Top Virtual Power Plant Market Related Trends To Keep In View
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A virtual power plant is a system that integrates several types of power sources to give a reliable overall power supply. The sources often form a cluster of different types of dispatchable and non-dispatchable, controllable or flexible load (CL or FL) distributed generation (DG) systems that are controlled by a central authority and can include microCHPs, natural gas-fired reciprocating engines, small-scale wind power plants (WPP)s, photovoltaics (PVs), run-of-river hydroelectricity plants, small hydro, photovoltaics, biomass, back-up gensets, and energy storage systems (ESS).
The report segments virtual power plant market based on end-user segment such as commercial & industrial and residential. The residential segment is expected to grow at the fastest pace during the forecast period. Virtual power plant 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. The growing infrastructure sector, especially in the Asia-Pacific region is likely to drive the overall virtual power plant market during the forecast period.
The global virtual power plant market is projected to grow at a CAGR of 29.68% from 2016 to 2021, to reach a market size of USD 709.2 Million by 2021. This growth is attributed to the increasing penetration of smart grid technologies as well as increase in residential energy storage system has given rise to the virtual power plant market. An aggregated fleet of distributed energy resources would provide high value to the grid distribution system.
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