The virtual power plant market size was USD 3,367.7 million in 2022, and it will propel at a rate of 16.9% in the years to come, reaching USD 12,273.3 million by 2030, as per a market research company, P&S Intelligence.
The demand response category had the largest share, about 65%, in the years to come, and it will maintain its dominance in the future. This is credited to the higher acceptance of this technology in developed countries, because of direct benefits provided to customers in shape of incentives for changing their power consumption; an increase in the necessity for energy consumption; and it lets users to contribute to the reduction of energy load during the periods of peak demand with the use of VPP software and solutions.
