What Has Been the Progress and Growth of the Peaking Power Plant Market in Recent Years?
The peaking power plant market has seen considerable growth due to a variety of factors.
• The market size for the peaking power plant has seen significant growth in recent years. It is predicted to expand from $113.39 billion in 2024 to $121.18 billion in 2025, registering a compound annual growth rate (CAGR) of 6.9%.
Factors contributing to the growth experienced in the historic period include the rising incorporation of energy storage technology, governmental initiatives and energy regulations, volatility in natural gas prices, a heightened focus on maintaining grid reliability, and enhancement in the infrastructural layout of power grids.
What Is The Expected Growth In The Peaking Power Plant Market Size Evolve over the Forecast Period?
The peaking power plant market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of the peaking power plant is anticipated to witness robust growth in the coming years, expanding to $155.97 billion by 2029 with a compound annual growth rate (CAGR) of 6.5%.
The surge during the projection period can be associated with the rising electricity demand, decentralization, and microgrid development, as well as growth in energy storage and the incorporation of renewable sources. Other contributing factors are the increasing demand for reliable power in secluded locations and a global surge in power demand. Key trends projected during this period include the digitization and smart grid technologies, advances in battery technologies, technological development, enhancements in energy storage capabilities, and innovation in products.
What Main Forces Are Fueling Expansion In The Peaking Power Plant Market?
Anticipated growth in the demand for electricity is predicted to instigate the expansion of the peaking power plant market. Electricity, a form of energy that stems from the presence of charged particles, occurs either as a static charge or as a moving current. The surge in demand for electricity arises from a variety of factors including infrastructure upgrades, fluctuating fuel prices, and environmental guidelines. Peaking power plants deliver extra electricity in times of high demand or when other sources are not accessible, solidifying the reliability and balance in the grid. Their agile nature of ramping up and down enables them to effectively orchestrate the fluctuating energy supply and uphold the equilibrium between the supply and demand for electricity. To demonstrate, the International Energy Agency (IEA), an intergovernmental organization headquartered in France, projected that the global demand for electricity will grow around 4% in 2024, marking an increase from 2.5% in 2023. Hence, the rise in demand for electricity is a key catalyst for the growth of the peaking power plant market.
What Are The Primary Segments In The Global Peaking Power Plant Market?
The peaking power plantmarket covered in this report is segmented –
1) By Type: Natural Gas, Hydropower, Diesel, Other Types
2) By Applications: Grid Support, Backup Power, Renewable Integration, Other Applications
3) By End-Users: Commercial, Residential, Utility, Industrial, Other End-Users
Subsegments:
1) By Natural Gas: Gas Turbine Power Plants, Combined Cycle Power Plants (CCPP), Reciprocating Engine Power Plants, Microturbine Power Plants
2) By Hydropower: Pumped Storage Hydropower, Run-of-River Hydropower, Reservoir Hydropower, Small Hydropower Plants
3) By Diesel: Diesel Generators, Diesel Engine Power Plants, Dual-Fuel Power Plants, Mobile Diesel Generators
4) By Other Types: Battery Storage Systems, Solar Thermal Power Plants, Geothermal Power Plants, Biomass Power Plants
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How Are New Trends Impacting The Size Of The Peaking Power Plant Market?
In the peaking power plant market, leading corporations are prioritizing the creation of inventive facilities, such as hybrid renewable power plants complete with high-tech battery energy storage systems (BESS). These hybrid renewable power plants that utilize both solar and wind energy, take advantage of the complementarity between wind and solar resources to deliver a more consistent power supply. For example, in September 2023, an energy enterprise based in India, ReNew Surya Ojas Private Limited, inaugurated its inaugural hybrid renewable power plant. This pioneering project fuses solar and wind energy with cutting-edge battery energy storage systems (BESS). The plant harmoniously merges solar and wind energy sources, making the most out of natural resources to produce electricity in Karnataka. This novel facility is poised to supply up to 300 MW of power to the grid during periods of peak demand. Thanks to the integration of battery energy storage systems, the plant is capable of storing surplus energy produced at peak times and releasing it during moments of highest demand.
Who Are the Key Players In The Peaking Power Plant Market?
Major companies operating in the peaking power plant market are:
• Enel S.p.A.
• Siemens AG
• NRG Energy Inc.
• The Southern Company
• Duke Energy Corporation
• PG&E Corporation
• NextEra Energy Inc.
• Alstom SA
• General Electric Company
• Xcel Energy Inc.
• Dominion Energy Inc.
• The AES Corporation
• FirstEnergy Corp.
• WSP Global Inc.
• Eversource Energy
• CenterPoint Energy Inc.
• Wärtsilä Oyj Abp
• MAN Energy Solutions SE
• ENGIE SA
• APR Energy LLC
• Edina UK Limited
• Clarke Energy Limited
What Is The Most Dominant Region In The Peaking Power Plant Market?
Asia-Pacific was the largest region in the peaking power plant market in 2024. North America is expected to be the fastest growing region in the market. The regions covered in the peaking power plant market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
