Peaking Power Plant Market
Peaking Power Plant Market (Type: Natural Gas, Hydropower, Biogas, and Diesel; Capacity: Below 100 MW, 101 MW - 500 MW, and 501 MW - 1000 MW; and End User: Residential, Commercial, Industrial, and Utility) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2031
Press Release :
Coronavirus Outbreak Causes Dip in Electricity Demand across Industrial Activities
With increasing number of workforce at home and industries operating at reduced capacities, the COVID-19 outbreak has led to a decline in electricity demand across the board. Such findings are affecting business growth of the U.S. peaking power plant market. Stakeholders are urging the U.S. Federal Energy Regulatory Commission (FERC) to issue a NOPR (Notice of Proposed Rule-making) since there has been an unprecedented drop in electricity consumption. This is forcing grid operators to revise forecasts and expectations of grid needs.
On the other hand, the residential sector in India is observing a spurt in power demand. The second wave of the coronavirus pandemic in India is creating incremental opportunities for companies in the India peaking power plant market, since healthcare facilities require uninterrupted electricity supply. However, this is predicted to affect the energy demand in India’s commercial and industrial activities.
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Companies Transition Toward Clean Energy to Reduce Health Burdens of Low-income Communities
The global peaking power plant market is expected to surpass valuation of US$ 1.2 Trn by the end of 2031. However, differences in policy-making are affecting business activities for stakeholders. For instance, the wind energy capacity of Texas is better than most countries, but the Electric Reliability Council of Texas (ERCOT) lacks the ability to introduce explicit policies that support energy storage. Thus, companies in Texas are taking cues from other states and companies including the Florida Power & Light, which is increasing efforts to strengthen its storage for renewable energy and operate a 409-megawatt battery storage system by 2021.
In order to boost credibility credentials, stakeholders are leaning toward abundant solar resources and ambitious clean energy targets to reduce health burdens of low-income and minority urban communities.
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Testing of Renewable Energy Installations in India Gain Attention of Stakeholders
Companies in the peaking power plant market are unlocking growth opportunities in India. They are striving to move beyond the 501 MW - 1000 MW capacity and deliver as much as 2.3 gigawatts capacity, as stated by the Central Electricity Authority. Four National Thermal Power Corporation (NTPC) Limited plants - an Indian Government electricity board, is planning to test a project to operate its underutilized natural gas-fired power generators capable of switching quickly during peak demand. Other stakeholders are taking cues from such developments to even out supply fluctuations from the large amount of renewable energy.
Favorable government policies are grabbing the attention of companies in the India peaking power plant market. India shares an ambitious goal of installing 175 gigawatts of renewable energy by 2022.
Peakers Play Significant Role in Upgrading Renewables in India, China
Since hydropower is not a viable option for landlocked countries, countries such as Pakistan and Colombia hold promising potentials for growth of hydropower in the peaking power plant market. On the other hand, countries including Thailand are proposing more base power plants whilst Indonesia is proposing large capacity 240MW gas engines. An increasing number of countries is relying on coal power generation and is a threat to the peaking power plant market growth. The awareness about increased environmental burden due to coal is helping stakeholders to gravitate toward renewable energy alternatives.
India and China are increasing their coal base whilst deploying high amount of renewables. Thus, analysts at the Transparency Market Research (TMR) opine that peakers will play a significant role in both the countries in the upcoming decade.
Strategic Collaborations Help Deliver Health, Wealth Benefits via Renewables
The peaking power plant market is undergoing an important change with a shift from fossil fuel peaker plants to clean renewable and battery storage technologies. Thus, stakeholders need to adapt as per changing consumer needs and government regulations to stay relevant and gain a competitive edge over other market players. Clean Energy Group - a U.S.-based non-profit organization working to advance in clean energy, is increasing efforts to systematically demonstrate with analysis and technology assessments how communities could use clean energy alternatives with battery storage to meet high electricity demands.
