Virtual Power Plant Market : Opportunities, Value Chain Analysis & Impact Analysis Of Restraints On Market Forecast By 2024 | Major Key Players are AGL Energy Limited (AGL), Limejump Ltd, EnerNoc Inc., ENGIE Storage Services NA LLC, ABB Ltd., Schneider El

The growing integration of renewable energy projects such as solar power plants and wind power projects in the overall power infrastructure, has resulted in new technical challenges for power transmission networks or power grids. Due to the intermittent nature of renewable power projects, the power generated from these sources is highly unpredictable, making it less viable for conventional power grid network. VPP addresses this problem as it ensures a balance between the demand and supply of electricity. Such benefits are boosting the growth of the virtual power market across the globe.

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The global virtual power plant market is estimated to account for $1,975.1 million in 2017, and is projected to witness a CAGR of 18.6% during the forecast period. Increasing capacity of renewable power projects across major countries of the globe is driving the growth of the market.

In majority of advanced countries, power transmission network is obsolete and not capable of accommodating the intermittent flow of electricity supplied by renewable power projects. Moreover, frequent network failure, and high transmission and distribution losses result in revenue loss to power utilities. The above-mentioned challenges faced by power transmission network offer growth opportunities for VPPs. Through accurate estimation of electricity demand and supply, VPPs can regulate the power generated by renewable power projects and ensure consistent flow of electricity to the power transmission network. Such advantages of using VPPs are expected to drive the growth of virtual power plant market.

Globally, North America has been holding the largest share in virtual power plant market till now, with an estimated contribution of more than 35% in terms of capacity, in 2017. The U.S., in particular, is the most advanced as well as the largest market for VPPs in the world. This is mainly due to the expanding capacity of renewable power projects in the country along with the development of smart grid network equipped with VPP technology.

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Tremendous growth in renewable power projects is attributed to the ambitious renewable energy targets envisioned by emerging countries such as China and India. For instance, China aims to generate 150-200 GW of solar power by the end of 2020. The development of renewable power projects will generate large pool of distributed energy which will require well-developed power evacuation infrastructure in order to support reliable flow of electricity. The technological advancement is expected to increase the installation rate of VPPs in different countries, which in turn is expected to drive the growth of the global virtual power plant market.

Some of the major players operating in the global virtual power plant market are Enbala Power Networks, AutoGrid Systems Inc., Sunverge Energy Inc., AGL Energy Limited (AGL), Limejump Ltd, EnerNoc Inc., ENGIE Storage Services NA LLC, ABB Ltd., Schneider Electric SE, and Siemens AG.

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