Modular Power Plant Market: Introduction
- Modular power plant is a location independent system, wherein all the modules are preconfigured for quick installation, and are delivered to the installation site prefabricated. This facilitates the installation of modular cogeneration power plant on site and shortens set-up times, allowing precision assembly even in locations with limited infrastructure.
Key Drivers and Restraints of Modular Power Plant Market
- Rise in demand for electricity across the globe is a major driver of the modular power plant market. Strong growth in economy and rise in population have led to an increase in consumption of power. China consumed 5,367 TWh of electricity in 2016. Its electricity consumption increased to 5,683 TWh in 2017.
- High investment in infrastructure development and rising rate of industrialization are also fuelling the need for electricity generation. This is driving the demand for modular power plants.
- Challenge of providing power to remote and inaccessible areas is also positively influencing the market. These plants are easy to install, and can be efficiently used for power generation and distribution in such remote areas. However, high initial investment is a key factor restraining the global modular power plant market.
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Natural Gas Segment to Offer Lucrative Opportunities
- The global modular power plant market can be segmented in terms of fuel type, application, and region
- In terms of fuel type, the global market can be classified into natural gas, diesel, and biofuel. The natural gas segment is expected to expand at a rapid pace during the forecast period owing to several advantages of natural gas such as abundance of availability and low emission
- Based on application, the global modular power plant market can be divided into oil & gas rigs, remote area electrification, and others
Middle East & Africa to Hold Major Share of Global Modular Power Plant Market
- Based on region, the global modular power plant market can be classified into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa
- The market in Middle East & Africa is expected to expand at a rapid pace during the forecast period owing to the increase in investments in remote area electrification in the Sub-Saharan African region and development of the oil & gas sector in the region. More than 77% of the total population in Middle East & Africa lives without access to grid-connected electricity. This provides lucrative opportunities for the market in Middle East & Africa.
- Asia Pacific is another vital region of the global market. Asia Pacific is the most populated region in the world. It accounts for around 50% of the global population. Thus, demand for electricity is high in the region.
- Growth in industrialization in major economies such as China, India, and Japan is also provide positive influence on the growth of the market
- North America and Europe are expected to grow at a stagnant pace during the forecast period.
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Key Players Operating in Global Modular Power Plant Market:
The global modular power plant market is highly concentrated, with top manufacturers accounting for approximately 40%–45% share of the market. A few of the key players operating in the global Modular Power Plant Market are:
- APR Energy
- Motor factory Hatz GmbH & Co. KG
- Ascot Industrial S.r.l.
- MWM, Caterpillar Energy Solutions
Global Modular Power Plant Market: Major Developments
- In December 2019, the technology group Wärtsilä received the first order of its innovative new Wärtsilä Modular Block solution for power generation from Aggreko, a global provider of mobile, modular power, temperature control and energy services. The Wärtsilä Modular Block solution would replace the existing diesel generators currently powering the mine.
- In June 2019, Wärtsilä launched the modular solution for providing ready to go power plants. The Wärtsilä Modular Block power plant solution is a pre-fabricated, modularly configured, and expandable enclosure for Wärtsilä medium-speed 34SG gas engine generators.
Global Modular Power Plant Market: Research Scope
Global Modular Power Plant Market, by Fuel Type
- Natural Gas
Global Modular Power Plant Market, by Application
- Oil & Gas Rigs
- Remote area electrification
Global Modular Power Plant Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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