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
The report offers a comprehensive evaluation of the market. It does so via in-depth qualitative insights, historical data, and verifiable projections about market size. The projections featured in the report have been derived using proven research methodologies and assumptions. By doing so, the research report serves as a repository of analysis and information for every facet of the market, including but not limited to: Regional markets, technology, types, and applications.
The study is a source of reliable data on:
- Market segments and sub-segments
- Market trends and dynamics
- Supply and demand
- Market size
- Current trends/opportunities/challenges
- Competitive landscape
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- Value chain and stakeholder analysis
The regional analysis covers:
- North America (U.S. and Canada)
- Latin America (Mexico, Brazil, Peru, Chile, and others)
- Western Europe (Germany, U.K., France, Spain, Italy, Nordic countries, Belgium, Netherlands, and Luxembourg)
- Eastern Europe (Poland and Russia)
- Asia Pacific (China, India, Japan, ASEAN, Australia, and New Zealand)
- Middle East and Africa (GCC, Southern Africa, and North Africa)
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- Market segmentation up to the second or third level
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- Reporting and evaluation of recent industry developments
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