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How the Virtual Power Plant Market Next Generation Technological Advan By Jessy George

  in Writing | Published 2020-01-24 11:26:30 | 4 Reads | Unrated

Summary

The improvements in energy storage technologies have enabled industrial and commercial frameworks to consider clean and renewable energy utility as a feasible and economic option

Full Content

High growth in the global VPP market in the coming future is expected to be driven by rising awareness among governments of various countries about the need to mitigate power outages while also making attempts to preserve the environment. The growing awareness in the market concerning the opportunities in renewable energy and battery storage systems has stimulated large-scale investments in the sector over the last decade.

A virtual power plant is a network of medium-scale, decentralized power generating units same as Combined Heat and Power (CHP) units, solar plants and wind farms

as well as flexible power consumers and batteries. The unified units are dispatched through the principal control room of the virtual power plant but stays self-governing in their process and possession. The prime objective of the virtual power plant is to release the load on the grid by rapidly dispensing the power produced by the individual units during the peak load. Additionally, the combined power generation and power consumption of the interacted units in the virtual power plant is merchandised on the energy interchange platforms

Global virtual power plant market size was valued at $762 million in 2016, and is expected to reach at $4,587 million by 2023, registering a CAGR of 25.9% from 2017 to 2023. North America is expected to dominate the market and is expected to maintain this trend throughout the forecast period.

The power industry has emerged as the torchbearer of growth across local & national territories. Need for power distribution has led to the induction of improved systems across the industry. Henceforth, the total volume of revenues within the global virtual power plant market is slated to increase in the years to follow. The need for increased flexibility and efficiency across the power sector shall usher an era of growth within the global virtual power plant market. There is humongous demand for power across the residential, commercial, and industrial sectors. This factor has played a pivotal role in induction of virtual power plants across several regions.

Virtual power plant is an aggregation of decentralized generators with the outline to integrate different distributed energy sources such as biomass plants, biogas block heating plants, wind turbines, and hydroelectric plants.

Rise in demand for renewable energy in power generation sector, changes in dynamic of power grids from centralized to distributed, and moderating costs and easy accessibility of energy storage drive the growth of the virtual power plant market. However, health concerns over high frequency human exposure of electromagnetic and radio waves hamper the potential of the market for different end users.

The industrial segment accounted for around half the share of global market in 2016 and is expected to maintain its dominance during the forecast period, owing to energy efficiency of VPPs. However, residential end users are also expected to grow with a high CAGR due to rise in demand for renewable energy.

Key Findings of The Study 

  • The industrial segment is expected to grow at a CAGR of 26.0% during the forecast period.
  • In Europe, Germany is estimated to grow at the highest CAGR of 26.0%, in terms of value.
  • Demand response technology segment occupied more than three-fifths of the global virtual power plant market share in 2016.
  • The U.S. accounted for over half of the global market in 2016, and is expected to continue its dominance till 2022.

In 2016, North America and Europe collectively accounted for more than four-fifths share of the global market, while Asia-Pacific is expected to grow at a higher rate during the forecast period. Furthermore, high demand from the emerging countries, such as China, Australia, and South Korea, is estimated to drive the market growth.

The major companies profiled in the report include, ABB Ltd., AGL Energy, AutoGrid Systems, Inc., Comverge, Inc., Enbala Power Networks, EnerNOC, Inc., General Electric Company, Siemens AG, Schneider Electric SE, Limejump Ltd., and others.

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