Virtual power plant market : Growing distributed energy generation fuels the industry

The virtual power plant is a cloud-based center that controls accumulated production data from different distributed energy sources. Distributed energy resources include battery shortage facilities, residential grid management, solar photovoltaic (PV) plants, energy for industries, generators and storage systems. The purpose of a virtual power plant includes adjustment of grid power in situations when the demand for power is high or low. The virtual plant controls the power flow by lowering the air-conditioning system or dimming some lights for a few seconds when the demand is high and providing power to the grid when there is a lower power supply. The virtual power plant assists in lowering the load on the grid and saving energy for efficient power supply in the future. The usage of a virtual power plant leads to the lower energy bill, increased power generation, and maximum battery life. The virtual power plant works as a wireless device which is connected to the grid and this is regulated by the power plant agency.

Browse the full report of Virtual Power Plant Market by Technology (Distribution Generation, Demand Response, and Mixed Asset), by End-User (Residential and Non-Residential) - Industry Size, Share, Trends, Growth and Forecast, 2019-2025 at https://www.omrglobal.com/industry-reports/virtual-power-plant-market/

The components of a virtual power plant include mainly energy storage systems and information, communication technologies, solar power plant, and distributed energy resources. Further, the control center analyses the current demand and does future demand forecast, production forecast and power price forecast. Furthermore, the plant suppliers supply the power to the virtual power plant that further supplies the power to electric vehicles, government and institutions, biogas storage buildings, solar storage buildings, offices and apartments, cold storage and agriculture industry. The global virtual power plant market is being driven by factors that include increased demand for energy and adoption of renewable energy. Additionally, the growth is also attributed to the increased demand for unlimited power supply in households and industries in the emerging region. The shift from centralized to distributed generation power grid system and decreasing cost of solar energy storage and generation has further led to increased demand for this technology. The restraints of this market include concerns related to health safety due to exposure to electromagnetic frequency and radiofrequency.

The government is also promoting the usage of virtual power plants and providing initiatives to users so as to save the maximum amount of energy and use power efficiently. Furthermore, the demand in the Asia-Pacific region is also rising due to increased generation of energy in economies such as China, India, and others. The major players involved in this market include Toshiba Corp., Cisco Systems, Inc., Hitachi, Ltd., ABB, Ltd., Next Kraftwerke GmbH, Siemens AG, Tesla Corp., Robert Bosch GmbH, Sunverge Energy Inc., and so on. These players contribute to the growth of the virtual power plant market by adopting strategies such as new product development and launch, partnerships and collaborations, mergers and acquisitions, and geographical expansion. For instance, in May 2019, Siemens AG introduced a new virtual power plant service to expand its virtual power plant operations to compete, expand and maintain a strong position in the market. Moreover, in June 2019, Tesla created a new virtual plant in Massachusetts and Rhode Island that allows owners of the Powerwall home battery to sell their energy back to the grid at peak demand times instead of using fossil fuels.

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Current Market Trends Covered in the market report:
• Asia-Pacific region to emerge as a fastest-growing virtual power plant market.
• Significant adoption of renewable energy across the globe.
• Market demand of consumers for uninterrupted power supply.
• Setting up of new virtual plant – The major strategy to stay competitive in this market.
• Increased demand for virtual power plant by residential areas.
The Report Virtual Power Plant Market Segmentation
By Technology
• Distribution Generation
• Demand Response
• Mixed Asset
By End-User
• Residential
• Non-Residential
By Region
• North America
• Europe
• Asia-Pacific
• Rest of the World

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The Report covers:
Comprehensive research methodology of the global virtual power plant market.
This report also includes a detailed and extensive market overview with key analyst insights.
An exhaustive analysis of macro and micro factors influencing the market guided by key recommendations.
Analysis of regional regulations and other government policies impacting the global virtual power plant market.
Insights about market determinants which are stimulating the global virtual power plant market.
Detailed and extensive market segments with regional distribution of forecasted revenues.
Extensive profiles and recent developments of market players.

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