Global Virtual Power Plant (VPP) market is projected to grow at a CAGR of 17.8% by 2033: Visiongain Reports Ltd
Visiongain has published a new report entitled Virtual Power Plant (VPP) 2023-2033. It includes profiles of Virtual Power Plant (VPP) and Forecasts Market Segment by Component, (Energy Generation Technology, Energy Storage Technologies, Information Communication Technology (ICT)) Market Segment by End-User, (Industrial VPP, Commercial VPP, Residential VPP, Other End-User) Market Segment by Information Communication Technology (ICT) (Energy Management Systems (EMS), Supervisory Control and Data Acquisition (SCADA), Distribution Management System (DMS), Smart Meters, Other Information Communication Technology (ICT)) Market Segment by Energy Generation Technology, (Wind Based Energy Generation, Small Hydro-Plants, Solar Production, Combined Heat and Power (CHP), Small Power Plants, Other Energy Generation Technology) Market Segment by Energy Generation Technology, (Battery Energy Storage System (BESS), Supercapacitor Energy Storage (SCES), Super Conductor Magnetic Energy Storage (SMES), Hydraulic Pumped Energy Storage (HPES), Flywheel Energy Storage (FWES), Other Energy Storage Technology) plus COVID-19 Impact Analysis and Recovery Pattern Analysis (“V”-shaped, “W”-shaped, “U”-shaped, “L”-shaped), Profiles of Leading Companies, Region and Country.
The global virtual power plant (VPP) market was valued at US$448.1 million in 2022 and is projected to grow at a CAGR of 17.8% during the forecast period 2023-2033.
Design of a Multi-Objective Optimal Virtual Power Plant Model for Improving Radial Network Reliability
The utility network’s reliability and resiliency is a major driving factor in the transition from the current grid paradigm to an active grid network. Despite significant investment in distribution network protection and maintenance, feeder reliability has improved significantly; however, large numbers of outages continue to occur each year, causing significant production loss in the manufacturing sector. The role of the solar grid-based Virtual Power Plant (VPP) in the state power utility is evaluated in this paper using a multi-objective model based on MILP optimization for reliability enhancement and cost minimization.
The MCS method is used to compute reliability indices using utility reliability parameters on a 90-bus industrial feeder with automatic reclosers, DER, and DSM. Using the VPP scenario reduces the value of reliability indices such as EENS by 68%. These reliability index values are fed into the multi-objective model for cost minimization. The results of the optimization show that the operational and annual energy costs are reduced by 61% and 55%, respectively, which supports the implementation of VPP in the utility network. Both grid-connected and autonomous modes of the virtual power plant are available.
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How has COVID-19 had a significant negative impact on the Virtual Power Plant (VPP) Market?
Lockdown measures and lifestyle changes have had a direct impact on water and electricity consumption patterns in many sectors, particularly commercial and industrial. As a result of the lockdown policy, the residential sector’s water and electricity consumption has increased due to increased occupancy. Because of the spread of the COVID-19 pandemic, the energy industry is facing significant challenges. The observations of the pandemic’s impact on the energy sector show the existence of extra energy footprints due to mitigation measures taken by governments, as well as the association of structural changes in energy demand and consumption during the pandemic compared to the period preceding the pandemic.
In Europe, drastic changes in electricity demand have been observed since March 2020, after several countries implemented lockdown-like measures to contain the spread of COVID-19. It investigates the sensitivity of the electricity-water nexus in the European electric grid to large-scale behaviour changes during COVID-19 pandemic lockdown-like measures. It quantifies changes in blue virtual water trade between five European countries heavily impacted by COVID-19 over the same time period. The consumptive water footprint of thermal power plant operations in Europe decreased by 1.77 106 m3/day during the COVID-19 lockdowns, compared to the four-year average.
How will this Report Benefit you?
Visiongain’s 346-page report provides 158 tables and 199 charts/graphs. Our new study is suitable for anyone requiring commercial, in-depth analyses for the global virtual power plant (VPP) market, along with detailed segment analysis in the market. Our new study will help you evaluate the overall global and regional market for Virtual Power Plant (VPP). Get financial analysis of the overall market and different segments including component, end-user, Information communication technology (ICT), energy generation technology, energy generation technology and company size and capture higher market share. We believe that there are strong opportunities in this fast-growing virtual power plant (VPP) market. See how to use the existing and upcoming opportunities in this market to gain revenue benefits in the near future. Moreover, the report will help you to improve your strategic decision-making, allowing you to frame growth strategies, reinforce the analysis of other market players, and maximise the productivity of the company.
What are the Current Market Drivers?
