Press release
Virtual Power Plant Market Expected to Deliver Dynamic Progression until 2032 | ABB Ltd, AGL Energy Ltd, Autogrid Systems Inc., Enbala Power Networks
Virtual Power Plant Market
A VPP aggregates the output of these DERs to provide grid services, such as peak demand reduction, load following, ancillary services, and capacity firming. By aggregating the output of multiple DERs, a VPP can provide these services more effectively and efficiently than a single DER.
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Key Trends
The key trends in Virtual Power Plant technology are the move toward more distributed energy resources, the development of new storage technologies, and the use of artificial intelligence to optimize plant performance.
The move towards more distributed energy resources is being driven by the need to increase the flexibility of the power system and to reduce the carbon footprint of power generation.
Key Drivers
The key drivers of the Virtual Power Plant market are the increasing demand for electricity, the need for improved grid stability, the need for improved energy efficiency, and the need for increased renewable energy integration.
The increasing demand for electricity is driven by population growth and economic development.
The need for improved grid stability is driven by the increasing penetration of renewable energy sources and the need to provide backup power during grid outages.
The need for improved energy efficiency is driven by the need to reduce greenhouse gas emissions and the need to reduce energy costs.
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Market Segments
The virtual power plant market is segmented by technology, end-user, and region. By technology, the market is classified into distribution generation, demand response, and mixed asset. Based on the end-user, it is bifurcated into industrial, commercial, and residential. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and the Rest of the World.
Key Players
The global virtual power plant market includes players such as ABB Ltd, AGL Energy Ltd, Autogrid Systems Inc., Enbala Power Networks, Enel x Inc., General Electric Company, Limejump Energy Ltd., Schneider Electric SE, Siemens AG, Sunverge Energy Inc, and others.
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