Case Studies of Successful Virtual Power Plant Deployments
Market Research Future Insights
According to MRFR, the global Virtual
Power Plant Market is projected to grow from USD 0.25 billion in 2022 to
USD 1.5 billion in 2030, at a CAGR of 29.6% during the forecast period.
A virtual power plant is an aggregate decentralized
power plant, composed of decentralized power systems to integrate various
distributed power sources like photovoltaic solar cells, wind turbines, and hydroelectric
plants. A virtual power plant is a cloud-powered distributed power plant that
combines distributed energy resource volumes to trade, generate, and sell power
sources in the market.
Energy is created and delivered by exercising
small-scale technologies like wind turbines, solar cells, geothermal systems,
and micro hydropower plants in the present's decentralized energy distribution
networks worldwide. During power outages and periods of high energy demand,
distributed generating systems, particularly when coupled with heat and power
and emergency generators, can be used to deliver electricity. Expanded
attention to decarbonization, electrification, digitalization and advancements
in power production and storage technologies are substantial reasons for
speeding the transition to distributed energy.
Due to the cost-cogency of renewable technology,
distributed generating is getting more popular. Moreover, local and state
government policies and laws support the higher deployment of renewable
technologies because of their benefits, like as cheaper CAPEX and energy
security driving the virtual power plant market growth.
The culturing investments for setting up new
Virtual Power Plants are being witnessed as a substantial trend in the virtual
power plant market. Conventional power plants demand huge capital for
construction as well as management. Whereas, a Virtual Power Plant is a
centralized control system, connected to power generating and transmitting
units, which requires less capital and can integrate varied distributed energy
resources. Worldwide players such as Tesla Inc. have declared large-scale
investment plans for setting up Virtual Power Plants.
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.)
·
Enabala Power
Networks Inc. (Canada)
·
Enernoc Inc.
(U.S.)
·
Flexitricity
Limited(U.K.)
·
General
Electric Company(U.S.)
·
Hitachi
Limited(Japan)
·
International
Business Machines Corporation(U.S.)
·
Robert Bosch
GmbH(Germany)
·
Schneider
Electric SE(France)
·
Siemens
AG(Germany)
Regional Analysis
The global Virtual Power Plant Market is divided
into five regions; North America, Asia Pacific, Europe, Latin America, and the
Middle East & Africa.
North America is anticipated to have a substantial
market share because of the huge number of Virtual Power Plants deployment
projects sanctioned in the United States and Canada.
The European Union is steeping heavily in renewable
energy and energy storage systems, herding demand for VPPs.
Asia- Pacific saw the topmost CAGR of 40% in the
forecast period due to the augmenting demand for electricity in rural areas and
accordingly more renewable energy generation.
The virtual power plant market is anticipated to
witness blistering growth in the MEA region, substantially on account of the
development of new renewable power projects in nations like Saudi Arabia, the
U.A.E., and South Africa, which are presently initially dependent upon
conventional sources of energy like coal, oil, and gas.
Market Segmentation
The global Virtual Power Plant Market Size is segmented
into the following types;
By Technology:
- Demand
Response
- Distributed
Generation
- Mixed
Asset
By End-User Application:
- Industrial
and Commercial
- Residential
By Source:
- Renewable
energy
- Cogeneration
- Energy
storage
More Related Reports
Comments
Post a Comment