Edit Content

Bizwit Research & Consulting LLP is a global provider of business intelligence & consulting services. We have a strong primary base of key industry leaders along with the chain of industry analysts to analyze the market trends and its future impact in order to estimates and forecast different business segments and markets. 

Global Peaking Power Plant Market to reach USD 159.52 billion by the end of 2030

Global Peaking Power Plant Market Size study & Forecast, by Type (Natural Gas, Hydropower, Diesel, Others), by End-user (Industrial, Commercial, Residential, Utility) and Regional Analysis, 2023-2030

Product Code: EPPGS-72534700
Publish Date: 10-03-2024
Page: 200

Global Peaking Power Plant Market is valued at approximately USD 112.17 billion in 2022 and is anticipated to grow with a healthy growth rate of more than 4.50% during the forecast period 2023-2030. 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.

As global populations and economies continue to grow, the demand for electricity rises. Peaking power plants are essential for meeting sudden spikes in electricity demand during peak periods. These facilities are strategically positioned to swiftly generate additional power when consumption peaks, ensuring a consistent supply during times of heightened need. Without peaking power plants, grid operators risk overloads, leading to blackouts or brownouts. Thus, the rising electricity demand underscores the critical role that peaking power plants play in maintaining grid stability and meeting the evolving energy needs of growing populations and economies. According to the International Energy Agency, the year-on-year change in electricity demand in the year 2022 stood at 498 Terawatt-Hour (TWh) which increased to 705 Terawatt-Hour (TWh) in the year 2023 and it is projected to reach 938 Terawatt-Hour (TWh) by the year 2025. In addition, Ongoing advancements in power generation technologies and the growing integration of renewable energy sources are creating new opportunities for market growth. However, the high cost of peaking power plants and environmental concerns stifle market growth throughout the forecast period of 2023-2030.

The key regions considered for the Global Peaking Power Plant Market study includes Asia Pacific, North America, Europe, Latin America, and Middle East & Africa. 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.

Major market player included in this report are:
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)

Recent Developments in the Market:
Ø In February 2023, LCRA unveiled its intentions to construct a new 190 MW peaking power plant in central Texas. The objective behind this initiative is to fortify grid reliability and address the escalating demand for power in the region. This proposed power plant is designed to deliver dispatchable power specifically during peak demand periods, thereby enhancing the resilience and efficiency of the state’s electric grid.
Ø In April 2020, Ylem Energy Ltd. inaugurated a peaking power facility in the Trafford industrial area, located on the outskirts of Manchester City Center in the U.K. This natural gas-based plant incorporates eight 2.5MWe generators, collectively capable of generating up to 20MWe of rapid and flexible power. The primary purpose of this facility is to contribute to the balance of the national grid, particularly during periods of diminished renewable energy output in the U.K.
Global Peaking Power Plant Market Report Scope:
ü Historical Data – 2020 – 2021
ü Base Year for Estimation – 2022
ü Forecast period – 2023-2030
ü Report Coverage – Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
ü Segments Covered – Type, End-user, Region
ü Regional Scope – North America; Europe; Asia Pacific; Latin America; Middle East & Africa
ü Customization Scope – Free report customization (equivalent up to 8 analyst’s working hours) with purchase. Addition or alteration to country, regional & segment scope*

The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.

The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:

By Type:
Natural Gas

By End-user:

By Region:

