Albany, NY -- (SBWIRE) -- 05/13/2019 -- 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.

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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.

The global VPP software as a service market can be segmented based on solution, application, enterprise size, end-user, and region. Based on solution, the VPP software as a service market can be categorized into software and professional services. The software segment can be further sub-segmented into smart inverter management, storage co-optimization, data transfer and control, load management and forecasting, asset management and optimization, data visualization, and others. The professional services segment can further split into installation & integration, support & maintenance, and consulting & training.

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Based on application, the VPP software as a service market can be divided into residential, industrial, and commercial. In terms of enterprise size, the VPP software as a service market can be bifurcated into small-medium enterprises (SMEs) and large enterprises. The large enterprises segment dominated the market, and the segment is expected to maintain its dominance during the forecast period. Based on end-user, the market can be split into renewal energy plant and nonrenewable energy plant energy. The renewable energy plant segment can be further sub-segmented into biomass, solar, wind, and hydroelectric energy. The nonrenewable energy plant segment can further split into natural gas, coal, and petroleum. The nonrenewable energy plant segment dominates the global market.