Key Drivers and Restraints of Global Peaking Power Plant Market
Recently, utilization of renewable energy for power generation has increased, due to surge in the demand for electricity along with increase in focus to maintain sustainability of fossil fuel sources. This has caused ripple effects in electricity grids. According to BP Statistical Review of World Energy, the global consumption of solar and wind power increased by 14.5% between 2017 and 2018. These sources are highly variable with the change in output. This gives rise to demand for peaking power plants.
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Technological innovations and advancements in the design of peaking power plants to improve their operational efficiency are anticipated to propel the global peaking power plant market during the forecast period. However, availability of substitutes such as energy storage, demand response techniques, and innovative grid technologies is a major factor expected to hinder the global market between 2019 and 2027.
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In terms of fuel, the global peaking power plant market can be classified into hydropower plant, natural gas power plant, biogas power plant, petroleum-based feedstock power plant, and others. Among these, natural gas power plants are extensively used. Natural gas power plants are expected to witness high demand during the forecast period, as they are dispatchable i.e. the power output supplied to the electricity grid can be adjusted as per the demand. The hydropower plant segment is also anticipated to witness moderate growth during the forecast period, they have ability to supply power to the grid immediately. For instance, the Dinorwig hydro power station can reach its maximum generation capacity in less than 16 seconds. Hydropower plants offer high efficiency, flexibility, and reliability, which is further expected to augment the demand for these plants during the forecast period.
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The peaking power plant market in Asia Pacific is expected to expand at a significant pace during the forecast period, due to increase in the demand for electricity, primarily in developing nations in the region such as India and China. Strong economic growth, increase in investments in the industrial sector, and rapid urbanization are some of the other factors which are projected to boost the market in the region during the forecast period.
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Key Players Operating in Global Market
Leading companies operating in the global peaking power plant market include:
- Siemens
- Toshiba India
- Acciona
- TPSC (India) Private Limited
- Voith
- Andritz
- ENGIE
- ABB
Global Peaking Power Plant Market: Research Scope
Global Peaking Power Plant Market, by Type
- Natural Gas Power Plant
- Hydropower Plant
- Biogas Power Plant
- Petroleum-based Feedstock Power Plant
- Others
Global Peaking Power Plant Market, by End-user
- Residential
- Commercial
- Industrial
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