Virtual Power Plant Market Is Expected To Grow At a CAGR OF 27.7% FROM 2018-2027.

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According to Stratistics MRC, the Global Virtual Power Plant market” is accounted for $315.28 million in 2018 and is expected to reach $2,843.2 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. However, health safety concerns regarding electromagnetic frequency & radiofrequency exposure are the restraining factor for the growth of the market.

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Virtual power plants (VPP) are clusters of distributed generator units, convenient loads, and energy storages systems, grouped to activate as an integrated power plant. The disseminated nature of the energy resources results in lower capital cost, thus less financial and political risk. It improves distribution system dependency. The aim of virtual power plant is to incorporate the renewable energy units into existing systems. It does so by providing litheness coming from all connected units. In addition, power traders within a VPP are able to utilize live data to recover forecasting and trading of renewable energies. The main objective of the virtual power plant is to release the load on the grid by rapidly providing the power produced by the individual units during the peak load.

Opportunity: The rising investments for setting up new Virtual power plants are being witnessed as a major trend in the virtual power plant market.

Conventional power plants need enormous capital for construction as well as management. While, a Virtual power plant is a federal control system, linked to power generating and transmitting units, which is why it requires lesser capital and can amalgamate various distributed energy resources. Global players such as Tesla Inc. have announced large-scale investment plans for setting up Virtual power plants.

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Driver: Shift from centralized to distributed power generation drive the growth of the market.

Distributed generation refers to geographically detached power generation sources, which are generally less than 10 MW. It comprises both controllable sources, such as generators, and non-controllable sources, such as solar and wind. The demand for energy from distributed energy resources is rising globally owing to a number of reasons, such as intended rolling blackouts, power quality evils, unpredictable utility power outages, and increases in power costs, among others. So as a substitute of relying totally on utilities for power needs, all end-users, from residential and commercial to industrial customers, have started generating their own power based on these sources. Moreover, utilities have started varying their business models from directly selling electricity to connecting end-users as a part of their business in order to cater to peak demand without large scale capacity additions. Therefore the expansion of distributed generation would necessitate growth of the market.

By end user, commercial & industrial segment is anticipated to grow at the significant rate during the forecast period. Industrial end-users are among the highest adopters of virtual power plant solutions and services and thus give major contribution to the market growth. The peak load of electricity is highest in the petroleum refining industry, pursuing closely by the chemical industry, owing to rapidly growing industrial activities particularly in Asia-Pacific & increasing focus on renewable energy in developed countries like the U.S.

By geography, North America is expected to have considerable market growth during the forecast period, due to the wide use of these solutions in commercial & industrial as well as residential sector, rising use of renewables in order to diminish carbon footprint, shift from centralized to distribution generation and refuse in costs of solar PV and battery energy storage would drive the market growth. The other major drivers include rising power demand, and strict government regulations on energy efficiency.

Some of the key players in Virtual Power Plant Market include ABB Ltd, Autogrid Systems Inc, Blue Pillar, Cisco Systems Inc, Comverge, Cpower 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, Spirae Inc, Sunverge, Toshiba Corporation and Upside Energy Ltd.

ABB Ltd: Mar 2018: ABB launched its comprehensive and market-leading portfolio of solutions for virtual power plants for the Japanese market at the Thermal Power Expo in Tokyo. Virtual power plants (VPP), also known as virtual power pools, are fast becoming a driving force in the power industry worldwide, due to rising demand for energy, the global turn to renewables and the increasing number of businesses, industries and municipalities generating their own power and trading in electricity markets. As a result, the need is escalating for virtual power plants that combine multiple, often geographically dispersed generation, energy storage and load units into a single optimized entity that can plan and adjust production dynamically and trade intelligently on the energy market. This is especially the case in Japan, where the government is liberalizing the country's huge electricity sector and where renewable energy generation is growing at a fast pace.

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Blue Pillar: Oct 2018: Blue Pillar Partnered with Australia-based GreenSync coinciding with the launch of their new Decentralized Energy Exchange (deX), a market-based platform that enables the physical coordination and dispatch of Distributed Energy Resources (DERs). The partnership leverages By integrating with deX, Blue Pillar becomes part of a global network capable of enabling the connectivity of millions of DERs — including virtual power plants (VPPs), inverters, battery storage, monitoring solutions and other new ‘behind-the-meter’ products — both physically and digitally to the Decentralised Energy Exchange, enabling new tradable energy services and expanding the reach of existing VPPs already in the market.

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