Press release
Virtual Power Plant Market Size of US$ 4.47 Billion by 2027 with a CAGR of 25.70%
A virtual power plant (VPP) is a cloud-based decentralized network that aggregates heterogeneous distributed energy resources (DER) capacities to improve the power generation process. It offers several benefits, such as optimized power generation from existent sources, reliability, and reduced carbon footprints. It also provides a reliable power supply and generates electricity from renewable energy sources by incorporating the energy in the battery for circulation. In addition, it includes a central control system that processes excessive data concerning current grid information, weather forecasts, and power exchange rates. At present, virtual power plants are widely adopted across residential, industrial, and commercial sectors.
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Virtual Power Plant Market Trends:
The market is primarily driven by the extensive adoption of several renewable energy sources, such as hydropower, biomass, and solar energy, for power generation. VPP is more efficient and flexible in delivering peak load electricity in a short notice period compared to conventional power plant setups. Along with this, the rising integration of various advanced technologies, such as the Internet of Things (IoT), cloud-based solutions, and the gradual shift from centralized to distributed power generation, are contributing to the market growth. Moreover, numerous initiatives undertaken by the governments of several countries for employing renewable technologies to minimize greenhouse gas (GHG) emissions due to the growing environmental awareness and improved focus on sustainable development are providing a positive thrust to the market growth. Besides this, strategic collaborations between the key market players and the increasing investments in research and development (R&D) activities to launch upgraded versions of virtual power plants are anticipated to propel the market growth. Furthermore, the escalating demand for electric vehicles (EVs) and the upgradation of the existing smart grid infrastructure are also creating a positive market outlook across the globe.
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Key Market Segmentation:
The report has segmented the global virtual power plant market based on technology, source, end user and region.
Breakup by Technology:
• Distribution Generation
• Demand Response
• Mixed Asset
Breakup by Source:
• Renewable Energy
• Cogeneration
• Energy Storage
Breakup by End User:
• Industrial
• Commercial
• Residential
Breakup by Geography:
• North America: (United States, Canada)
• Asia Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
• Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
• Latin America: (Brazil, Mexico, Others)
• Middle East and Africa
Key Companies Covered in this Market Report:
• ABB Ltd.
• AGL Energy Ltd.
• Autogrid Systems Inc.
• Enel Spa
• Flexitricity Limited (Reserve Power Holdings (Jersey) Limited)
• General Electric Company
• Hitachi Ltd.
• Next Kraftwerke GmbH
• Osisoft LLC (AVEVA Group plc)
• Schneider Electric SE
• Siemens Aktiengesellschaft
• Sunverge Energy Inc.
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Key Highlights of the Report:
• Market Performance (2016-2021)
• Market Outlook (2022-2027)
• Market Trends
• Market Drivers and Success Factors
• Impact of COVID-19
• Value Chain Analysis
• Comprehensive mapping of the competitive landscape
If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.
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