Virtual Power Plant Market Revenue is projected to exceed US$ 5.9 billion by 2027
WILMINGTON, DELAWARE, UNITED STATES, January 24, 2024 /EINPresswire.com/ --
According to a new report published by Allied Market Research, The global Virtual Power Plant market size was valued at $1.3 billion in 2019, and is projected to reach $5.9 billion by 2027, growing at a CAGR of 21.3% from 2020 to 2027.
A Virtual Power Plant (VPP) is a sophisticated energy management system that integrates various distributed energy resources (DERs) into a unified, flexible power network. The goal of a VPP is to optimize the use of these resources, such as solar panels, wind turbines, batteries, and demand response programs, to provide reliable and cost-effective electricity.
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Asia-Pacific possesses highest growth in the global virtual power plant market, owing to rise in energy demand in countries such as China and India with rapid industrialization.
China is projected to grow at the highest CAGR of approximately 30.3%, in terms of revenue, during the forecast period.
Major Companies
ABB Ltd., AGL Energy, AutoGrid Systems, Inc., Enbala Power Networks, Enel X Inc., General Electric Company, Siemens AG, Schneider Electric SE, Limejump Ltd., and others.
VPPs often integrate with smart grid technologies to enhance their capabilities. This includes two-way communication between the VPP and the grid, enabling more responsive and efficient energy management.
VPPs play a crucial role in integrating renewable energy sources into the grid by managing their intermittency and variability. This contributes to a more sustainable and resilient energy infrastructure.
By technology, the mixed asset segment is anticipated to grow with a CAGR 23.1%, in terms of revenue, during the forecast period.
Virtual power plant is an aggregation of decentralized generators with the outline to integrate different distributed energy sources such as biomass plants, biogas block heating plants, wind turbines, and hydroelectric plants.
Europe accounted for the highest virtual power plant market share in 2019, owing to the presence of large number of industry players and new government initiatives across different European countries on 100% green energy initiative.
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Virtual power plant offers enhanced power generation with a scope to trade or sell power on the electricity market. It is a medium-scale power generating unit for solar, wind, and other flexible power consumers and storage systems.
A virtual power plant consists of different assets that are connected via central control system processing wide range of information, such as current prices at the power exchange, price and weather forecasts, and grid information of the system operators.
Proliferating demand for renewable energy in power generation sector coupled with changes in dynamics of power grids from centralized to distributed is expected to drive the market growth.
In addition, VPP is more efficient and flexible to deliver the peak load electricity in a short notice period compared to conventional power plant set up that will further drive the market growth.
High-frequency human exposure of electromagnetic and radio waves leads to health concerns, which may hamper the virtual power plant market growth.
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Based on end user the industrial segment accounted for 53% share of global market in 2019, and is expected to maintain its dominance during the forecast period, owing to energy efficiency of VPPs.
The global virtual power plant market is heading towards an expansion phase. This is mainly attributed to a significant surge in demand for efficient and reliable energy sources.
Integrated virtual power plant driven by wide range of renewable energy systems such as solar, wind give flexibility to trade energy in different energy markets at affordable price.
The primary goal of a Virtual Power Plant is to optimize the overall energy output, increase reliability, and improve grid stability. By intelligently managing and controlling a diverse set of energy resources, a VPP can respond to fluctuations in demand and supply, enhance grid flexibility, and contribute to the integration of renewable energy sources.
Distributed Energy Resources (DERs): These are individual energy-producing assets, such as solar panels, wind turbines, battery storage systems, combined heat and power (CHP) units, and demand response systems, that make up the VPP.
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The growing number of large number of virtual power plant projects and shifting trend towards green energy has positioned Asia-pacific as a lucrative region for the global virtual power plant market growth.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
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