Press release
Global Virtual Power Plant Market Size, Share, Development, Growth and Demand Forecast to 2023 By P&S Market Research
Virtual power plant (VPP) can be described as a network of decentralized, medium-scale generating units/distributed energy resources, flexible power consumers and batteries. These medium-scale generating units include combined heat and power (CHP) units, wind farms and solar parks. The interconnected units are then connected through a remote-control unit, which establishes a data transfer between all the participating units and central control system. This allows the central control system to monitor, forecast and dispatch all the participating/networked units. The global virtual power plant market is segmented into two types: centralized controlled VPP, decentralized controlled VPP.
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Virtual power plant finds application in residential, commercial and industrial sectors. Virtual power plant is being widely deployed in residential homes as they help in delivering energy during peak hours. Additionally, with the increasing use of virtual power plant technology, consumers or end-users could save surplus power in energy storage devices including solar panels and batteries.
The global market for virtual power plant is expected to witness a CAGR of 30.3% during the forecast period due to the increasing demand from industrial, commercial and residential sectors. Based on type, centralized-controlled VPP is expected to be the largest segment in the global virtual power plant market during the forecast period. Demand response is expected to be the largest segment in the global virtual power plant market, by technology during the forecast period. Industrial sector emanated the largest demand in the global virtual power plant market.
The key trend observed in the global virtual power plant market is growing investments in R&D activities from various players including ABB Ltd and EnerNOC, Inc. and focusing on strategic partnerships and other expansion plans to broaden their market presence worldwide.
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The factors driving the growth of global virtual power plant market are growing penetration of smart grid technologies, increasing demand for energy storage systems in the residential sector and rising government initiatives in various countries to reduce the carbon footprint. Additionally, the increasing shift from centralized to distributed (decentralized) generation and the decreasing costs of solar generation and energy storage is likely to further spike the demand for virtual power plant during the forecast period.
The increasing awareness towards the benefits of renewable energy sources and the corresponding increase in the share of renewable energy sources in the primary energy mix is expected to boost the demand for virtual power plant during the forecast period. Additionally, the increasing adoption of electric vehicles and rising development of smart grid infrastructure would significantly favor the growth of global virtual power plant market during the forecast period.
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