A virtual power plant is a system that integrates several types of power sources to provide reliable overall power supply. A virtual power plant includes a central IT control system and distributed energy resources. Energy operators are adopting VPP software as a service, as it is more reliable, accurate, and it offers highly optimized planning and dispatch.
Rising adoption of virtual power network (VPP) across the globe is a key factor driving the VPP software as a service market. Utilities and power grid operators are adopting VPP, as if offers smart solution for operation management. The virtual power plant (VPP) is a network of decentralized power generating units.
The VPP is designed to release the load on the grid by smartly distributing the power generated by the individual units during the peak load period. Big data architecture, advanced analytics, and machine learning (ML) are expected to create significant opportunities to the market during the forecast period.
Demand for VPP software as a service is expected to rise during the forecast period, as it reduces deployment costs owing to its modular architecture and easy configurability. Lack of awareness about virtual power plant (VPP) is projected to hamper the market during the forecast period.
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Based on region, the global VPP software as a service market can be segmented into North America, South America, Europe, Asia Pacific, and Middle East & Africa. North America accounted for a prominent share of the market in 2018, owing to high consumption of energy for industrial activities. The U.S. accounts for a major share, in terms of revenue, of the VPP software as a service market in North America. The U.S. is home to prominent petroleum and natural gas energy plants.