Global Virtual Power Plant Market Is Predicted to Develop Owing to Stringent Government Regulations: Ken Research

A virtual power plant (VPP) is the cloud-based distributed power plant that collections the capacities of the heterogeneous distributed energy resources (DER) for the determinations of improving the power generation, as well as the trading or selling power on the electricity market. Virtual power plant is medium scale power generating unit participating dissimilar renewable energy sources for solar, wind and several other flexible power customers and storage systems. A virtual power plant consists of dissimilar mixed assets that are linked via central control system processing extensive range of information, such as present prices at the power exchange, price and weather reviews, and grid information of system operators.

According to the report analysis, ‘Virtual Power Plant Market: Current Analysis and Forecast (2021-2027)’ states that renewable Energy is powerful the market and thus more and more consumers are implementing the distributed energy resources (DER). Electricity providers are implementing the virtual power plants (VPPs) which support balance renewable generation variability and supply grid resources. VPPs or VPSs are also well-known as the internet of energy. With the assistance of VPP, elements from all the dissimilar renewable sources can be accumulated at one individual central control centre i.e., VPP.

Virtual power plants are engaged to optimize power generation from prevailing sources, integrate countless renewable energy sources, and, ultimately, decrease the carbon footprint on the environment. Any growth in the smart grid would directly effects the market of virtual power plant. Moreover, aspects such as an augmenting the share of renewable energy in the power generation mix and deducting costs of solar generation and energy storage would also boom up the market for virtual power plant.

Based on the technology, the virtual power plants market classified into commercial, residential and industrial. The residential segment is projected to augment at the fastest pace throughout the forecast period. The global market is increasing in residential homes through participating in requirement response programs, energy storage system and distributed generation. It supports in delivering energy at peak practice times and the end users can save up the surplus power in energy storage devices such as solar panels, batteries, amongst others. Also, government commands and initiatives for customer engagement, and enticements programs might prove to be an added boom up for the residential end-user segment. The increasing infrastructure sector, particularly in Asia-Pacific region is likely to propel the entire market during the forecast duration.

The effective growth in penetration for renewable energy in power generation sector coupled with fluctuations in dynamics of power grids from centralized to disseminated is projected to propel the virtual power plant market growth. Further deduction in energy cost and easy approachability of energy storage will boom up the market requirement. Not only has this, stringent government regulations concerning eco-friendly power generation will further improve the market for renewable energy, thus propelling the requirement for virtual power plant market. Therefore, in the near years, it is predicted that the market of virtual power plant will increase around the globe more proficiently over the coming future.

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Global Virtual Power Plant Market

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