Global Virtual Power Plant Market Growth Overview, Size, Future Trends, Share, Opportunities and Forecast to 2030

Inkwood Research evaluates that the Global Virtual Power Plant Market is predicted to register a CAGR of 22.54% in terms of revenue during the forecast period, 2019-2028.
"Browse 34 Market Data Tables and 37 Figures spread over 147 Pages, along with an in-depth TOC on the Global Virtual Power Plant Market Forecast 2019-2028."

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A virtual power plant is a cloud-based control that is capable of functioning in a centralized or distributed manner, which assists in aggregating the capacity of distributed energy resources. It integrates the distributed power sources in a single system, regulating power efficiently.

Rising Adoption of Decentralized Power Generation Drives Market Growth
Distributed generation is an electricity-generating technology installed by an independent electricity system connected at the distribution system electric grid level. It is on a rising trend, given its operational benefits that include ancillary services, peak power requirements, grid security, and system reliability. These cannot be incurred from the Centralized generation in the current energy sector.
There is enhanced system reliability because of the single point for power conversion. The need for high voltage DC wiring is thus eliminated, along with reduced fire impact and minimized risk of electrocution. The discontinuity in power supply and declining power quality has resulted in increased adoption of virtual power plants. The rising trend in distributed energy, thus, is evaluated to influence market growth.
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Energy Storage System is evaluated to be the Prominent Source
Energy storage systems maintain the continuity of power flow in the grid network and power quality so as to meet electricity demands. They act as a secondary source of power supplier. The batteries can be charged during peak-off hours, due to reduced load on the grid. They provide flexibility to charge the batteries, using electricity stored as per the convenience of end-users. The virtual power plant integrates the energy storage systems and distributed energy sources in the centralized platform to meet electricity demands. The energy generation from conventional sources has negative implications on the environment, due to greenhouse gas emissions. There has been, thus, increasing demand for energy generation from renewable energy sources. Energy storage systems play a significant role in regulating the variability of renewable energy generation sources.

North America is the Dominating Region in the Global Market
The region entails favorable government initiatives, technological advancements, and increased adoption of virtual power plants (VVPs) in grid balancing technologies that cater to residential, industrial, and commercial customers. There is also an increasing inclination towards clean energy generation through the use of renewable energy, which is estimated to boost the deployment of VPPs. In the US, the ability to meet electricity demand during peak hours is one of the crucial factors driving growth.
The competitive rivalry in the market is high, with companies conducting extensive research for enhancing the quality of virtual power plant solutions. Some of the prominent companies in the market include, Robert Bosch, Tesla, Next Kraftwerke, Schneider Electric, ABB, Siemens, etc.

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