Virtual Power Plant Market to Set an Explosive Growth in Near Future
Published Via 11Press : A system known as a virtual power plant integrates different kinds of power sources to offer a dependable overall power supply. The sources, which may include microchips, biogas rotating engines, small-scale wind power plants, run-of-river hydroelectricity plants, photovoltaics, biomass, small hydro, backup power, and energy storage devices, frequently group together to form a cluster of various distributed power and controllable, non-dispatchable, or flexible load (CL or FL) distributed energy resource (DG) systems that are under the control of a central authority (ESS). The system’s advantages include its capacity to produce enormous amounts of energy quickly or to deliver peak-load electricity.
This kind of VPP may take the role of a conventional energy plant and provide improved flexibility and efficiency, enabling the system to react to load changes more efficiently. In order to help maintain grid stability, virtual power plants may also be utilized to offer extra services to grid operators. Ancillary services include things like regular government oversight, load following, and providing running reserves. The main purpose of these services is to maintain the extremely quick equilibrium of electrical demand and supply. Power plants that provide ancillary services must react to grid operator signals to either raise or decrease load over the course of seconds to minutes in response to shifting levels of consumer demand.
Future carbon-free electrical networks with significant solar and wind penetration must rely on other kinds of easily controlled power generation or consumption since ancillary services are traditionally provided by easily controlled fossil-fuel generators. One of the most well-known instances of this is vehicle-to-grid technology. When linked to the grid, dispersed electrical cars can be controlled as a single virtual power plant. By selectively adjusting the pace at which each car charges, the grid interprets a net energy injection or consumption as though a large-scale battery offered this function. To supply grid ancillary services, flexible demand in the form of heat pumps or air conditioners has also been researched. To change aggregate power usage and react to ancillary service signals, a group of distributed heat pumps can be selectively turned on and off as long as interior thermal comfort is maintained.
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| Attributes | Details |
| Study Period | 2018-2029 |
| Base Year | 2022 |
| Unit | Value (USD M) |
| Key Companies Profiled | AGL Energy (Australia), Bosch Software Innovations GmbH (Germany), Schneider Electric SE (France), AutoGrid Systems, Inc. (US), General Electric Company (US), Siemens AG (Germany), Comverge, Inc. (US), Limejump Ltd. (UK), Enbala Power Networks (Canada), EnerNOC, Inc. (US), Advanced Microgrid Solutions (US), ABB Ltd. (Switzerland) |
The report offers Major leading Key players:
- ABB Ltd.
- Schneider Electric SE
- Limejump Ltd.
- AGL Energy
- General Electric
- AutoGrid Systems
- Comverge
- Enbala Power Networks
- Advanced Microgrid Solutions
- Bosch Software Innovations
- Siemens AG
- EnerNOC
By Application:
- Defense
- Government
- Commercial
By Type:
- Centralized Controlled VPP
- Decentralized Controlled VPP
- The market for virtual power plants is anticipated to grow at a CAGR of 29.68% from 2017 to 2029, according to HTF MI. Increased Production of Renewable Energy: As the production of renewable energy sources like wind and solar increases, so does the demand for VPPs to manage and integrate these sources into the power grid.
- Government Incentives and Policies: The development of the VPP industry is being fueled by government policies and incentives meant to encourage renewable energy and lower greenhouse gas emissions.
- Cost-Reduction: By maximizing the utilization of energy resources and minimizing the need for additional power-producing capacity, VPPs may assist utilities in lowering costs.
- Improved Grid Stability: By balancing supply and demand and obviating the need for costly, quick-response power plants, VPPs can provide grid stability and dependability.
- Technology advances: The expansion of the VPP market is made possible by the development of sophisticated technologies like the Internet of Things (IoT) and artificial intelligence (AI), which allow for the real-time monitoring and control of energy assets.
- The Virtual Power Plant (VPP) industry is quite competitive, with many different businesses providing different products and services.
- The following attributes can be used to describe the competitive landscape: Significant Energy Companies: The VPP market is dominated by large energy firms like Siemens, GE, and AEON, who provide a variety of goods and services. Startups and digital firms like Enbala, AutoGrid, and Virta are upending markets with ground-breaking products and business strategies.
- Regional businesses that provide solutions targeted to local markets and clients, like Siemens Gamesa Renewable Energy, are becoming more significant in the VPP industry. Alliances and strategic partnerships are becoming frequent in the VPP sector, enabling businesses to broaden their customer base and product offerings.
- Overall, the VPP market’s competitive environment is characterized by a blend of well-known, huge competitors and up-and-coming, smaller businesses, with a rising tendency towards strategic alliances and partnerships.
