approach is expected to play a crucial role in fostering the effective utilization of technology across various organizations and sectors.

The Asia-Pacific virtual power plant market segmentation includes technology and application. The technology segment includes distributed generation, demand response, and mixed assets.

Distributed generation refers to the production of electricity directly at the consumers’ location. These units encompass renewable energy sources and combined heat and power systems. The push for distributed energy resources is aimed at achieving cost-effective power generation in contrast to traditional sources. Virtual power plants consolidate these distributed energy resources into a centralized unit, ensuring the fulfillment of electricity demand.

Commercial virtual power plants seamlessly integrate with technical counterparts to access comprehensive information about bilateral contracts between electricity suppliers and end-users. This integration allows small-scale decentralized units to actively participate in the wholesale electricity market. The ultimate goal is to facilitate smoother coordination and efficient functioning within the power grid.

Some of the eminent companies in the Asia-Pacific virtual power plant market include ABB, Generac Grid Services, Sunverge Energy Inc, etc.

ABB delivers electrification, automation, robotics, and digitalization solutions tailored for industrial clients. The company is structured around four key business segments, namely electrification, industrial automation, motion and robotics, and discrete automation.

Within the electrification business, ABB provides a comprehensive range of offerings, including modular substation packages, distribution automation products, switchgear, circuit breakers, measuring and sensing devices, control products, solar power solutions, EV charging infrastructure, wiring accessories, and enclosures and cabling systems.

Operating across more than 100 countries, ABB boasts a workforce of approximately 144,000 employees. The company’s headquarters are situated in Zurich, Switzerland.

REPORT SYNOPSIS

REPORT SCOPEDETAILS
Market Forecast Years2024-2032
Base Year2023
Market Historical Years2018-2022
Forecast UnitsRevenue ($ Million)
Segments Analyzed
Technology and Application
Countries AnalyzedIndia, South Korea, China, Australia & New Zealand, Japan, and Rest of Asia-Pacific
Companies AnalyzedGeneral Electric, ABB, Siemens, Cisco Systems Inc, Bosch, AutoGrid Systems Inc, Generac Grid Services, Sunverge Energy Inc, Next Kraftwerke, Energy Hub, Limejump, Enel X

TABLE OF CONTENTS

  1. RESEARCH SCOPE & METHODOLOGY
    1. STUDY OBJECTIVES
    2. METHODOLOGY
    3. ASSUMPTIONS & LIMITATIONS
  2. EXECUTIVE SUMMARY
    1. MARKET SIZE & ESTIMATES
    2. MARKET OVERVIEW
    3. SCOPE OF STUDY
    4. CRISIS SCENARIO ANALYSIS
    5. MAJOR MARKET FINDINGS
  3. MARKET DYNAMICS
    1. KEY DRIVERS
      1. INCREASING EMPHASIS ON RENEWABLE ENERGY GENERATION
      2. GROWING ADOPTION OF DECENTRALIZED POWER GENERATION
    2. KEY RESTRAINTS
      1. HIGH CAPITAL REQUIREMENT
      2. INADEQUATE INFRASTRUCTURE AND TECHNOLOGY INTEGRATION CHALLENGES
  4. KEY ANALYTICS
    1. KEY MARKET TRENDS
    2. PORTER’S FIVE FORCES ANALYSIS
      1. BUYERS POWER
      2. SUPPLIERS POWER
      3. SUBSTITUTION
      4. NEW ENTRANTS
      5. INDUSTRY RIVALRY
    3. GROWTH PROSPECT MAPPING
      1. GROWTH PROSPECT MAPPING FOR ASIA-PACIFIC
    4. MARKET CONCENTRATION ANALYSIS
  5. MARKET BY TECHNOLOGY
    1. DEMAND RESPONSE
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. DISTRIBUTED GENERATION
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    3. MIXED ASSETS
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  6. MARKET BY APPLICATION
    1. INDUSTRIAL
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    2. COMMERCIAL
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
    3. RESIDENTIAL
      1. MARKET FORECAST REVENUE & FIGURE
      2. SEGMENT ANALYSIS
  7. GEOGRAPHICAL ANALYSIS
    1. ASIA-PACIFIC
      1. MARKET SIZE & ESTIMATES
      2. COUNTRY ANALYSIS
        1. CHINA
          1. CHINA VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
        2. JAPAN
          1. JAPAN VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
        3. INDIA
          1. INDIA VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
        4. SOUTH KOREA
          1. SOUTH KOREA VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
        5. AUSTRALIA & NEW ZEALAND
          1. AUSTRALIA & NEW ZEALAND VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
        6. REST OF ASIA-PACIFIC
          1. REST OF ASIA-PACIFIC VIRTUAL POWER PLANT MARKET SIZE & OPPORTUNITIES
  8. COMPETITIVE LANDSCAPE
    1. KEY STRATEGIC DEVELOPMENTS
      1. MERGERS & ACQUISITIONS
      2. PARTNERSHIPS & AGREEMENTS
      3. BUSINESS EXPANSIONS & DIVESTITURES
    2. COMPANY PROFILES
      1. GENERAL ELECTRIC
        1. COMPANY OVERVIEW
        2. SERVICE LIST
        3. STRENGTHS & CHALLENGES
      2. ABB
        1. COMPANY OVERVIEW
        2. SERVICES LIST
        3. STRENGTHS & CHALLENGES
      3. SIEMENS
        1. COMPANY OVERVIEW
        2. SERVICE LIST
        3. STRENGTHS & CHALLENGES
      4. CISCO SYSTEMS INC
        1. COMPANY OVERVIEW
        2. SERVICES LIST
        3. STRENGTHS & CHALLENGES
      5. BOSCH
        1. COMPANY OVERVIEW
        2. SERVICE LIST
        3. STRENGTHS & CHALLENGES
      6. AUTOGRID SYSTEMS INC
        1. COMPANY OVERVIEW
        2. SERVICES LIST
        3. STRENGTHS & CHALLENGES
      7. GENERAC GRID SERVICES
        1. COMPANY OVERVIEW
        2. SERVICE LIST
        3. STRENGTHS & CHALLENGES
      8. SUNVERGE ENERGY INC
        1. COMPANY OVERVIEW
        2. SERVICES LIST
        3. STRENGTHS & CHALLENGES
      9. NEXT KRAFTWERKE
        1. COMPANY OVERVIEW
        2. SERVICES LIST
        3. STRENGTHS & CHALLENGES
      10. ENERGY HUB
        1. COMPANY OVERVIEW
        2. SERVICES LIST
        3. STRENGTHS & CHALLENGES
      11. LIMEJUMP
        1. COMPANY OVERVIEW
        2. SERVICES LIST
      12. ENEL X
        1. COMPANY OVERVIEW
        2. SERVICES LIST

