Covina, Sept. 02, 2024 (GLOBE NEWSWIRE) -- As projected by Prophecy Market Insights, the global virtual power plant market size and share is expected to expand from USD 2.1 Billion in 2024 to USD 15.8 Billion by 2034, reflecting a compound annual growth rate (CAGR) of 24.8% over the forecast period.
Virtual Power Plant Market Report Overview
Virtual Power Plant is an innovative energy management system that integrates various distributed energy resources (DERs), such as solar panels, wind turbines, battery storage systems, and flexible demand response assets, to operate as a unified and efficient power plant.
By aggregating these resources through advanced software and control systems, VPPs enable the optimization of energy production and consumption, providing grid services and enhancing overall energy reliability.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of market
- Drivers & Restrains factors of market
- Major key players in market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent development/news of market
- Opportunities & Challenges of Market
Competitive Landscape:
The Virtual Power Plant Market is characterized by rapid growth, technological innovation and fierce competition. Companies are expanding their global presence, focusing on sustainability and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Siemens
- General Electric
- Tesla
- Sunverge Energy, Inc.
- ABB
- Next Kraftwerke
- AGL Energy
- Open Access Technology International, Inc.
- Flexitricity Limited
- Limejump Limited
- Toshiba Energy Systems & Solutions
- Hitachi, Ltd.
- Olivene, Inc.
- AutoGrid Systems, Inc
- Centrica
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Analyst View:
The target market is growing quickly due to the demand for more adaptable and resilient power systems, technological improvements in digitalization and the growing use of renewable energy sources. As utilities, grid operators as well as energy providers realize how beneficial VPPs are for managing distributed energy resources and improving grid efficiency, the industry is expanding.
Market Dynamics:
Drivers:
Integration of Distributed Energy Resources
- One of the main factors propelling the target market is the integration of distributed energy resources, such as wind turbines, battery storage systems, and rooftop solar panels. With the use of VPPs, it is possible to efficiently combine and manage these varied resources, enhancing their performance and offering the grid useful services.
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Market Trends:
Supportive Regulatory Frameworks
- Supportive regulatory frameworks and government incentives are driving the adoption of virtual power plant. Policies aimed at promoting renewable energy integration, reducing greenhouse gas emissions, and improving grid reliability are encouraging investments in virtual power plant technology.
Segmentation:
Virtual Power Plant Market is segmented based on Technology, Source, End-User, and Region.
Technology Insights
- Demand response is anticipated to boost the growth for target market as demand response programs are essential for maintaining grid stability and reliability. By shifting or reducing electricity usage during peak periods, these programs help to prevent grid overloads and reduce the need for additional peaking power plants.
Source Insights
- Renewable energy is anticipated to boost the growth for target market as renewable energy sources are increasingly integrated into VPPs due to their significant contributions to reducing carbon emissions and promoting sustainable energy practices.
End-User Insights
- Utilities is anticipated to boost the growth for target market as utilities often have regulatory mandates and incentives to incorporate renewable energy sources and improve grid resilience. Virtual Power Plants provide utilities with a means to meet these regulatory requirements and participate in energy markets more effectively.
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Recent Development:
- In January 2023, A working group led by GM, Ford, Google, and solar energy suppliers was formed to create guidelines for extending the usage of virtual power plants (VPPs), which are devices that reduce demand on electrical networks during blackouts.
Regional Insights
- North America: The target market in this region is driven by several factors, including the need to balance intermittent renewable energy sources, the rise of smart grid technologies, and government incentives for clean energy solutions.
- Asia Pacific: Virtual power plant technologies are being used in Asia-Pacific to address issues with energy supply and demand, especially in cities that are expanding quickly. An important area of study is the integration of dispersed energy resources, such as energy storage devices, wind energy, and solar power.
Browse Detail Report on "Virtual Power Plant Market Size, Share, By Technology (Distribution Generation, Demand Response, and Mixed Asset), By Source (Renewable Energy, Energy Storage, and Cogeneration), By End-User (Utilities, Commercial, Industrial, and Residential), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/virtual-power-plant-market-5409
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