The increasing adoption of renewable sources for producing energy is massively augmenting the demand for virtual power plants throughout the world. According to reports, the production of power from renewable sources such as wind and solar is rising faster than that generated from fossil fuels. As per industry experts, the share of renewable sources in energy production across the world will increase from 7% in 2015 to 20% by the end of 2035.
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The rapid development of several extensive renewable energy projects will create huge amounts of energy in the future that will need a well-developed power infrastructure for ensuring the reliable flow of energy. This will fuel the development of virtual power plants (VPPs) that will facilitate the incorporation of newly created renewable energy projects in the power evacuation infrastructure. Moreover, in countries such as Nigeria, India, and Indonesia, the lack of availability of power 24*7 is fueling the demand for VPPs.
Due to the existence of inadequate and outdated power infrastructure, various developing nations experience regular power outages. Because of this reason, many emerging economies are making huge investments in the establishment of virtual power plants. These plants will solve the problem of power cuts and provide a continuous supply of power. Due to these factors, the popularity of virtual power plants is rising rapidly around the world. This is propelling the growth of the global virtual power plant market.
Thus, it can be said with confidence that due to the growing requirement for continuous supply of power and the rising adoption of renewable energy sources for power generation, the demand for virtual power plants will shoot-up across the world in the future years.
Read more: https://www.psmarketresearch.com/market-analysis/virtual-power-plant-market
