Virtual Power Plant Market Scope:

The demand for virtual power plants (VPP) is increasing rapidly owing to their ability in reducing carbon emissions by optimizing decentralized energy resources. As there is a shift toward sustainable energy, VPPs have emerged as a vital solution. They can seamlessly integrate diverse renewable sources such as solar and wind, which aligns with the need to move away from fossil fuels. Governments, utilities, and industries are investing in VPPs to meet carbon reduction goals. This investment comes as distributed energy resources become more popular and awareness about climate change grows. Economic factors also contribute to the rise of VPPs. In the changing energy landscape characterized by decentralization, the demand for virtual power plant services market is likely to grow. This growth will result in a cleaner and more sustainable energy future.

Cybersecurity threats due to use of digital infrastructure and communication networks

North America region holds the largest share of the virtual power plant market

North America emerges as the largest region in the global virtual power plant market. The North American power distribution sector is poised to experience significant growth opportunities due to the increasing shift toward renewable energy sources for power generation. The target of Clean Power Plan of reducing carbon pollution from the power sector by 32% below 2005 levels by 2030 has prompted utilities in the US and Canada to upgrade and replace aging power infrastructure to improve reliability and capacity.

Key Market Players:

Some of the major players in the Virtual Power Plant Market are Siemens (Germany), Schneider Electric (France), General Electric (US), Shell (UK), Tesla (US).

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