The global market revenue for virtual power plants will expand by 48.6% per annum between 2018 and 2028, according to Navigant Research.
Key drivers of the market include:
- The need to ensure grid reliability using distributed energy resources
- The need by consumers to become prosumers, generate extra revenue as well as contribute to grid reliance.
- The growth of consumer onsite energy generation
- Efforts by utilities to transform passive consumers into prosumers through the rollout of solutions such as EVs, demand response and advanced batteries
Peter Asmus, research director at Navigant Research, said: “The evolution of energy markets is accelerating toward a greater reliance on DER, whether those resources generate, consume, or store electricity.
“Through VPPs, prosumers can become active participants in delivering services tailored to their own needs and preferences that also serve the larger grid.”
For more information about the report, visit Market Data: Virtual Power Plants