PUBLISHER: KBV Research | PRODUCT CODE: 1642340
PUBLISHER: KBV Research | PRODUCT CODE: 1642340
Asia Pacific 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 Asia Pacific Virtual Power Plant Market would witness market growth of 22.5% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Virtual Power Plant Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $1,519.6 million by 2031. The Japan market is registering a CAGR of 21.9% during (2024 - 2031). Additionally, The India market would showcase a CAGR of 23.4% during (2024 - 2031).
These plants play a significant role in demand response programs, which aim to reduce energy consumption during peak demand periods. VPPs can shift or reduce electricity usage to avoid grid congestion by remotely controlling distributed energy resources and customer loads. This reduces the need for additional power plants to come online during high-demand periods, which is more cost-effective and environmentally friendly.
The adoption of virtual power plants has been growing steadily, driven by several factors, including advancements in smart grid technologies, increased renewable energy integration, and regulatory incentives supporting green energy initiatives. With the advent of smart grids and advanced communication technologies, managing decentralized energy sources has become more feasible.
The market is expanding rapidly as countries focus on optimizing their energy consumption and integrating renewable energy sources into their grids. Both nations' rising electricity usage and long-term energy commitments create a strong demand for VPPs to help manage and balance energy resources more efficiently. In 2023, China's electricity consumption grew by 6.7% year-on-year, indicating robust economic activity and energy demand across primary, secondary, and tertiary industries. Notably, the primary sector saw an 11.5% rise, while the secondary and tertiary sectors experienced increases of 6.5% and 12.2%, respectively. Moreover, India's commitment to attaining energy independence by 2047 and achieving Net Zero energy consumption by 2070 highlights the country's ambitious goals for a sustainable energy future. A key part of this vision is the National Green Hydrogen Mission, which aims to promote green hydrogen as a clean alternative to traditional energy sources. As India invests in renewable energy and green hydrogen, the need for efficient energy management systems, like VPPs, becomes even more critical. Therefore, China's growing electricity consumption and India's ambitious energy goals point to a significant opportunity for the growth of this market in these countries.
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 China, Japan, India, South Korea, Australia, Malaysia, and Rest of Asia Pacific.
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.
Asia Pacific Virtual Power Plant Market Report Segmentation
By Technology
- Demand Response
- Distributed Energy Resource
- Mixed Asset
By End Use
- Industrial
- Commercial
- Residential
By Country
- China
- Japan
- India
- South Korea
- Australia
- Malaysia
- Rest of Asia Pacific
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 Asia Pacific Virtual Power Plant Market, by Technology
- 1.4.2 Asia Pacific Virtual Power Plant Market, by End Use
- 1.4.3 Asia Pacific 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. Asia Pacific Virtual Power Plant Market by Technology
- 5.1 Asia Pacific Demand Response Market by Country
- 5.2 Asia Pacific Distributed Energy Resource Market by Country
- 5.3 Asia Pacific Mixed Asset Market by Country
Chapter 6. Asia Pacific Virtual Power Plant Market by End Use
- 6.1 Asia Pacific Industrial Market by Country
- 6.2 Asia Pacific Commercial Market by Country
- 6.3 Asia Pacific Residential Market by Country
Chapter 7. Asia Pacific Virtual Power Plant Market by Country
- 7.1 China Virtual Power Plant Market
- 7.1.1 China Virtual Power Plant Market by Technology
- 7.1.2 China Virtual Power Plant Market by End Use
- 7.2 Japan Virtual Power Plant Market
- 7.2.1 Japan Virtual Power Plant Market by Technology
- 7.2.2 Japan Virtual Power Plant Market by End Use
- 7.3 India Virtual Power Plant Market
- 7.3.1 India Virtual Power Plant Market by Technology
- 7.3.2 India Virtual Power Plant Market by End Use
- 7.4 South Korea Virtual Power Plant Market
- 7.4.1 South Korea Virtual Power Plant Market by Technology
- 7.4.2 South Korea Virtual Power Plant Market by End Use
- 7.5 Australia Virtual Power Plant Market
- 7.5.1 Australia Virtual Power Plant Market by Technology
- 7.5.2 Australia Virtual Power Plant Market by End Use
- 7.6 Malaysia Virtual Power Plant Market
- 7.6.1 Malaysia Virtual Power Plant Market by Technology
- 7.6.2 Malaysia Virtual Power Plant Market by End Use
- 7.7 Rest of Asia Pacific Virtual Power Plant Market
- 7.7.1 Rest of Asia Pacific Virtual Power Plant Market by Technology
