New York, United States, August 29, 2024 (GLOBE NEWSWIRE) — The global Peaking Power Plant Market is expected to grow from USD 116.24 billion in 2023 to USD 197.76 billion by 2033, growing at a Compound Annual Growth Rate (CAGR) of 5.46% during the forecast period.
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Peaking power plants, also called “peaker plants,” are contracted by grid operators to provide electricity during times of particularly high demand. These plants are designed to rapidly increase their electricity production in response to unforeseen spikes in demand that typically occur during peak periods. Because peaking power plants complement baseload and intermediate load sources that provide consistent power over long periods of time, they are critical to maintaining grid stability and reliability. Peak loads typically occur during the day when household energy use for cooling and heating is highest. Peaking power plants balance this imbalance, reducing strain on the power grid and providing power stability, all of which can help prevent blackouts and maintain power security. Reserve peaking power plants, unlike baseload power plants, are activated by the grid when there is a demand for electricity and run in standby mode when not in use. However, switching to cleaner energy sources can prevent the market from growing excessively.
Browse key industry insights across 207 pages of 110 market data tables and figures & charts from the report on the “Global peaking power plant market Size, Share and COVID-19 Impact Analysis, By Type (Natural Gas, Hydropower, Diesel and Others), By Application (Industrial, Commercial, Residential and Utilities) and By Region (North America, Europe, Asia Pacific, Latin America, Middle East and Africa), Analysis and Forecast 2023 – 2033.”
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The natural gas segment had the largest market share during the forecast period.
The peaking power plant market is segmented by type into natural gas, hydroelectric, diesel, and others. Among these, the natural gas segment accounts for the largest market share during the forecast period. There are many advantages to using natural gas as a flexible and constant energy source for peaking power plants. Most importantly, since natural gas power plants can ramp up and down their energy supply quickly, they are well suited to meet the dynamic and fluctuating demand during peak periods. The short response times and flexibility of natural gas turbines enable the management of resources and energy grids. From an environmental perspective, natural gas power plants are a fantastic choice as they improve air quality and have less impact on the environment. There are large reserves of natural gas in several locations, ensuring a constant and reliable fuel source for the company producing peaking power.
The industrial segment had the highest market share during the forecast period.
Based on application, the peaking power plant market is segmented into industrial, commercial, residential, and utility. Among these, the industrial segment accounts for the highest market share during the forecast period. The industrial category is the most dominant in the market as peaking power plants are increasingly being used to meet the energy needs of industrial establishments. Industrial peaking power plants are ideally located within or adjacent to industrial areas to provide timely and consistent power during periods of high electricity demand. The term ‘commercial market share’ refers to peaking power plants used to supply electricity to commercial buildings. This segment leads the market in second place as it is installed at various locations.
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The Asia-Pacific region is expected to account for the largest share of the global peaker power plant market during the forecast period.
Asia Pacific is leading the global peaking power market due to increasing spending on industrial zones, rapid urbanization, more intensive technological research and development for peaking power plants, and improved power grid infrastructure. The North American peaking power market is expected to grow the fastest as the region is increasing its focus on technological research and development. India is the third largest energy consumer in the world, and consumption is expected to continue to increase, according to the Ministry of Energy.
North America is expected to witness the fastest growth during the forecast period. North America, which includes the United States and Canada, is home to a market that is influenced by a number of variables, including the amount of natural gas, initiatives to integrate renewable energy, and the growing importance of grid reliability. Environmental laws and regulations also impact the energy landscape.
Competitive analysis:
The report offers proper analysis of the key organizations/companies involved in the global market along with a comparative assessment primarily based on their product offerings, business overviews, geographical presence, corporate strategies, market share in segments, and SWOT analysis. The report also offers in-depth analysis with a focus on the latest news and developments of the companies which include product development, innovations, joint ventures, partnerships, mergers and acquisitions, strategic alliances, and others. This enables to evaluate the overall competition in the market. Some of the key vendors in the global Peaking Power Plant market include TPSC (India) Pvt. Ltd, Voith, Andritz, ENGIE, ABB Ltd, Wartsila, General Electric, MAN Energy Solutions Edina, Gama Investment AS, Clarke Energy, WSP, APR Energy, ENGIE, and others.
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Recent developments
- In November 2023 Together, GE Vernova and Duke Energy are building the country’s first peaker power plant powered entirely by green hydrogen – a major step forward in the development of sustainable energy solutions.
Market segment
This study forecasts revenue at global, regional and country levels from 2020 to 2033. Spherical Insights has segmented the global peaking power plant market based on the below mentioned segments:
Global peaker power plant market, by type
- natural gas
- Hydropower
- Diesel
- Miscellaneous
Global Peak Load Power Plant Market, by Application
- industry
- Commercially
- Reside
- Utility
Global peaker power plant market, by region
- North America
- Europe
- Germany
- United Kingdom
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East and Africa
- United Arab Emirates
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East and Africa
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