Wilmington, Delaware, United States, July 19, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - The global peaking power plant market was valued at US$ 992.1 Bn in 2022. It is projected to grow at a CAGR of 2.1% from 2023 to 2031 and reach US$ 1.2 Trn by the end of 2031.
Grid operators are benefitting from the installation of peaking power plants in maintaining grid stability. Significant utilization of peaking (power) plants in delivering instant power to meet the peak demand for electricity among industrial and commercial end-users during unforeseen events is a key trend propelling market growth. Increase in focus of grid operators around the globe on supply-side (energy) flexibility of electric power grid has been accelerating market development since the last few years.
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Market Snapshot:
| Report Coverage | Details | |
| Market Revenue | US$ 992.1 Bn | |
| Estimated Value | US$ 1.2 Trn | |
| Growth Rate - CAGR | 2.1% | |
| Forecast Period | 2023-2031 | |
| No. of Pages | 355 Pages | |
| Market Segmentation | Type, Capacity, End-use | |
| Regions Covered | North America, Europe, Asia Pacific, Middle East & Africa, Latin America | |
| Companies Covered | Wärtsilä, General Electric, MAN Energy Solutions, Edina, Gama Investment A.S., Clarke Energy, WSP, APR Energy, and ENGIE | |
Competition Landscape
The business landscape is consolidated, with just a small number of large-scale vendors accounting for the leading share of the market. Top players in the peaking power plant industry are focusing on extensive R&D activities in order to decarbonize the operation of peaking power plants. This is anticipated to help them stay ahead of competitors. Leading players are engaging in partnerships, mergers, and collaborations to increase their market share.
Key players operating in the peaking power plant market are
Wärtsilä, General Electric, MAN Energy Solutions, Edina, Gama Investment A.S., Clarke Energy, WSP, APR Energy, and ENGIE
Key Findings of Study
Rise in Preference for Natural Gas in Peaking Power Plant Operations
Based on type, the natural gas segment is projected to witness significant growth in the next few years. High preference for natural gas power plants for the generation of electricity is a key factor anticipated to boost the segment. Fast response time and high flexibility to meet sudden increase in power load and/or decrease in generation are the key advantages of natural gas-powered peaking facility. Additionally, these power plants can be turned on or off quickly. This enables grid operators to vary the output with short response time.
Considerable Demand for Peaking Power Plants among Emergency Power Providers
Need to restore power during emergencies such as natural calamities, disasters, and unforeseen events is bolstering the usage of peaking power plants. Increase in adoption of peaking power plants in gas-fired power stations is anticipated to create lucrative opportunities for companies in the market. Rise in government investments in reducing power emissions of natural gas-fired peaking facilities in developed countries is likely to broaden market outlook. For instance, usage of advanced technology (elective catalytic reduction) in The Enterprise Emergency Peaker Project is expected to make the peaking power plants more environmental-friendly. Increase in demand for modular and scalable peak power plants that are easy to install and synchronize and have fast ramp-up times is expected to offer significant business opportunities to solution providers in the global peaking power plant market.
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Key Growth Drivers of Peaking Power Plant Market
- Governments of various countries across the globe are rapidly transitioning toward renewable energy resources in order to accelerate decarbonization of the power sector. The shift from fossil fuel-fired baseload power plants to intermittent energy sources, especially wind and solar, is expected to augment the peaking power plant market value.
- Surge in demand for electricity, especially during summer seasons, is strengthening the demand for peaking power plants. Focus of governments of several developed countries on adoption of more equitable energy systems for all communities is also reinforcing the usage of renewable energy sources in peaking power plants. These initiatives are projected to broaden the market outlook considerably in the next few years.
Regional Landscape
Asia Pacific is anticipated to account for major share of the global peaking power plant market during the forecast period. Significant investments in power grids and rise in demand for renewable electricity in developed and developing countries are expected to fuel the market in the region. Presence of a large number of peaking power plants in China is likely to augment market value in Asia Pacific in the next few years.
Europe is a lucrative market for peaking power plants. Implementation of regulatory mandate to increase the production of power from wind and solar energy is bolstering investment in bio-oil projects in the region. Germany and Spain are anticipated to witness significant installation of peaking power plants in the near future. Therefore, these countries are likely to contribute considerable revenue toward the market in Europe.
Segmentation
The global peaking power plant market is segmented based on
Type
- Natural Gas
- Hydropower
- Biogas
- Diesel
Capacity
- Below 100 MW
- 101 MW – 500 MW
- 501 MW – 1000 MW
End-use
- Residential
- Commercial
- Industrial
- Utility
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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