A virtual power plant is an array of dispersed power systems intended to combine several distributed energy sources, including hydropower plants, wind turbines, and solar photovoltaic cells. Additionally, virtual power plants offer the ability to trade or sell power on the trading market, enabling efficient power output even during moments of high load. A virtual power plant is a medium-sized power producing facility that combines storage devices with a variety of renewable energy sources, including solar, wind, and other flexible power users.
According to SPER market research, ‘Virtual Power Plant Market Size- By Technology, By Vertical, By Source- Regional Outlook, Competitive Strategies and Segment Forecast to 2033’ state that the Global Virtual Power Plant Market is predicted to reach USD 12.84 billion by 2033 with a CAGR of 23.61%.
The development of renewable energy sources is a major factor driving the market for virtual power plants (VPPs). Intermittent generation patterns are present in many renewable energy sources, including wind and solar power. By combining these sources with other energy resources, virtual power plants may efficiently control and balance this unpredictability. Additionally, distributed renewable energy assets, such tiny wind turbines and rooftop solar arrays, can be combined into a single, well-coordinated virtual power plant using virtual power plants. The reliability and scalability of renewable energy are improved by the consolidation of disparate sources.
Wider adoption may be significantly hampered by the complexity and high initial costs associated with the creation and management of VPPs. They combine several dispersed energy resources into a single, well-coordinated network, such as solar panels, wind turbines, and energy storage devices. The intricacy stems from the requirement to effectively manage these diverse assets, taking into account their varied technological attributes and fluctuating outputs. VPP adoption is hampered by the need for complex algorithms and powerful control systems to coordinate the operation of these resources in real-time to satisfy demand.
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The COVID-19 epidemic has resulted in significant reductions in freight and electricity costs for many networks around the world. Meanwhile, the output of renewable energy has remained constant despite the coronavirus lockdown. Furthermore, the global downturn has lowered demand for thermal-generated electricity.
Virtual Power Plant Market Key Players:
Geographically, In the market for virtual power plants, North America comes out on top. The growing trend of power generation from renewable sources is expected to present substantial growth prospects for the power distribution industry in North America. Additionally, some of the key market players are AGL ENERGY LIMITED, AUTOGRID SYSTEMS, INC., ENBALA POWER NETWORKS, Enel x, INC., General Electric Company, Limejump Energy Ltd and SUNVERGE ENERGY INC.
Global Virtual Power Plant Market Segmentation:
By Technology: Based on the Technology, Global Virtual Power Plant Market is segmented as; Demand Response, Mixed Asset, Supply Side.
By Vertical: Based on the Vertical, Global Virtual Power Plant Market is segmented as; Commercial, Industrial and Residential.
By Source: Based on the Source, Global Virtual Power Plant Market is segmented as; Cogeneration, Renewable Energy and Storage.
By Region: This research also includes data for North America, Asia-Pacific, Latin America, Middle East & Africa and Europe.
This study also encompasses various drivers and restraining factors of this market for the forecast period. Various growth opportunities are also discussed in the report.
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Virtual Power Plant Market Future Scope
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