- The launch of SunPower Corp.’s Virtual Power Plant (VPP) solution in 2021 will enable customers of its SunVaultTM energy storage system to receive payment for allowing the utility to use stored energy during times of peak demand and contribute to a more reliable power grid in their neighborhood. SunPower Corp. is a leading provider of solar technology and energy services.
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Regulatory Insights:
- Many countries have established renewable energy goals and are putting regulations into place to encourage the implementation of renewable energy options, including VPPs. In order to ensure that VPPs and other decentralized energy solutions can be effectively linked to the grid, governments are also creating and enforcing grid connectivity standards.
- Customers are encouraged by net metering and feed-in tariff rules to produce their own energy, either through renewable sources or energy storage devices, and to resell any excess energy to the grid.
- Building codes and appliance standards that require energy efficiency can have an impact on the demand for VPP solutions and encourage the development of more effective and affordable alternatives.
- To safeguard consumer data privacy and maintain the security of energy systems, governments are also putting data privacy and security legislation into effect.
Influencing Trend:
- Increased Adoption of Distributed Energy Resources: As distributed energy resources, such as rooftop solar and energy storage systems, become more prevalent, there is an increased need for VPPs to manage and integrate these resources into the power grid.
- Emergence of Microgrids: Microgrids are gaining popularity as a means of supplying dependable and resilient electricity in off-grid or isolated places. VPPs are essential to the creation and management of microgrids.
- Demand for Energy Efficiency is Growing: As energy efficiency and lowering carbon emissions become more of a priority, there is an increase in demand for VPPs to help optimize energy consumption and cut waste.
- Artificial intelligence (AI) and machine learning (ML) are being used more and more in the VPP industry to optimize energy usage, cut costs, and enhance grid stability.
- Growing energy demand and the desire to give access to dependable and sustainable energy are driving the VPP market’s expansion into emerging nations.
Market Growth Drivers:
- Increased Renewable Energy Production: With the development of renewable energy sources like wind and solar, there is an increase in the need for VPPs to manage and integrate these sources into the power grid.
- Government Policies and Incentives: Government initiatives to support renewable energy and lower greenhouse gas emissions are fueling the expansion of the VPP sector.
- Cost Savings: By making the best use of existing energy resources and lowering the demand for additional power-generating capacity, VPPs may assist utilities in saving money. Improved Grid Stability: By balancing supply and demand and obviating the need for costly, quick-response power plants, VPPs can provide grid stability and dependability.
- Technology advances: The expansion of the VPP market is made possible by the development of sophisticated technologies like the Internet of Things (IoT) and artificial intelligence (AI), which allow for the real-time monitoring and control of energy assets.
Challenges:
- A complex technical infrastructure, including cutting-edge communication networks, energy management systems, and data analytics, is required for VPPs to operate effectively.
- Interoperability problems might arise when integrating VPPs into existing energy networks as well as across different VPP systems.
- Regulatory and policy difficulties that VPPs typically deal with include standards that are deficient, regulatory barriers, and a lack of government support. It’s possible that customers are unaware of the benefits and options offered by VPPs, which might impede market growth.
- Costs associated with VPP operation and installation may be prohibitive, especially for smaller utilities and municipalities. As the energy sector employs digital technology more and more, data security and privacy present significant difficulties for VPPs.
- HTF MI has employed a targeted and realistic research approach to examine the pertinent market dynamics in various parts of the world for the virtual power plant sector.
- In order to help customers and enterprises compete in niche markets and grow in emerging nations, our analysts also undertake in-depth analysis on geographic areas.
- The analysis of the worldwide market for virtual power plants reveals how shifting player dynamics are influencing the growth of the industry.
- Additionally, our market researchers meticulously examine the goods and services provided by significant Virtual Power Plant sector companies as they compete to gain market share and exposure.
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Adjustment of the Report
- Along with comprehensive market projections, HTF MI also provides major value-added research on the following topics: The market maturity indicators, market constraints, and growth determinants for virtual power plants are reviewed.
- To take advantage of significant market opportunities, analyze recent virtual power plant industry entrants and entry/exit barriers. Unbiased assessment of market performance metrics Market position, industry key business segments, and gap analysis for virtual power plants
- In light of this challenging environment, a study on virtual power plants illuminates the current condition and key market components.
- Analysts from HTF sector Intelligence coordinated and performed surveys of the businesses operating in the virtual power plant sector to put an end to this.
- The resultant snapshot offers a framework for understanding the causes of and strategies for the sector’s predicted evolution. To arrive at results, financial analysis, surveys, and industry consultants are employed.
- How can each company in this large group of players navigate the shifting competitive landscape of the market for virtual power plants and design a business strategy to uphold and strengthen the position they may claim or grasp the most recent addressable opportunity?
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