Japan Virtual Power Plant Market Size, Share, and COVID-19 Impact Analysis, By Technology (Distributed Energy Resource, Demand Response, Mixed Asset), By End-user (Industrial, Commercial, Residential), and Japan Virtual Power Plant Market Insights Forecasts to 2033

Industry: Energy & Power

RELEASE DATE Jan 2024
REPORT ID SI3488
PAGES 200
REPORT FORMAT PathSoft

Japan Virtual Power Plant Market Insights Forecasts to 2033

  • The Market Size is Growing at a CAGR of 19.06% from 2023 to 2033.
  • The Japan Virtual Power Plant Market Size is Expected to Hold a Substantial Share by 2033.

Japan Virtual Power Plant Market

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The Japan Virtual Power Plant Market Size is expected to hold a Substantial share by 2033, at a CAGR of 19.06% during the forecast period 2023 to 2033.

 

Market Overview

A virtual power plant is a distributed power plant that runs on the cloud and integrates the production capacity of many energy sources to improve power generation and be traded or sold on the electricity market. It ensures a consistent power supply and lets utilities generate electricity from renewable sources, store it in battery banks, and distribute it to users. It gives real-time information about the capacity use of the networked units. The increasing amount of renewable energy in the power generation mix, as well as lower solar generation prices and energy storage, are driving market expansion in Japan. Furthermore, The Japanese virtual power plant market is expanding rapidly, owing to a variety of factors. Initially, the growing integration of renewable energy sources into the power grid has increased demand for VPPs. Because solar and wind energy generation can be intermittent, VPPs play an important role in balancing supply and demand by pooling these scattered resources. Moreover, grid stability and resilience are becoming increasingly important drivers. VPPs provide grid operators with increased flexibility and stability by allowing them to respond swiftly to variations in power generation or demand in Japan.

 

Report Coverage

This research report categorizes the market for Japan virtual power plant market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Japan virtual power plant market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segments of the Japan virtual power plant market.

 

Japan Virtual Power Plant Market Report Coverage

Report CoverageDetails
Base Year:2023
Forecast Period:2023-2033
Forecast Period 2023-2033 CAGR:19.06%
Historical Data for:2019-2022
No. of Pages:200
Tables, Charts & Figures:115
Segments covered:By Technology, By End-user
Companies Covered:Hitachi, Ltd. (Japan), Mitsubishi Heavy Industries (Japan), Toshiba Energy Systems & Solutions, Next Kraftwerk’s Technologies, Toshiba Energy Systems, Sustech, NGK, and other key companies.
Pitfalls & Challenges:Covid-19 Empact,Challenges,Growth, Analysis.

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Driving Factors

The cost-effectiveness of renewable technology is driving the trend toward distributed generating. In addition, laws and regulations enacted by local and state governments to encourage wider adoption of renewable technologies due to their benefits, such as cheaper CAPEX and energy security, are accelerating the market's growth in Japan. As a result, dedicated clean energy targets to raise the amount of renewable energy in the energy mix are driving up demand for distributed generating systems, which is expanding the use of virtual power plants. Furthermore, the increasing usage of new technologies in the power industry, such as cloud platforms and internet of Things (IoT) applications, is also contributing to the growth of the virtual power plant market.

 

Restraining Factors

VPP systems require artificial intelligence-enabled technologies, as well as machine learning and big data capabilities, to handle and monitor huge amounts of data gathered by a variety of meters, collect data, and ensure data dependability and quality for VPP platforms. Integrating modern tools and procedures into a VPP incurs considerable expenditures and requires highly skilled personnel. As a result, poor infrastructure and high costs associated with new technologies are expected to hamper market growth throughout the projection period in Japan.

 

Market Segment

  • In 2023, the demand response segment accounted for the largest revenue share over the forecast period.

Based on the technology, the Japan virtual power plant market is segmented into distributed energy resource, demand response, and mixed asset. Among these, the demand response segment has the largest revenue share over the forecast period. With increased investment in demand-response solutions. Its acceptance is fast expanding due to its long-term benefits for end users and ability to improve grid energy efficiency. It also offers benefits like as peak load control and the opportunity to earn incentives for engaging in demand response programs.

 

  • In 2023, the residential segment accounted for the largest revenue share over the forecast period.

On the basis of end user, the Japan virtual power plant market is segmented into industrial, commercial, and residential. Among these, the residential segment has the largest revenue share over the forecast period. Individual homes are outfitted with small-scale renewable energy devices, such as rooftop solar panels and domestic wind turbines. Residential virtual power plants allow households to produce their electricity, store extra energy, and participate in demand response schemes. This category is being driven by increased consumer knowledge of renewable energy, government incentives, and a desire for energy independence.

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Japan virtual power plant market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • Hitachi, Ltd. (Japan)
  • Mitsubishi Heavy Industries (Japan)
  • Toshiba Energy Systems & Solutions
  • Next Kraftwerk’s Technologies
  • Toshiba Energy Systems
  • Sustech
  • NGK
  • Others

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Recent Development

  • On October 2023, In Japan, NGK, a manufacturer of sodium-sulfur batteries, has formed a virtual power plant and large-scale partnerships’ Insulators, a manufacturer of sodium-sulfur (NAS) battery storage systems, has created new collaborations in Japan to target both the distributed and utility-scale parts of the energy industry.

 

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the Japan Virtual Power Plant Market based on the below-mentioned segments:

 

Japan Virtual Power Plant Market, By Technology

  • Distributed Energy Resource
  • Demand Response
  • Mixed Asset

 

Japan Virtual Power Plant Market, By End User

  • Industrial
  • Commercial
  • Residential

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