Rising Adoption of Renewable Energy Sources Driving Virtual Power Plant Popularity

A virtual power plant is a centralized control system that is connected to power generating and transmitting units. Owing to the connection to such units, VPP requires lesser capital and can integrate several distributed energy resources. Due to low capital investments, power deficit countries like India, Nigeria, and Indonesia are increasing their reliance on VPPs. To ensure the development of sustainable and smoothly integrated power systems, such developing countries have escalated their spending on the development of VPPs to create an adequate power infrastructure.

Additionally, the rapid shift from non-renewable energy sources to renewable sources will fuel the growth of virtual power plant market at 18.6% CAGR during forecast period. The development of non-conventional power plants will produce a large amount of energy, which will require an advanced power evacuation infrastructure to support the reliable flow of power. This will boost the creation of VPPs, which will ensure the incorporation of newly developed renewable power plants with power evacuation infrastructure.

Over the years, the industrial, residential, commercial, and electric vehicle (EV) sectors have created high demand for VPPs, owing to the rapid digitalization of these sectors. VPP is a cloud-based system that is used for power generation, sale and purchase of power, and inter and intra electricity trade. VPP ecosystem consists of wind turbines, battery storage systems, solar plants, smart meters, electric vehicle charging stations, and demand and response management centers. Currently, EV manufacturers are emerging as the largest users of VPPs, due to the surging adoption of EVs, worldwide.

Thus, the growing reliance on non-conventional energy sources, on account of soaring pollution levels, and the rising digitalization will fuel the development of VPPs in the coming years.

Read More: https://www.psmarketresearch.com/market-analysis/virtual-power-plant-market

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