Virtual Power Plant Market Is Expected To Grow At a CAGR OF 27.7% FROM 2018-2027.
According 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.
However, health safety concerns regarding electromagnetic frequency & radiofrequency exposure are the restraining factor for the growth of the market.
Virtual 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.
Based 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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Depending 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.
Energy comes 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.
By 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 growth rate.
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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Additionally, 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
Based 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 end-user segment.
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Some 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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