How is Increasing Capacity of Renewable Power Projects Driving Virtual Power Plant Market?
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As per a study conducted by P&S Intelligence, in 2017, the global virtual power plant market generated $1,975.1 million and is predicted to advance at a 18.6% CAGR during the forecast period (2018-2023).
Virtual power plants are based on 3 types of technologies, namely supply side, mixed asset, and demand response. Out of these, the demand response technology was the most in demand during 2013-2017 and the situation is projected to remain the same during the forecast period as well, in terms of revenue generation. Under this model, incentives such as low tariff are offered to the consumers of electricity by power generation utilities for reducing their power consumption during peak hours. This is aids the effective management of demand-supply scenario of power at grid level, at a certain point of time.
A major driving factor the demand for virtual power plants is the aging and inadequate power evacuation infrastructure. Power evacuation infrastructure is characterized by distribution network and power transmission; however, in most of the countries, power transmission network is obsolete and not capable of accommodating the intermittent flow of electricity which is supplied by renewable power projects. Furthermore, high transmission and distribution losses and frequent network failure lead to revenue loss for power utilities. The power transmission network is highly inadequate especially in developing countries and is not capable of catering to the growing need for energy, which is resulting in the rising requirement for virtual power plants.
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The Virtual Power Plant Market report offers comprehensive market segmentation analysis along with market estimation for the period 2013-2023.
Based on Technology
Based on Consumer
Latin America (LATAM)
Middle East and Africa (MEA)
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