PUBLISHER: KBV Research | PRODUCT CODE: 1642339
PUBLISHER: KBV Research | PRODUCT CODE: 1642339
North America Virtual Power Plant Market Size, Share & Trends Analysis Report By Technology, By End Use (Industrial, Commercial, and Residential), By Country and Growth Forecast, 2024 - 2031
The North America Virtual Power Plant Market would witness market growth of 21.2% CAGR during the forecast period (2024-2031).
The US market dominated the North America Virtual Power Plant Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $4,792.5 million by 2031. The Canada market is experiencing a CAGR of 23.9% during (2024 - 2031). Additionally, The Mexico market would exhibit a CAGR of 22.8% during (2024 - 2031).
The virtual power plant concept has gained significant attention in the energy sector due to its potential to optimize energy distribution, improve grid stability, and foster sustainability. A Virtual power plant is a network of decentralized, small-scale energy resources that are aggregated and managed through advanced software systems.
The primary application of these plants is optimizing energy management across grids. VPPs provide a means to aggregate and control small-scale energy systems, which are often intermittent and geographically dispersed. These include renewable energy sources such as solar and wind, energy storage systems, and demand-side management systems.
As Mexico's energy mix becomes more reliant on intermittent renewable sources, VPPs will help balance supply and demand by intelligently managing power distribution from these sources and ensuring reliability. Additionally, VPPs can optimize energy storage and respond dynamically to shifts in energy supply, helping Mexico meet its clean energy targets and improve the overall efficiency of its power grid. Canada's electricity demand is projected to grow by 1% annually from 2014 to 2040, a substantial portion of this growth driven by the industrial sector. As electricity consumption rises, the country plans to expand its generation capacity to meet this demand, and a significant share of the new capacity will come from wind power. By 2040, wind power's share of total electricity generation in Canada is expected to increase from over 7% to nearly 11%. Thus, the rising electricity generation from renewable sources in Mexico and the increasing electricity demand in Canada will play a crucial role in these plants.
Based on Technology, the market is segmented into Demand Response, Distributed Energy Resource, and Mixed Asset. Based on End Use, the market is segmented into Industrial, Commercial, and Residential. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
List of Key Companies Profiled
- Siemens AG
- Toshiba Corporation
- Shell plc
- Hitachi, Ltd.
- ABB Ltd.
- Tesla, Inc.
- Robert Bosch GmbH
- GE Vernova Group
- Schneider Electric SE
- Cisco Systems, Inc.
North America Virtual Power Plant Market Report Segmentation
By Technology
- Demand Response
- Distributed Energy Resource
- Mixed Asset
By End Use
- Industrial
- Commercial
- Residential
By Country
- US
- Canada
- Mexico
- Rest of North America
Table of Contents
Chapter 1. Market Scope & Methodology
- 1.1 Market Definition
- 1.2 Objectives
- 1.3 Market Scope
- 1.4 Segmentation
- 1.4.1 North America Virtual Power Plant Market, by Technology
- 1.4.2 North America Virtual Power Plant Market, by End Use
- 1.4.3 North America Virtual Power Plant Market, by Country
