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Virtual power plant market to be worth $4.5 billion in five years



According to a new report by BIS Research, the global market for virtual power plants is expected to reach $4.5 billion by 2024.

As the global market for virtual power plants grows, demand will shift from the US to the Asia-Pacific region
(Image via Greentech Media)

Virtual power plants integrate several types of power sources and distribute the resulting electricity to the grid. Energy commonly comes from sources such as solar panels, small-scale wind power plants, natural gas-fired reciprocating engines, hydroelectricity sources or energy storage systems. 

They allow greater flexibility to facilitate the integration of intermittent renewable power sources and allow real-time optimisation of power trading in the energy market.

Currently the USA is the dominant market, but the report suggests that the Asia-Pacific region will soon expand, driven by the rising concern for sustainable power generation and greater focus on efficiency of the supply.

It’s thought that there will also be significant growth opportunities in regions such as South America and Africa, with virtual power stations able to more effectively support power generation in lower economic areas.

“Distributed generation, demand response, and mixed assets are the major technologies used by the virtual power plant solution providers for grid optimization and aggregation of distributed energy resources. In 2018, demand-response technology-based virtual power plant accounted for more than 60 per cent of the total virtual power plant market,” the report states.

“During the forecast period [to 2024], mixed assets technology-based virtual power plant is expected to display the highest growth of 33.09 per cent owing to the increasing concerns over the continuous source of power supply for bidirectional flow of electricity”.

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Virtual power plant market to be worth $4.5 billion in five years - Time to read 2 min
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