Auto Grid Creates Utility-Scale Virtual Power Plants
Auto Grid VPP monetizes various energy markets and turns them into revenue generators by combining distributed generation, customer-owned flexible storage, and demand-side resources. It provides asset optimization and forecasting capabilities to utilities and aggregators, allowing them to increase flexible capacity and maximise the value of flexible resources in profitable global markets. Its SaaS-based architecture enables energy providers to easily combine and manage hundreds of assets into a single VPP. Mysa’s smart thermostats can be controlled via a mobile app, allowing customers to reduce their environmental impact as well as monthly electricity costs. To provide a comprehensive and scalable dispatch solution for both of these technologies, Auto Grid leverages its AI-powered VPP platform in conjunction with Mysa’s smart thermostat technology for electric heating and cooling.
Quantum Key Distribution for Smart Grid Communication Authentication
Smart grid solutions allow utilities and customers to better monitor and control energy consumption through the use of information and communication technology. By implementing advanced monitoring and control systems, information technology is intended to improve the future electric grid’s reliability, efficiency, and sustainability. However, utilising modern communications systems exposes the grid to cyberattacks. The first use of quantum key distribution (QKD) keys in smart grid communication authentication. Such a demonstration is carried out on a deployed electric utility fibre network. The developed method was implemented in a software package to manage and use cryptographic keys for authenticating machine-to-machine communications used for supervisory control and data acquisition (SCADA).
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Where are the Market Opportunities?
VPPs Are A New Type of Investment Asset
The rapid rollout of recent solar + storage-based virtual power plant (VPP) deployments across the country has resulted in the emergence of a new asset class for institutional investors in the field. VPP contracts may offer investors multiple revenue streams, such as residential customer payments for systems, corporate contract payments for systems, a utility payment for grid services, and possibly arbitraged payments for electricity in wholesale markets. System hosts can then save money on their energy bills by adding solar and receive grid services payments if they participate in optional grid programmes. “In terms of resource capital or the type of resource provided to the utility, each power plant contract and each VPP contract is unique
ES Solar and Sonnen Expand VPP For Improved Battery Balancing
ES Solar and sonnen have announced the expansion of their virtual power plant (VPP) programme in Utah and Idaho. The companies hope to bring up to 35MWh of grid-interactive battery capacity online in 2022 via the Rocky Mountain Power (RMP) Watt smart Battery Program. The programme, which is run by the German energy company sonnen and solar contractor ES Solar, is expanding, with over 2,000 consumer batteries enrolled. In the existing Watts mart fleet, RMP has direct control over the battery swarm and can dispatch it on demand to meet grid conditions. When the grid requires power on a daily basis, dynamic solar time shifting, directed load curtailment, frequency response, and directed solar grid injection are used. With the programme enhancement, ES Solar will target existing solar owners, both within and outside of its customer base, to retrofit homes with Watt smart-enrolled batteries. Individual home PV systems will be transformed from sources of intermittent and erratic generation to firm dispatchable grid assets that add value to grid operations with the addition of a sonnen Core+ energy storage system.
The major players operating in the virtual power plant (VPP) market are ABB Ltd., AGL Energy Ltd, AutoGrid, Blue Pillar, Cisco Systems, Inc., Enel S.P.A, Enernoc, Inc., General Electric Company, Hitachi, Ltd., International Business Machines Corporation, Next Kraftwerke, Robert Bosch GmbH, Schneider Electric SE, Siemens AG, Toshiba Corporation. These major players operating in this market have adopted various strategies comprising M&A, investment in R&D, collaborations, partnerships, regional business expansion, and new product launch.
- 14 Nov 2022, By broadening its business, it is developing new solutions for the advanced air mobility sector. Enel X Way, an Enel company dedicated to electric mobility, has signed a Memorandum of Understanding (MoU) with UrbanV, a company specialising in Advanced Air Mobility, to leverage each other’s expertise and collaborate on joint global projects, including researching energy solutions for UrbanV’s vertiports that will allow eVTOL – electric vertical take-off and landing aircraft – to be charged in a sustainable manner.
- 30 Aug 2022, Toshiba Electronic Devices & Storage Corporation (“Toshiba”) has expanded its portfolio of smart gate driver photocouplers, which are isolated gate drivers with overcurrent protection for a power device, such as a MOSFET or IGBT. The “TLP5222,” a 2.5A output smart gate driver photocoupler, has an automatic recovery function from protective operation built in. TLP5222 constantly monitors the power device’s drain-source voltage (VDS) or collector-emitter voltage (VCE). Overcurrent detection and a protective function detect any increase in VDS or VCE caused by overcurrent generated in the power device and gently shut it down.
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- Grid Scale Battery Storage Technologies Market Report 2022-2032
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- Sodium Sulfur Battery Market Report 2022-2032
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