- 7.7.2 Rest of Asia Pacific 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 Asia Pacific Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 2 Asia Pacific 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 Asia Pacific Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 7 Asia Pacific Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 8 Asia Pacific Demand Response Market by Country, 2020 - 2023, USD Million
- TABLE 9 Asia Pacific Demand Response Market by Country, 2024 - 2031, USD Million
- TABLE 10 Asia Pacific Distributed Energy Resource Market by Country, 2020 - 2023, USD Million
- TABLE 11 Asia Pacific Distributed Energy Resource Market by Country, 2024 - 2031, USD Million
- TABLE 12 Asia Pacific Mixed Asset Market by Country, 2020 - 2023, USD Million
- TABLE 13 Asia Pacific Mixed Asset Market by Country, 2024 - 2031, USD Million
- TABLE 14 Asia Pacific Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 15 Asia Pacific Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 16 Asia Pacific Industrial Market by Country, 2020 - 2023, USD Million
- TABLE 17 Asia Pacific Industrial Market by Country, 2024 - 2031, USD Million
- TABLE 18 Asia Pacific Commercial Market by Country, 2020 - 2023, USD Million
- TABLE 19 Asia Pacific Commercial Market by Country, 2024 - 2031, USD Million
- TABLE 20 Asia Pacific Residential Market by Country, 2020 - 2023, USD Million
- TABLE 21 Asia Pacific Residential Market by Country, 2024 - 2031, USD Million
- TABLE 22 Asia Pacific Virtual Power Plant Market by Country, 2020 - 2023, USD Million
- TABLE 23 Asia Pacific Virtual Power Plant Market by Country, 2024 - 2031, USD Million
- TABLE 24 China Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 25 China Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 26 China Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 27 China Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 28 China Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 29 China Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 30 Japan Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 31 Japan Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 32 Japan Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 33 Japan Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 34 Japan Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 35 Japan Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 36 India Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 37 India Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 38 India Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 39 India Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 40 India Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 41 India Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 42 South Korea Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 43 South Korea Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 44 South Korea Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 45 South Korea Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 46 South Korea Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 47 South Korea Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 48 Australia Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 49 Australia Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 50 Australia Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 51 Australia Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 52 Australia Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 53 Australia Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 54 Malaysia Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 55 Malaysia Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 56 Malaysia Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 57 Malaysia Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 58 Malaysia Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 59 Malaysia Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 60 Rest of Asia Pacific Virtual Power Plant Market, 2020 - 2023, USD Million
- TABLE 61 Rest of Asia Pacific Virtual Power Plant Market, 2024 - 2031, USD Million
- TABLE 62 Rest of Asia Pacific Virtual Power Plant Market by Technology, 2020 - 2023, USD Million
- TABLE 63 Rest of Asia Pacific Virtual Power Plant Market by Technology, 2024 - 2031, USD Million
- TABLE 64 Rest of Asia Pacific Virtual Power Plant Market by End Use, 2020 - 2023, USD Million
- TABLE 65 Rest of Asia Pacific Virtual Power Plant Market by End Use, 2024 - 2031, USD Million
- TABLE 66 Key Information - Siemens AG
- TABLE 67 Key Information - Toshiba Corporation
- TABLE 68 Key Information - Shell plc
- TABLE 69 Key Information - Hitachi, Ltd.
- TABLE 70 Key Information - ABB Ltd.
- TABLE 71 key Information - Tesla, Inc.
- TABLE 72 Key Information - Robert Bosch GmbH
- TABLE 73 Key Information - GE Vernova Group
- TABLE 74 Key Information - Schneider Electric SE
- TABLE 75 Key Information - Cisco Systems, Inc.
