Virtual Power Plant Industry Driven by Rising Renewable Energy Production

The virtual power plant market size was USD 3,367.7 million in 2022, and it will propel at a rate of 16.9% in the years to come, reaching USD 12,273.3 million by 2030, as per a market research company, P&S Intelligence.

The demand response category had the largest share, about 65%, in the years to come, and it will maintain its dominance in the future. This is credited to the higher acceptance of this technology in developed countries, because of direct benefits provided to customers in shape of incentives for changing their power consumption; an increase in the necessity for energy consumption; and it lets users to contribute to the reduction of energy load during the periods of peak demand with the use of VPP software and solutions.

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Globally, power evacuation infra, which is characterized by power transmission and distribution networks, is either obsolete or insufficient. In the majority of developed countries, power transmission networks are obsolete and not accomplished of accommodating the recurrent flow of electricity supplied by renewable power projects.

Furthermore, high transmission and frequent network failure and distribution losses result in loss of revenue to power utilities. In developing nations, the power transmission network is highly inadequate to cater to the increasing demand for power.

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North America had the largest share, in excess of 40%, in the recent past, and it will lead the virtual power plant market in the near future. This is mostly because of the increasing capacity of renewable power projects, accompanied by the expansion of smart grid networks that are equipped with VPP technology, and the increasing acceptance rate of grid balancing solutions for, commercial, residential, and industrial consumers.

It is because of the growing consciousness of benefits of renewable power, the demand for virtual power plants will increase in the near future.

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P&S Intelligence provides market research and consulting services to a vast array of industries across the world. As an enterprising research and consulting company, P&S believes in providing thorough insights on the ever-changing market scenario, to empower companies to make informed decisions and base their business strategies with astuteness. P&S keeps the interest of its clients at heart, which is why the insights we provide are both honest and accurate. Our long list of satisfied clients includes entry-level firms as well as multi-million-dollar businesses and government agencies.

This release was published on openPR.