Stakeholders in the peaking power plant market are setting their collaboration wheels in motion to enable local health and wealth benefits. They are increasing focus to create awareness about the environmental and economic harms caused by peaker plants that are soon going to be replaced with renewables and battery storage technologies.
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Industrial and commercial activities are pulling down the demand for electricity while countries suffering from increasing COVID-19 cases are demanding peaker plants. The peaking power plant market is slated to clock a sluggish CAGR of ~2% during the assessment period. This is evident since states such as Nevada are notorious for releasing highest levels of carbon dioxide due to several natural gas-fired peaker plant installations. Hence, companies are increasing their focus in solar and energy storage infrastructure to overcome drawbacks of conventional peaker installations. Companies should adapt to renewables and battery storage technologies to stay relevant in the evolving market landscape. They should increase efforts to replace aging peaker plants with renewable energy installations to ensure a reliable and cost-efficient supply of electricity.
Peaking Power Plant Market: Overview
- According to Transparency Market Research’s latest research report on the global peaking power plant market for the historical period 2020 and the forecast period of 2021 to 2031, increase in deployment of renewable technologies in order to cater to the rising demand for electricity is a key factor expected to boost the global peaking power plant market during the forecast period
- In terms of revenue, the global peaking power plant market is projected to surpass US$ 1.2 Trn by 2031, expanding at a CAGR of ~2% during the forecast period. In terms of type, natural gas is anticipated to be highly lucrative segment of the global peaking power plant market during the forecast period. Growth of the segment of the global peaking power plant market can be ascribed to its ease of availability and environment-friendly characteristics.
Ongoing Investment in Peaking Power Plant: Key Driver of Peaking Power Plant Market
- Investment in peaking power plants has been rising continuously due to a surge in demand for peak power in several developed and developing economies. Peak demand reflects the highest power requirement level reached at a particular moment, and is different from actual consumption volume.
- The power plant sector is undergoing major transformation. Aging coal, gas, and nuclear plants are retiring and being replaced to a significant extent by renewable capacity. Loss of existing flexible plants and the inherent intermittency of wind and solar output are driving the requirement for substantial investment in flexible power plants such as peaking power plants. This, in turn, is attracting investment in the development of peaking power plants across the world. For instance, Centrica has developed a medium-speed peaking power plant in North Lincolnshire, England, the U.K. The peaking power plant comprises 5 x Wartsila 34SG engines, running on natural gas and delivering a total capacity of 50 MW, enough to provide electricity for almost 100,000 homes.
Increase in Applications of Peaking Power Plant in Industrial Sector
- Investment in end-use industries such as manufacturing has been increasing significantly. The manufacturing sector is equipped with heavy machinery, which requires uninterrupted power supply for smooth operations.
- Rise in demand for electricity during peak hours is creating the need for peaking power plants in the industrial sector. According to the Indian Energy Exchange (IEX), demand for electricity during peak hours in India increased from 160GW in March 2018 to 169 GW in March 2019, registering a 5% rise over the peak demand in 2018.
- Peaking power plant provides uninterrupted power supply for smooth operations of heavy electrical equipment in industries during peak hours
Peaking Power Plant Market: Competition Landscape
- Detailed profiles of companies operating in the global peaking power plant market have been provided in the report to evaluate their financials, key product offerings, recent developments, and strategies
- Key players operating in the global peaking power plant are
- General Electric
- MAN Energy Solutions
- Gama Investment a.s.
- Clarke Energy
- APR Energy
Peaking Power Plant Market: Strategic Partnerships
- Prominent companies operating in the global peaking power plant market, such as APR Energy, WSP, and Clarke Energy, are focusing on strategic partnerships to expand their global footprint. Some of the key strategies in the global peaking power plant market are highlighted below:
- In April 2020, Ylem Energy Ltd launched natural gas-based peaking power plant in Trafford industrial area on the outskirts of Manchester City Center, the U.K. The peaking power plant comprises eight 2.5MWe natural-gas-fueled generators that can produce up to 20MWe of fast-responding flexible power to help balance the national grid particularly when the U.K.’s renewable energy output is low.
