With the emergence and long-term Impact of COVID-19, Global Peaking Power Plant Market to reach USD 159.52 billion by 2030
Bizwit Research & Consulting LLP’s recent analysis on the Global Peaking Power Plant Market points towards a potential rise to USD 159.52 billion by 2030. A peaking power plant is a type of power generation facility designed to operate during periods of high electricity demand, typically for short durations. These plants are called “peaking” because they are brought online to meet peak electricity demand, which often occurs during periods of high energy consumption, such as hot summer afternoons or cold winter evenings.
Peaking power plants are usually equipped with technologies that allow them to quickly start up and ramp up their electricity output to meet sudden spikes in demand. The Peaking Power Plant Market is expanding because of factors such as increasing electricity demand, rising deployment of energy storage technologies and rising urbanization and industrial growth.
Geographically, the global Peaking Power Plant market has been segmented into North America, Europe, Asia Pacific (APAC), Latin America, and Middle East and Africa (MEA). Asia Pacific dominated the market in 2022. The escalating demand for electricity, fueled by rapid industrialization and urbanization in countries such as China and India, increasing integration of renewable energy sources, such as solar and wind projects, Additionally, government initiatives and policies promoting the development of peaking power plants to enhance grid reliability and meet peak demand are contributing to market growth.
North America is expected to grow at the fastest rate over the forecast period, owing to factors such as such evolving focus on enhancing grid reliability, the abundance of natural gas, and initiatives to seamlessly incorporate renewable energy are influencing the energy landscape. Environmental regulations and policies are additional key factors shaping this evolving paradigm.
The global Peaking Power Plant market is highly competitive owing to the presence of several key players such as Wartsila Oyj Abp Siemens AG Mitsubishi Hitachi Power Systems, Ltd. (MHPS) Capstone Turbine Corporation PW Power Systems, Inc. Ansaldo Energia S.p.A. MAN Energy Solutions SE Kawasaki Heavy Industries, Ltd. Rolls-Royce Holdings plc General Electric Company (GE), and others.
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Key findings of the study suggest:
- Global Peaking Power Plant Market is anticipated to grow with a healthy growth rate of more than 4.50% over the forecast period 2023-2030.
- In the Type segment, Natural Gas emerged out as the leading market segment in 2022.
- Asia Pacific is anticipated to drive regional growth owing to rapid industrialization in the region.
- North America is expected to grow at higher rate owing to rising environmental regulations and policies in the region.
Bizwit Research & Consulting has considered following segments for the study:
By Type:
- Natural Gas
- Hydropower
- Diesel
- Others
By End-user:
- Industrial
- Commercial
- Residential
- Utility
Regional Outlook
- North America
- US
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Korea
- Australia
- RoAPAC
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of Middle East & Africa
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