to Stratistics MRC, the “Global Virtual Power Plant market” is accounted for $315.28
million in 2018 and is expected to reach $2843.2 million by 2027 growing at a
CAGR of 27.7% during the forecast period. Some of the key factors propelling
the market growth are a shift from centralized to distributed generation and
rising share of renewable energy in power generation.
safety concerns regarding electromagnetic frequency & radiofrequency
exposure are the restraining factor for the growth of the market.
power plants (VPP) are clusters of distributed generator units, manageable
loads, and energy storage systems gathered to work as an integrated power
plant. The distributed nature of the energy resources results in lower capital
costs, thus less financial and political hazards.
A virtual power plant improves
distribution system dependency. The aim of the virtual power plant is to integrate renewable energy units into existing systems. It does as such by providing
flexibility coming from all connected units. Moreover, power traders within a
virtual power plant are able to use live information to improve forecasting and
trading of renewable energies.
on the type, Decentralized Controlled VPP segment is expected to grow at the
significant market share during the forecast period as they include solar
panels, combined heat and power plants, electricity storage, small natural
gas-fuelled generators, electric vehicles and controllable loads, such as HVAC
systems and electric water heaters. They are electricity-producing resources or
controllable loads that are directly connected to a local distribution system
or connected to a host facility within the local distribution system.
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on the source, the energy storage systems segment is expected to grow at the
significant market share during the forecast period as these systems are used
to capture the energy produced at one time for use at a later time. A device
that stores energy is generally called an accumulator or battery.
in multiple forms including radiation, chemical, gravitational potential,
electrical potential, electricity, elevated temperature, latent heat and
kinetic. Energy storage system involves converting energy from forms that are
difficult to store to more conveniently or economically storable forms.
technology, demand response segment is expected to grow at the significant
market share during the forecast period due to everlasting advantages for end-users and improving the energy efficiency of the grid. In this way, it is
anticipated to show a high development rate along with significant return on
investment for the partners, owing to its notable revenue contribution and high
On the basis of geography, Asia Pacific is anticipated to hold
considerable market share during the forecast period. The phenomenal
development in the construction industry is expected to propel the overall
market in the region.
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the growing government mandates and initiatives for customer engagement, and
incentives programs may prove to be an additional boost for the end-user the segment in the region. Utilities may signal demand requests to their customers
in a variety of ways, including simple off-peak metering, in which power is
cheaper at certain times of the day, and smart metering, in which explicit
requests or changes in price can be communicated to customers.
The customer may
adjust power demand by postponing some tasks that require large amounts of
electric power or may decide to pay a higher price for their electricity. Some
customers may switch part of their consumption to alternate sources, such as
on-site diesel generators
on end-user, residential segment is expected to grow at the significant market
share during the forecast period due to the rise in demand for renewable energy,
growing residential infrastructure sector, especially in Asia-Pacific region is
likely to drive the overall market during the forecast period. The global market is growing in residential homes through participating in demand response
programs, energy storage system and distributed generation. It helps in
delivering energy at peak usage times and the end-users can save up the surplus
power in energy storage devices such as solar panels, batteries, among others.
Also, government mandates and initiatives for customer engagement, and
incentives programs might prove to be an added boost for the residential
of the key players in Virtual Power Plant Market include ABB Ltd, Autogrid
Systems Inc, Blue Pillar, Cisco Systems Inc,
Comverge, Power Energy Management, Enbala Power Networks Inc, Enernoc Inc, Flexitricity
Limited, General Electric, Hitachi Ltd, IBM, Limejump Limited, Next Kraftwerke,
Olivene Inc, Open Access Technology
International Inc, OSIsoft, Power
Analytics Corporation, Robert Bosch GmbH, Schneider Electric, Siemens AG, Spiral
Inc, Sunverge, Toshiba Corporation
and Upside Energy Ltd.
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