LIST OF TABLES

TABLE 1:  MARKET SNAPSHOT – VIRTUAL POWER PLANT

TABLE 2:  ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 3:  ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY TECHNOLOGY, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 4:  ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY APPLICATION, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 5:  ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY APPLICATION, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 6:  ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY COUNTRY, HISTORICAL YEARS, 2018-2022 (IN $ MILLION)

TABLE 7:  ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY COUNTRY, FORECAST YEARS, 2024-2032 (IN $ MILLION)

TABLE 8:  LIST OF MERGERS & ACQUISITIONS

TABLE 9:  LIST OF PARTNERSHIPS & AGREEMENTS

TABLE 10:  LIST OF BUSINESS EXPANSIONS & DIVESTITURES

LIST OF FIGURES

FIGURE 1: KEY MARKET TRENDS

FIGURE 2: PORTER’S FIVE FORCES ANALYSIS

FIGURE 3: GROWTH PROSPECT MAPPING FOR ASIA-PACIFIC

FIGURE 4: MARKET CONCENTRATION ANALYSIS

FIGURE 5: ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, GROWTH POTENTIAL, BY TECHNOLOGY, IN 2023

FIGURE 6: ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY DEMAND RESPONSE, 2024-2032 (IN $ MILLION)

FIGURE 7: ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY DISTRIBUTED GENERATION, 2024-2032 (IN $ MILLION)

FIGURE 8: ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY MIXED ASSETS, 2024-2032 (IN $ MILLION)

FIGURE 9: ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, GROWTH POTENTIAL, BY APPLICATION, IN 2023

FIGURE 10: ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY INDUSTRIAL, 2024-2032 (IN $ MILLION)

FIGURE 11: ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY COMMERCIAL, 2024-2032 (IN $ MILLION)

FIGURE 12: ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, BY RESIDENTIAL, 2024-2032 (IN $ MILLION)

FIGURE 13: ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, COUNTRY OUTLOOK, 2023 & 2032 (IN%)

FIGURE 14: CHINA VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)

FIGURE 15: JAPAN VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)

FIGURE 16: INDIA VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)

FIGURE 17: SOUTH KOREA VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)

FIGURE 18: AUSTRALIA & NEW ZEALAND VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)

FIGURE 19: REST OF ASIA-PACIFIC VIRTUAL POWER PLANT MARKET, 2024-2032 (IN $ MILLION)

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