- 1.5 Methodology for the research
Chapter 2. Market at a Glance
- 2.1 Key Highlights
Chapter 3. Market Overview
- 3.1 Introduction
- 3.1.1 Overview
- 3.1.1.1 Market Composition and Scenario
- 3.1.1 Overview
- 3.2 Key Factors Impacting the Market
- 3.2.1 Market Drivers
- 3.2.2 Market Restraints
- 3.2.3 Market Opportunities
- 3.2.4 Market Challenges
Chapter 4. Competition Analysis - Global
- 4.1 KBV Cardinal Matrix
- 4.2 Recent Industry Wide Strategic Developments
- 4.2.1 Partnerships, Collaborations and Agreements
- 4.2.2 Product Launches and Product Expansions
- 4.2.3 Acquisition and Mergers
- 4.3 Market Share Analysis, 2023
- 4.4 Top Winning Strategies
- 4.4.1 Key Leading Strategies: Percentage Distribution (2020-2024)
- 4.4.2 Key Strategic Move: (Mergers & Acquisition: 2021, Feb - 2025, Jan) Leading Players
- 4.5 Porter Five Forces Analysis
Chapter 5. North America Virtual Power Plant Market by Technology
- 5.1 North America Demand Response Market by Country
- 5.2 North America Distributed Energy Resource Market by Country
- 5.3 North America Mixed Asset Market by Country
Chapter 6. North America Virtual Power Plant Market by End Use
- 6.1 North America Industrial Market by Country
- 6.2 North America Commercial Market by Country
- 6.3 North America Residential Market by Country
Chapter 7. North America Virtual Power Plant Market by Country
- 7.1 US Virtual Power Plant Market
- 7.1.1 US Virtual Power Plant Market by Technology
- 7.1.2 US Virtual Power Plant Market by End Use
- 7.2 Canada Virtual Power Plant Market
- 7.2.1 Canada Virtual Power Plant Market by Technology
- 7.2.2 Canada Virtual Power Plant Market by End Use
- 7.3 Mexico Virtual Power Plant Market
- 7.3.1 Mexico Virtual Power Plant Market by Technology
- 7.3.2 Mexico Virtual Power Plant Market by End Use
- 7.4 Rest of North America Virtual Power Plant Market
- 7.4.1 Rest of North America Virtual Power Plant Market by Technology
- 7.4.2 Rest of North America Virtual Power Plant Market by End Use
Chapter 8. Company Profiles
- 8.1 Siemens AG
- 8.1.1 Company Overview
- 8.1.2 Financial Analysis
- 8.1.3 Segmental and Regional Analysis
- 8.1.4 Research & Development Expense
- 8.1.5 Recent strategies and developments:
- 8.1.5.1 Product Launches and Product Expansions:
- 8.1.6 SWOT Analysis
- 8.2 Toshiba Corporation
- 8.2.1 Company Overview
- 8.2.2 Financial Analysis
- 8.2.3 Segmental and Regional Analysis
- 8.2.4 Research and Development Expense
- 8.2.5 Recent strategies and developments:
- 8.2.5.1 Product Launches and Product Expansions:
- 8.2.6 SWOT Analysis
- 8.3 Shell plc
- 8.3.1 Company Overview
- 8.3.2 Financial Analysis
- 8.3.3 Segmental and Regional Analysis
- 8.3.4 Research & Development Expenses
- 8.3.5 Recent strategies and developments:
- 8.3.5.1 Acquisition and Mergers:
- 8.3.6 SWOT Analysis
- 8.4 Hitachi, Ltd.
- 8.4.1 Company Overview
- 8.4.2 Financial Analysis
- 8.4.3 Segmental and Regional Analysis
- 8.4.4 Research & Development Expenses
- 8.4.5 Recent strategies and developments:
- 8.4.5.1 Product Launches and Product Expansions:
- 8.4.5.2 Acquisition and Mergers:
- 8.4.6 SWOT Analysis
- 8.5 ABB Ltd.
- 8.5.1 Company Overview
- 8.5.2 Financial Analysis
- 8.5.3 Segmental and Regional Analysis
- 8.5.4 Research & Development Expense
- 8.5.5 Recent strategies and developments:
- 8.5.5.1 Acquisition and Mergers:
- 8.5.6 SWOT Analysis
- 8.6 Tesla, Inc.
