New York, NY, July 06, 2021 (GLOBE NEWSWIRE) -- Facts and Factors have published a new research report titled “Virtual Power Plant Market By Technology (Distribution Generation, Demand Response, and Mixed Asset) By Component (Energy Generation Technology, Energy Storage Technologies, Information Communication Technology (ICT)), By End User (Commercial, Industrial, and Residential), and by Regions: Global and Regional Opportunity Analysis and Industry Forecasts, 2021 - 2026”.
“According to the recent research report, the demand of global Virtual Power Plant Market size & share expected to reach to USD 5.02 Billion by 2026 from USD 1.57 Billion in 2020, at a compound annual growth rate (CAGR) of 21.3% during the forecast period 2021 to 2026”
Global Virtual Power Plant Market: Overview
A virtual power plant (VPP) consists of a basic IT control framework, distributed renewable energy assets, hydropower units such as solar, wind, and biomass, and flexible power consumers, all of which are controlled by a single remote control unit. After that, the data flow between the core fire control system and the participating units is set up. The basic flight control system is then unable to monitor, forecast, or send the networked devices. The purpose of a virtual power plant (VPP) is to seamlessly integrate a large number of non-conventional energy units into existing central energy networks. It occurs as a result of all networked elements' flexibility. In a virtual power plant design, electricity providers might also use real-time data to improve renewable energy projections and trade. As a result, by selling their products on wholesale markets and obtaining grid-balancing authority, virtual power plants increasingly take over the job of traditional power plants.
The future business potential for VPP solutions is presented by the industry's rising knowledge of climate problems. The complete appeal of the VPP market, on the other hand, is significantly based on the expansion of supply flexibility/electricity demand commercial potential and, as a result, profits from capacity offered in the balancing energy market and electricity supply in the energy-only market. Given that the continuous expansion of renewable energies would increase volatility on the spot markets, the outlook is not too grim. The creation of internal peer-to-peer trading platforms or the establishment of grid greater flexibility marketplaces for the effective minimization of grid bottlenecks is further marketing potential. As a result, future regulatory framework conditions will have a substantial impact on the quality and speed of developments in cooperative VPPs, which is a common occurrence in energy markets.
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Industry Major Market Players
- ABB Ltd.
- Blue Pillar Inc.
- Cisco Systems Inc.
- Comverge
- Hitachi Ltd.
- Robert Bosch Gmbh
- AGL Energy
- AutoGrid Systems Inc.
- Enbala Power Networks
- Enel X Inc.
- General Electric Company
- Siemens AG
- Schneider Electric SE
- Limejump Ltd.
- International Business Machines Corporation
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Key questions answered in this report:
- What is the projected market size & growth rate of the Virtual Power Plant Market?
- What are the key driving factors for the growth of the Virtual Power Plant Market?
- What are the top companies operative in the Virtual Power Plant Market?
- What segments are covered in Virtual Power Plant Market?
- How can I get free sample report/company profiles of the Virtual Power Plant Market?
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Market Dynamics
A virtual power plant (VPP) is a cloud-based power system that pools the capacity of various energy resources such as solar parks, wind farms, and combined heat and power (CHP) units. The virtual power plants are used to relieve grid congestion during peak load periods by intelligently dispersing the power generated by each unit. The energy exchange will also trade the Virtual Power Plant's networked units' combined power generation and consumption. Virtual power plants are more effective and versatile in producing peak load electricity on short notice than traditional power plants. Caused by market instability, the increased flexibility of investment in virtual power plants attracted encouraged the attention of a large number of new investors. On the currency market, consumers can sell their extra energy and buy it at a lower price. Throughout the forecast period, these qualities are expected to raise demand for virtual power plant market size. Government regulations requiring ecologically friendly power generation will boost the renewable energy sector even further, boosting the virtual power plant industry to new heights.
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Global Virtual Power Plant Market: Growth Factors
A (VPP) is a decentralized power plant made up of decentralized power systems to integrate multiple applications of energy sources such as wind turbines, solar PV cells, and hydroelectric facilities. Furthermore, virtual power plants provide efficient power generation even during high-demand periods, as well as the ability to buy or sell power on the open market. A virtual power plant is a medium-scale power generating facility that incorporates several renewable energy sources like solar, wind, and other flexible power users, as well as storage devices. A sort of virtual power plant is mainly composed of several diversified assets that are connected via a central control system that interprets a wide range of data, including current power exchange pricing, price and weather forecasts, and system operator grid information.
Increased renewable energy penetration in the power production sector, as well as changes in power grid dynamics from centralized to distributed, are likely to boost the VPP industry. Further reductions in energy costs and the ease with which energy storage may be accessible will drive market demand. In their recent VPP venture, Tesla, for example, reported a 70% reduction in grid demand and up to a 30% reduction in rates. Furthermore, compared to conventional power plant setup, VPP is more efficient and flexible in offering maximum demand electricity in a short notice time, which would further boost the market growth.
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Europe is projected to Dominate Global Virtual Power Plant Market Growth
Europe emerged as the largest virtual power plants market share due to having a large number of industry participants and new government plans on 100 percent green energy across various countries in Europe. Asia-Pacific has the fastest-growing virtual power plant market in the world. Increased energy demand in rapidly industrializing countries like China and India is to blame. For example, China accounts for 36 percent of the steel industry's annual contribution to global GDP by operating country. Because of the rising demand for renewable energy, the United States is expected to lead the market in North America, with significant demand for virtual power plants.
Browse the full report “Virtual Power Plant Market By Technology (Distribution Generation, Demand Response, and Mixed Asset) By Component (Energy Generation Technology, Energy Storage Technologies, Information Communication Technology (ICT)), By End User (Commercial, Industrial, and Residential), and by Regions: Global and Regional Opportunity Analysis and Industry Forecasts, 2021 - 2026” at https://www.fnfresearch.com/virtual-power-plant-market
The global virtual power plant market is segmented as follows:
By Technology:
• Distribution Generation
• Demand Response
• Mixed Asset
By Component:
• Energy Generation Technology
• Energy Storage Technologies
• Information Communication Technology (ICT)
By End User:
• Commercial
• Industrial
• Residential
Key Highlights of this Report:
- Statistically Validated Analysis of Historical, Current, and Projected Industry Trends with Authenticated Market Sizes Information and Data in terms of Value and Volume, wherever applicable
- Detailed List of Key Buyers and End-Users (Consumers) analyzed as per Regions and Applications
- Overview of Key Marketing Strategies and Key Sales Channels Adopted in the Market
- Market Attractiveness Analysis and Key Investment Opportunity Analysis in the Market going forward
- Direct and Indirect Factors that Impacted the Industry as well Projected Rationales expected to affect the industry going forward
- Historical and Projected Company / Vendor / OEM / Supplier Market Shares, Competitive Landscape, and Player Positioning Data
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