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

Comments

Post a Comment

Popular posts from this blog

Surging E&P in Shale Gas Reserves Propelling Demand for Well Cementing

Image
With the surge in exploration and production (E&P) activities in both unconventional and conventional oil and gas reserves, the demand for well cementing is growing rapidly all over the world. Moreover, because of the recovery of crude oil prices, the oil and gas industry is booming, which is, in turn, propelling the requirement for well cementing. The soaring E&P investments in countries such as China, Russia, Brazil, and the U.S. are fueling the expansion of the well cementing industry. Due to the above-mentioned factors, the demand for well cementing is rising sharply across the world. This is fueling the progress of the global well cementing market. The valuation of the market is predicted to grow from $7,577.6 million in 2018 to $10,065.4 million by 2024. Furthermore, the market is predicted to progress at a CAGR of 4.7% between 2019 and 2024. Well cementing is used in shale gas, oil, and gas wells.  Out of these, the requirement for well cementing is predicted to gro...
Read more

How Will Cooling Appliance Demand Propel Insulation Market Growth?

Image
Factors such as the escalating demand for refrigerators and air conditioners, mounting infrastructure expenditure in developing countries, such as Brazil, China, India, and Russia, and increasing government support toward the installation of insulation systems in buildings are expected to drive the insulation market growth between 2018 and 2025. According to P&S Intelligence, the market will generate $101.3 billion revenue by 2025. Nowadays, governments of several countries are offering regulatory support to the installation of insulation products to improve energy efficiency.  The rising demand for air conditioners and refrigerators, on account of the soaring global temperature and the booming world population, is one of the major contributors to the market growth worldwide. The National Aeronautics and Space Administration estimates that the average surface temperature of the Earth has risen by 2.12 oF in 2020 since the late 19th century.  As per NASA, the years 2016 an...
Read more

Solar Encapsulant Industry Set to Exhibit Huge Expansion in Future

Image
The widescale installation of photovoltaic (PV) modules, continuous research and development (R&D) in solar cell technologies, and advent of crystalline silicon solar technology are expected to drive the market for solar encapsulant at a CAGR of 28.4% during the forecast period (2018–2023). The market generated a revenue of $1,036.0 million in 2017 and it is projected to generate $4,555.4 million by 2023. Moreover, the escalating awareness among people regarding the benefits of the solar cell technologies will propel market growth in the coming years. One of the prominent trends currently being observed in the solar encapsulant market is the rising incorporation of thin-film solar cell technology. This is mainly credited to the fact that the conventionally used crystalline silicon solar technology-based solar modules have high production costs and fragile nature. In addition to this, the thin-film solar cell technology has lower costs than the crystalline silicon solar technology ...
Read more