The global Virtual Power Plant market size was valued at $1.3 billion in 2019, and is projected to reach $5.9 billion by 2027, growing at a CAGR of 21.3% from 2020 to 2027. A virtual power plant (VPP) is a distributed energy system that aggregates multiple sources of renewable and distributed energy resources, such as solar panels, wind turbines, and battery storage systems, into a single integrated network. The VPP can then be used to provide power to the electric grid or to specific customers.
Virtual power plants are increasingly being used in countries around the world as a way to support the transition to a more sustainable and low-carbon energy system. They are particularly well-suited for use in areas with high levels of renewable energy generation, where it may be difficult to integrate intermittent sources of power into the grid.
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The benefits of a virtual power plant include increased efficiency and flexibility in the use of renewable energy resources, as well as improved reliability and resiliency of the electric grid. By aggregating distributed energy resources into a single network, a VPP can provide a more reliable and stable source of power, as well as improve the integration of renewable energy sources into the grid.
The key players profiled in the report include ABB Ltd., AGL Energy, AutoGrid Systems, Inc., Enbala Power Networks, Enel X Inc., General Electric Company, Siemens AG, Schneider Electric SE, Limejump Ltd., and others.
While virtual power plants offer many benefits, there are also some challenges associated with their implementation. These include technical challenges related to integrating different types of distributed energy resources, as well as regulatory and market challenges related to the management of the energy market. However, with continued advancements in technology and increased collaboration between stakeholders, virtual power plants are expected to play an increasingly important role in the energy system of the future.
Asia-Pacific possesses highest growth in the global virtual power plant market, owing to rise in energy demand in countries such as China and India with rapid industrialization.
China is projected to grow at the highest CAGR of approximately 30.3%, in terms of revenue, during the forecast period.
By technology, the mixed asset segment is anticipated to grow with a CAGR 23.1%, in terms of revenue, during the forecast period.
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.
Europe accounted for the highest virtual power plant market share in 2019, owing to the presence of large number of industry players and new government initiatives across different European countries on 100% green energy initiative.
Virtual power plant offers enhanced power generation with a scope to trade or sell power on the electricity market. It is a medium-scale power generating unit for solar, wind, and other flexible power consumers and storage systems.
A virtual power plant consists of different assets that are connected via central control system processing wide range of information, such as current prices at the power exchange, price and weather forecasts, and grid information of the system operators.
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Proliferating demand for renewable energy in power generation sector coupled with changes in dynamics of power grids from centralized to distributed is expected to drive the market growth.
In addition, VPP is more efficient and flexible to deliver the peak load electricity in a short notice period compared to conventional power plant set up that will further drive the market growth.
High-frequency human exposure of electromagnetic and radio waves leads to health concerns, which may hamper the virtual power plant market growth.
Based on end user the industrial segment accounted for 53% share of global market in 2019, and is expected to maintain its dominance during the forecast period, owing to energy efficiency of VPPs.
The global virtual power plant market is heading towards an expansion phase. This is mainly attributed to a significant surge in demand for efficient and reliable energy sources.
Integrated virtual power plant driven by wide range of renewable energy systems such as solar, wind give flexibility to trade energy in different energy markets at affordable price.
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The growing number of large number of virtual power plant projects and shifting trend towards green energy has positioned Asia-pacific as a lucrative region for the global virtual power plant market growth.
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