- In June 2019, APR Energy signed a contract with Saavi Energía, a power producer based in Mexico, to provide 80MW of power generation using natural gas. The project is expected to deliver peaking power at a plant in Mexicali, Baja California, the U.S. during the high demand for energy in the summer season.
- In May 2020, AGL Energy Limited announced plans to inaugurate gas-fired peaking power plant in Tomago, New South Wales, Australia, with a nominal generating capacity of 250MW. The peaking power plant is expected to be operational by the end of 2021.
- In the global peaking power plant market report, we have discussed individual strategies, followed by company profiles of providers of peaking power plants. The ‘Competition Landscape’ section has been included in the report to provide readers with a dashboard view and company market share analysis of key players operating in the global peaking power plant market.
Peaking Power Plant Market – Scope of the Report
The latest study collated and published by Transparency Market Research (TMR) analyzes the historical and present-day scenario of the global peaking power plant market to accurately gauge its growth potential. The study presents detailed information about important growth factors, restraints, and key trends that are creating the landscape for the growth of the global peaking power plant market in order to identify opportunities for stakeholders. The report also provides insightful information about how the global peaking power plant market would expand during the forecast period of 2021 to 2031.
The report offers intricate dynamics about different aspects of the global peaking power plant market, which aids companies operating in the market in making strategic decisions. TMR’s study also elaborates on the significant changes that are anticipated to configure growth of the global peaking power plant market during the forecast period. It also includes key indicator assessment that highlights growth prospects for the global peaking power plant market and estimates statistics related to the market in terms of volume (GW) and value (US$ Bn).
This study covers detailed segmentation of the global peaking power plant market, along with key information and a competition outlook. The report mentions company profiles of players that are currently dominating the global peaking power plant market, wherein various development, expansion, and winning strategies practiced by these players have been presented in detail.
Key Questions Answered in TMR’s Report on Peaking Power Plant Market
The report provides detailed information about the global peaking power plant market on the basis of comprehensive research on various factors that are playing a key role in accelerating the growth of the market. Information mentioned in the report answers path-breaking questions for companies that are currently operating in the global market and are looking for innovative methods to create a unique benchmark in the global market so as to help them design successful strategies and make target-driven decisions.
- Which type segment of the global peaking power plant market would emerge as a major revenue generator during the forecast period?
- Which capacity segment of the global peaking power plant market would emerge as a major revenue generator during the forecast period?
- Which end user segment of the global peaking power plant market would emerge as a major revenue generator during the forecast period?
- How are key market players successfully earning revenues in the global peaking power plant market?
- What would be the Y-o-Y growth trend of the global peaking power plant market between 2020 and 2031?
- What are the winning imperatives of leading players operating in the global peaking power plant market?
Research Methodology – Peaking Power Plant Market
The research methodology adopted by analysts for compiling the report on the global peaking power plant market is based on detailed primary as well as secondary research. With the help of in-depth insights of the market-affiliated information obtained and legitimated by market-admissible resources, analysts have offered riveting observations and authentic forecasts of the global peaking power plant market.
During the primary research phase, analysts interviewed market stakeholders, investors, brand managers, vice presidents, and sales and marketing managers. Based on data obtained through interviews of genuine sources, analysts have emphasized the changing scenario of the global peaking power plant market.
For secondary research, analysts have scrutinized numerous annual report publications, white papers, market association publications, and company websites to obtain the necessary understanding of the global peaking power plant market.
Peaking Power Plant Market – Segmentation
TMR’s research study assesses the global peaking power plant market based on type, capacity, end user, and region. The report presents extensive market dynamics and progressive trends associated with different segments and how they are influencing growth prospects of the global peaking power plant market.