- 8.6.1 Company Overview
- 8.6.2 Financial Analysis
- 8.6.3 Segmental and Regional Analysis
- 8.6.4 Research & Development Expense
- 8.6.5 Recent strategies and developments:
- 8.6.5.1 Partnerships, Collaborations, and Agreements:
- 8.6.5.2 Product Launches and Product Expansions:
- 8.6.6 SWOT Analysis
- 8.7 Robert Bosch GmbH
- 8.7.1 Company Overview
- 8.7.2 Financial Analysis
- 8.7.3 Segmental and Regional Analysis
- 8.7.4 Research & Development Expense
- 8.7.5 SWOT Analysis
- 8.8 GE Vernova Group
- 8.8.1 Company Overview
- 8.8.2 SWOT Analysis
- 8.9 Schneider Electric SE
- 8.9.1 Company Overview
- 8.9.2 Financial Analysis
- 8.9.3 Segmental and Regional Analysis
- 8.9.4 Research & Development Expense
- 8.9.5 Recent strategies and developments:
- 8.9.5.1 Acquisition and Mergers:
- 8.9.6 SWOT Analysis
- 8.10. Cisco Systems, Inc.
- 8.10.1 Company Overview
- 8.10.2 Financial Analysis
- 8.10.3 Regional Analysis
- 8.10.4 Research & Development Expense
- 8.10.5 Recent strategies and developments:
- 8.10.5.1 Partnerships, Collaborations, and Agreements:
- 8.10.6 SWOT Analysis
LIST OF TABLES
- TABLE 1 North America Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 2 North America Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 3 Partnerships, Collaborations and Agreements- Virtual Power Plant Market
- TABLE 4 Product Launches And Product Expansions- Virtual Power Plant Market
- TABLE 5 Acquisition and Mergers- Virtual Power Plant Market
- TABLE 6 North America Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 7 North America Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 8 North America Demand Response Market by Country, 2020 - 2023, USD Million
- TABLE 9 North America Demand Response Market by Country, 2024 - 2031, USD Million
- TABLE 10 North America Distributed Energy Resource Market by Country, 2020 - 2023, USD Million
- TABLE 11 North America Distributed Energy Resource Market by Country, 2024 - 2031, USD Million
- TABLE 12 North America Mixed Asset Market by Country, 2020 - 2023, USD Million
- TABLE 13 North America Mixed Asset Market by Country, 2024 - 2031, USD Million
- TABLE 14 North America Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 15 North America Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 16 North America Industrial Market by Country, 2020 - 2023, USD Million
- TABLE 17 North America Industrial Market by Country, 2024 - 2031, USD Million
- TABLE 18 North America Commercial Market by Country, 2020 - 2023, USD Million
- TABLE 19 North America Commercial Market by Country, 2024 - 2031, USD Million
- TABLE 20 North America Residential Market by Country, 2020 - 2023, USD Million
- TABLE 21 North America Residential Market by Country, 2024 - 2031, USD Million
- TABLE 22 North America Virtual Power Plant Market by Country, 2020 - 2023, USD Million
- TABLE 23 North America Virtual Power Plant Market by Country, 2024 - 2031, USD Million
- TABLE 24 US Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 25 US Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 26 US Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 27 US Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 28 US Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 29 US Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 30 Canada Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 31 Canada Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 32 Canada Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 33 Canada Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 34 Canada Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 35 Canada Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 36 Mexico Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 37 Mexico Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 38 Mexico Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 39 Mexico Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 40 Mexico Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 41 Mexico Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 42 Rest of North America Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 43 Rest of North America Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 44 Rest of North America Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 45 Rest of North America Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 46 Rest of North America Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 47 Rest of North America Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 48 Key Information - Siemens AG
- TABLE 49 Key Information - Toshiba Corporation
- TABLE 50 Key Information - Shell plc
- TABLE 51 Key Information - Hitachi, Ltd.
- TABLE 52 Key Information - ABB Ltd.
- TABLE 53 key Information - Tesla, Inc.
- TABLE 54 Key Information - Robert Bosch GmbH
- TABLE 55 Key Information - GE Vernova Group
- TABLE 56 Key Information - Schneider Electric SE
- TABLE 57 Key Information - Cisco Systems, Inc.
