Virtual Power Plant Market 2019- Global Industry Analysis, Size, Share, Growth, Trends and Forecast - 2025
Virtual Power Plant Market Overview
Virtual power plant reduces the load on the grid by smartly distributing the power generated by the power generating units during periods of peak load.
The combined power generation and consumption of the networked units in the Virtual Power Plant is traded on the energy exchange. It is a network of decentralized power generating units such as Combined Heat and Power (CHP) units, wind farms, solar parks, small hydro, biomass as well as flexible power consumers and batteries. Furthermore, power traders within a virtual power plant are capable to develop live data to increase estimating and trading of renewable energies.
Germany is a leading country in the implementation of VPPs, such as the one operated by Next Kraftwerke, which networks around 4,800 medium- and small-scale power-producing and power-consuming units in central Europe.
The global virtual power plant market size was worth USD 799 million in 2018 and will gain CAGR of 15.9% during the forecast period.
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Market Dynamics: Drivers, Restraints, Opportunities Challenges
With the changing dynamics of power grids from centralized to distributed, and decreasing costs of solar generation & energy storage is driving the growth of the virtual power plant market worldwide.
Rising clean energy demand and continuous government support towards generating power from renewable energy are also the key factors impacting market growth. For instance, as per the International Energy Agency (IEA) report, Global electricity demand in 2018 increased by 4%, or 900 TWh, growing nearly twice as fast as the overall demand for energy. Renewable energy increased by 4% in 2018, accounting for almost one-quarter of global energy demand growth. Renewables covered almost 45% of the world’s electricity generation growth, now accounting for over 25% of global power output.
Global virtual power plant market by Technology
• Distribution Generation
• Demand Response
• Internet of Things (IoT)
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Global virtual power plant market by System
• Centralized Controlled Virtual Power Plant (Vpp)
• Decentralized Controlled Virtual Power Plant
Geographically, the global virtual power plant market is segmented to five regions, namely, North America, Europe, Asia-Pacific, South America, and Middle East & Africa.
Global virtual power plant market players are experiencing high competition within the industry as key market players have adopted acquisitions as their key strategy to widen their brand portfolios and expand their market reach.
Some of the key players in the market are ABB, Siemens AG, Sunverge Energy Inc, AutoGrid Systems, Inc, Advanced MicroGrid Solutions, Inc, ENGIE Storage Services NA LLC, Spirae, LLC, Sonnen, Enbala technologies and Next Kraftwerke.
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