Worldwide Virtual Power Plant Market Report by Size, Share, Growth, Top Key Players and CAGR of 22% Foresight to 2023

“Global Virtual Power Plant Market Report”
Global Virtual Power Plant Market Report by Technology (Distribution Generation, Demand Response, and Mixed Asset), End-User (Commercial, Industrial and Residential) and Region – Forecast to 2023

Market Overview:

Virtual power plant is a network of medium-scale, distributed power generating units identical to Combined Heat and Power (CHP) units, wind farms and solar plants as well as flexible power buyers and batteries. The combined units are transmitted through the main control room of the virtual power plant but remains autonomous in their process and ownership. The main objective of the virtual power plant is to relief the load on the grid by instantaneously providing the energy produced by the particular units during the peak load. Additionally, the combined power generation and power consumption of the interacted units in the virtual power plant is retailed on the energy exchange platforms. As per the study conducted by Market Research Future, the global market for Virtual Power Plant is likely to grow at the CAGR of around 5%.

Virtual power plant market comprises of a centralized IT control structure and distributed energy assets often non-conventional energy resources such as, solar, hydropower, wind and biomass units as well as flexible power consumers, by interacting with all the contributing units through a remote control unit. It later on establishes a data transfer between the fundamental control system and the contributing units. The central control unit is then unable to monitor, forecast and publish the network units. Virtual power plants prime objective is to integrate smooth functioning of large number of the non-conventional energy units into the existing central energy systems, this mainly occurs due to the flexibility coming from all networked units. Additionally, the power vendors within a frame of virtual power plant setup can use live data so as to enhance projecting and trading of renewables energies. As a result, virtual power plants gradually take over the role of the conventional power plants by vending their output on the wholesale markets and reassuring the authority for a balanced grid.

Geographically, the global Virtual Power Plant market has been divided into North America, Europe, Asia Pacific and Rest of the World. Currently, Asia-Pacific is expected to maintain its high market for Virtual Power Plant. This is mainly due to the grwoing demand for power through a reliable power source, which is further propelling the market in the region. Virtual power plant helps in offering the energy at peak usage times and the end-users can save up the supplied extra energy in the energy storage devices such as batteries. Also, the growing government stringent regulation and innovative initiatives for customer engagement, have added a boost to the end-user segment. The global rise in the demand for renewable energy in the power sector, changes in the dynamics of power grids from centralized to distributed, and modifying costs and easy convince of energy storage drive the evolution of the virtual power plant market.

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Major Key Players:

ABB Ltd. (Switzerland), Autogrid Systems, Inc. (U.S.), Blue Pillar, Inc. (U.S.), Cisco Systems, Inc. (U.S.), Comverge (U.S.), Cpower Energy Management (U.S.), Enbala Power Networks, Inc. (Canada), Enernoc, Inc. (U.S.), Flexitricity Limited (U.K.), General Electric Company (U.S.), Hitachi, Ltd. (Japan), International Business Machines Corporation (U.S.), Robert Bosch GmbH (Germany), Schneider Electric SE (France), and Siemens AG (Germany) among others. are some of the prominent players profiled in MRFR Analysis and are at the forefront of competition in the global virtual power plant market.

The global virtual power plant industry is expected to have a huge number of technological progression over the forecast period owing to enormous developments in power sector coupled with growing consumer preferences for uninterruptible energy supply. The market is also expected to have high expansion activities by conglomerates and well-established companies. Mergers and acquisition strategies are anticipated to be seen over the forecast period.

Industry News:

In January, 2018 – Autogrid System’s Flexibility Management Software is creating value in the in the new distributed electric grid.

In October, 2017 – ABB Ltd. reinforces operations efficiency of Quezon power plant. ABB will offer a virtual recreation of the actual Quezon power plant, including non-standard situations and faults, permitting both newly recruited staff and current operators to become more acquainted with their working atmosphere and learn how to react in challenging circumstances.

In June, 2017 – Blue Pillar, the IoT provider which connects all Energy Things, announced its Aurora Energy Network-as-a-Service (ENaaS) offering a new powered by Microsoft Azure. Aurora’s utmost competitive benefit has been its capability to utilize a software-automated deployment method to attach any Distributed Energy Resource (DER) or legacy asset which generates, stores, consumes, switches or measures electricity.

In May, 2017 – Itron to Acquire Comverge for USD 100 Million, Diving Into the Demand Response Business. The company is making a bet that networking smarts can revitalize Comverge in a somewhat battered contender in the U.S. demand response industry.

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Market Segmentation:

The scope of global virtual power plant market is segmented into two major segments which are explained below:

By Technology

Distribution Generation

Demand Response

Mixed Asset

By End-User

Commercial

Industrial

Residential

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