How is Increasing Capacity of Renewable Power Projects Driving Virtual Power Plant Market?

The capacity of renewable power projects is growing around the world. In fact, the renewable sources of energy are the fastest growing energy resources and grew at a rate of 7.6%, in terms of capacity, in 2017 as compared to 2016. Furthermore, the share of renewable sources of energy in power generation is projected to reach 20% by the end of 2035. This expansion in renewable energy projects is ascribed to the ambitious renewable energy targets set by emerging economies including India and China. The development of renewable power projects is expected to generate a large amount of distributed energy that will need well developed energy evacuation infrastructure for supporting reliable flow of electricity.

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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by distribution network and power transmission; however, in most of the countries, power transmission network is obsolete and not capable of accommodating the intermittent flow of electricity which is supplied by renewable power projects.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

Demand response
Supply side
Mixed asset
Based on Consumer

Industrial
Commercial
Residential
Electric vehicles
Geographical Analysis

North America
U.S.
Canada
Europe
Germany
France
U.K.
Italy
Asia-Pacific (APAC)
China
Japan
Australia
South Korea
Latin America (LATAM)
Brazil
Mexico
Middle East and Africa (MEA)
Saudi Arabia
U.A.E.
South Africa

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About P&S Intelligence

P&S Intelligence is a provider of market research and consulting services catering to the market information needs of burgeoning industries across the world. Providing the plinth of market intelligence, P&S as an enterprising research and consulting company, believes in providing thorough landscape analyses on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness.

This release was published on openPR.