Global Virtual Power Plant Market Trends, Regional Outlook, Growth and Business Opportunities | P&S Intelligence

With the launch of several renewable energy generation projects, the demand for well-developed power evacuation infrastructure is surging, which is, in turn, pushing up the requirement for virtual power plants (VPP). Moreover, the increasing concerns being raised over the soaring pollution levels and greenhouse gas emissions and rapid depletion of fossil fuels are fueling the adoption of renewable energy sources for power generation, which is further boosting the demand for VPP. As per various reports, the share of renewable sources in power production across the world will rise from 7% in 2015 to 20% by the end of 2035.

Furthermore, India is aiming to produce 150 GW of renewable energy by the end of 2022. This would subsequently fuel the requirement for VPP, as they are needed for integrating the newly developed renewable power projects with the existing centralized power distribution infrastructure. Moreover, renewable energy projects propel the requirement for a centralized infrastructure in order to facilitate continuous electricity flow. Apart from the aforementioned factors, the lack of proper power infrastructure in emerging economies, such as Nigeria, Indonesia, and India, is also propelling the expansion of the global virtual power plant market.

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According to the estimates of the market research company, P&S Intelligence, the value of the market will surge from $1,975.1 million in 2017 to $5,510.2 million by 2023, while the market will register a CAGR of 18.6% from 2018 to 2023. Demand response, mixed asset, and supply side are the most commonly used technologies in virtual power plants. Out of these, the requirement for the demand response technology was the highest in the years gone by. This was because of the higher operational performance and lower development cost of the VPP powered by this technology.

Geographically, the demand for VPP will shoot up in Europe and North America in the forthcoming years. This is ascribed to the launch of renewable power projects and the soaring requirement for electric vehicle charging infrastructure and reliable power supply from various distributed energy resources in the region. Latin America (LATAM), Middle East and Africa (MEA), and Asia-Pacific (APAC) are also expected to generate huge requirement for VPP in the coming years, owing to the surging use of smart energy management solutions and launch of renewable power projects in the region.

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Hence, it can be safely said that the demand for VPP will rise tremendously in the coming years, primarily because of the growing adoption of renewable energy sources for power production and launch of several renewable power projects all over the world.

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This release was published on openPR.