A recent study by Triton Market Research titled ‘Global Virtual Power Plant Market’ entails the Global Analysis and Forecasts by Source (Energy Storage System, Distributed Energy Generation System), Application (Residential, Industrial, Commercial), Technology (Distributed Generation, Demand Response, Mixed Assets), and by Geography (North America, Asia-Pacific, Europe, Latin America, Middle East and Africa).
A could-based control facility that can function in either distributed or centralized power systems is termed as a virtual power plant. These power plants support in maintaining power grid resources and aggregate the distributed energy capacity for efficient power supply. A virtual power plant has applications in the commercial, industrial, and residential sectors.
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Triton’s report estimates the global virtual power plant market to display a CAGR of 21.57% throughout the forecast years of 2019-2028. It is set to generate revenue worth $4099.45 million by 2028.
The rise in renewable energy generation and the growing adoption of decentralized power generation drive the progress of the market. Due to its operational benefits, such as peak power requirements, system reliability, and grid security, the distributed systems for power generation are trending. Moreover, distributed generation is endowed with benefits that help in efficient electric functions and system planning. The use of distributed energy supply helps the virtual power plants in delivering quality and uninterrupted power supply. Thus, it contributes to the growth of the market. However, factors such as high initial investment and lack of skilled professionals restrict the VPP market’s development.
The virtual power plant market is segmented into source, application, and technology. Based on source, it is subdivided into energy storage system and distributed energy generation system. The application section is trifurcated into residential, industrial, and commercial. Lastly, in terms of technology, the sub-sections include distributed generation, demand response, and mixed assets.
The North American region holds the largest market for virtual power plants globally. Power grids face numerous challenges in the United States and do not match the power industry’s technological advancements. When linked to the grids, the virtual power plants sustain the power supply and tackle the issues of power fluctuations. Moreover, the country’s virtual power plants function on demand response technology that targets the grid stability by altering the regular electrical consumption pattern during peak hours. However, as the population is less and spread across a larger geographical area in Canada, the country is significantly dependent on distributed electricity generation technology. As distributed generation involves power production through renewable sources, Canada’s need for virtual power plants has increased. These factors justify the rising trend of virtual power plant adoption in the region.
Next Kraftwerke, Viridity Energy, Flexitricity Limited, IBM Corporation, Schneider Electric, Hitachi Ltd, General Electric, Robert Bosch, AutoGrid Systems Inc, Open Access Technology International Inc, Enel X, Enbala, Siemens, ABB Ltd, and Statkraft comprise the key competitors in the market.
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Question & Answer: Virtual Power Plant Market
Question 1: What major aspects are driving the growth of the virtual power plant market?
Answer: The rise in renewable energy generation and the growing adoption of decentralized power generation are driving the progress of the market. Due to its operational benefits, such as peak power requirements, system reliability, and grid security, the distributed systems for power generation are trending. Moreover, distributed generation is endowed with benefits that help in efficient electric functions and system planning. The use of distributed energy supply helps the virtual power plants in delivering quality and uninterrupted power supply. Thus, it contributes to the growth of the market.
Question 2: What aspects are hampering the virtual power plant market development?
Answer: Factors such as high initial investment and lack of skilled professionals are hampering the VPP market development.
Question 3: Which region holds the largest share of the virtual power plant market?
Answer: The North American region holds the largest market share for virtual power plants globally. Power grids face numerous challenges in the United States and do not match the power industry’s technological advancements. When linked to the grids, the virtual power plants sustain the power supply and tackle the issues of power fluctuations. Moreover, the country’s virtual power plants function on demand response technology that targets the grid stability by altering the regular electrical consumption pattern during peak hours.
However, as the population is less and spread across a larger geographical area in Canada, the country is significantly dependent on distributed electricity generation technology. As distributed generation involves power production through renewable sources, Canada’s need for virtual power plants has increased. These factors justify the rising trend of virtual power plant adoption in the region.
Question 4: Which are the key competitors in the virtual power plant market?
Answer: Next Kraftwerke, Viridity Energy, Flexitricity Limited, IBM Corporation, Schneider Electric, Hitachi Ltd, General Electric, Robert Bosch, AutoGrid Systems Inc, Open Access Technology International Inc, Enel X, Enbala, Siemens, ABB Ltd, and Statkraft comprise the key competitors in the virtual power plant market.
Related Report:
Global Energy Harvesting Market
The global energy harvesting market is expected to progress at a CAGR of 10.15% during the forecast period of 2019-2028, while generating $945.55 million in terms of revenue by 2028.
The process of energy harvesting entails the storage of natural energy sources in the form of energy. Energy harvesting systems are mainly used in low-power electrical appliances such as sensors and home appliances. They act as a substitute for conventional power sources like batteries. Moreover, the adoption of these systems helps the use of devices virtually without adversely affecting the environment. The high usage of batteries has been proved to be harmful for the environment and termed as a wastage of resources. Numerous energy sources such as light, heat, vibrations, and RF waves can be used to harvest power for devices. This helps diminish the dependence on batteries for power supply.
The technological advancements in the manufacturing industries and the development of smart cities, which are fueling the demand for sensors, are the key driving factors of the energy harvesting market. Many countries are increasing their investments in smart city initiatives owing to the growth in the city infrastructure and the desire to keep pace with technological growth. However, the low adoption of energy harvesting systems in developing countries owing to the high cost is hampering the market growth.
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