Peaking Power Plant Market: Introduction
- A peaking power plant is a kind of power station that runs during peak hours of demand for electricity. The price of electricity generated by peaking power plants is generally higher than that generated by base load power plants.
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.
- 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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Industrial Segment to Hold a Major Share of Global Market
- The global peaking power plant market can be segmented based on fuel, application, end-user, and region
- 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.
- In terms of end-user, the global peaking power plant market can be classified into residential, commercial, and industrial. The industrial segment is anticipated to witness significant growth during the forecast period, due to increase in aging infrastructure of electricity grids.
Asia Pacific to Hold a Major Share of Global Peaking Power Plant Market
- The global peaking power plant market can be divided into Asia Pacific, Europe, and North America, Middle East & Africa, and Latin America
- 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.
- The peaking power plant market in Europe is likely to expand at a stable pace between 2019 and 2027. The market in the region is driven by shift in focus toward adoption of renewable technologies for power generation. Technological advancements in peaking power plants to enhance their operational efficiency is also expected to drive the market in the region from 2019 to 2027.
- North America is expected to hold a major share of the global peaking power plant market during the forecast period, due to increase in aging grid infrastructure in the region. However, shift in consumer focus toward adoption of cost-effective energy storage systems is expected to hamper the market in North America during the forecast period.
- The peaking power plant market in Middle East & Africa and Latin America is anticipated to expand at a moderate pace during the forecast period, due to abundant availability of hydropower resources in these regions. Participation of the private sector in the development of hydropower plants and hike in electricity prices make hydropower an attractive option for fulfilling the rising electricity demand.
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Key Players Operating in Global Market
Leading companies operating in the global peaking power plant market include:
- Toshiba India
- TPSC (India) Private Limited
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
Global Peaking Power Plant Market, by End-user
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.