Virtual Power Plant Market: Industry Trends, Market Size, Competitive Analysis and Forecast - 2019-2025

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.

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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.

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 the electromagnetic frequency and radiofrequency.

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Virtual Power Plant Market-Segments:

By Technology
o Distribution Generation
o Demand Response
o Mixed Asset

By End User
o Commercial
o Industrial
o Residential

By Region
o North America
o U.S.
o Canada
o Europe
o UK
o Germany
o France
o Denmark
o Finland
o Rest of Europe
o Asia-Pacific
o China
o Japan
o South Korea
o Australia
o Rest of Asia-Pacific

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This release was published on openPR.