North America


Asia Pacific
South Korea

Latin America

Middle East & Africa
Saudi Arabia
South Africa
Rest of Middle East & Africa

Chapter 1. Executive Summary
1.1. Market Snapshot
1.2. Global & Segmental Market Estimates & Forecasts, 2020-2030 (USD Billion)
1.2.1. Peaking Power Plant Market, by Region, 2020-2030 (USD Billion)
1.2.2. Peaking Power Plant Market, by Type, 2020-2030 (USD Billion)
1.2.3. Peaking Power Plant Market, by End-user, 2020-2030 (USD Billion)
1.3. Key Trends
1.4. Estimation Methodology
1.5. Research Assumption
Chapter 2. Global Peaking Power Plant Market Definition and Scope
2.1. Objective of the Study
2.2. Market Definition & Scope
2.2.1. Industry Evolution
2.2.2. Scope of the Study
2.3. Years Considered for the Study
2.4. Currency Conversion Rates
Chapter 3. Global Peaking Power Plant Market Dynamics
3.1. Peaking Power Plant Market Impact Analysis (2020-2030)
3.1.1. Market Drivers Increasing electricity demand Rising deployment of energy storage technologies Rising urbanization and industrial growth
3.1.2. Market Challenges High cost of peaking power plant Environmental concerns
3.1.3. Market Opportunities Ongoing advancements in power generation technologies Growing integration of renewable energy sources
Chapter 4. Global Peaking Power Plant Market Industry Analysis
4.1. Porter’s 5 Force Model
4.1.1. Bargaining Power of Suppliers
4.1.2. Bargaining Power of Buyers
4.1.3. Threat of New Entrants
4.1.4. Threat of Substitutes
4.1.5. Competitive Rivalry
4.2. Porter’s 5 Force Impact Analysis
4.3. PEST Analysis
4.3.1. Political
4.3.2. Economical
4.3.3. Social
4.3.4. Technological
4.3.5. Environmental
4.3.6. Legal
4.4. Top investment opportunity
4.5. Top winning strategies
4.6. COVID-19 Impact Analysis
4.7. Disruptive Trends
4.8. Industry Expert Perspective
4.9. Analyst Recommendation & Conclusion
Chapter 5. Global Peaking Power Plant Market, by Type
5.1. Market Snapshot
5.2. Global Peaking Power Plant Market by Type, Performance – Potential Analysis
5.3. Global Peaking Power Plant Market Estimates & Forecasts by Type 2020-2030 (USD Billion)
5.4. Peaking Power Plant Market, Sub Segment Analysis
5.4.1. Natural Gas
5.4.2. Hydropower
5.4.3. Diesel
5.4.4. Others
Chapter 6. Global Peaking Power Plant Market, by End-user
6.1. Market Snapshot
6.2. Global Peaking Power Plant Market by End-user, Performance – Potential Analysis
6.3. Global Peaking Power Plant Market Estimates & Forecasts by End-user 2020-2030 (USD Billion)
6.4. Peaking Power Plant Market, Sub Segment Analysis
6.4.1. Industrial
6.4.2. Commercial
6.4.3. Residential
6.4.4. Utility
Chapter 7. Global Peaking Power Plant Market, Regional Analysis
7.1. Top Leading Countries
7.2. Top Emerging Countries
7.3. Peaking Power Plant Market, Regional Market Snapshot
7.4. North America Peaking Power Plant Market
7.4.1. U.S. Peaking Power Plant Market Type breakdown estimates & forecasts, 2020-2030 End-user breakdown estimates & forecasts, 2020-2030
7.4.2. Canada Peaking Power Plant Market
7.5. Europe Peaking Power Plant Market Snapshot
7.5.1. U.K. Peaking Power Plant Market
7.5.2. Germany Peaking Power Plant Market
7.5.3. France Peaking Power Plant Market
7.5.4. Spain Peaking Power Plant Market
7.5.5. Italy Peaking Power Plant Market
7.5.6. Rest of Europe Peaking Power Plant Market
7.6. Asia-Pacific Peaking Power Plant Market Snapshot
7.6.1. China Peaking Power Plant Market
7.6.2. India Peaking Power Plant Market
7.6.3. Japan Peaking Power Plant Market
7.6.4. Australia Peaking Power Plant Market
7.6.5. South Korea Peaking Power Plant Market
7.6.6. Rest of Asia Pacific Peaking Power Plant Market
7.7. Latin America Peaking Power Plant Market Snapshot
7.7.1. Brazil Peaking Power Plant Market
7.7.2. Mexico Peaking Power Plant Market
7.8. Middle East & Africa Peaking Power Plant Market
7.8.1. Saudi Arabia Peaking Power Plant Market
7.8.2. South Africa Peaking Power Plant Market
7.8.3. Rest of Middle East & Africa Peaking Power Plant Market

Chapter 8. Competitive Intelligence
8.1. Key Company SWOT Analysis
8.1.1. Company 1
8.1.2. Company 2
8.1.3. Company 3
8.2. Top Market Strategies
8.3. Company Profiles
8.3.1. Wartsila Oyj Abp Key Information Overview Financial (Subject to Data Availability) Product Summary Recent Developments
8.3.2. Siemens AG
8.3.3. Mitsubishi Hitachi Power Systems, Ltd. (MHPS)
8.3.4. Capstone Turbine Corporation
8.3.5. PW Power Systems, Inc.
8.3.6. Ansaldo Energia S.p.A.
8.3.7. MAN Energy Solutions SE
8.3.8. Kawasaki Heavy Industries, Ltd.
8.3.9. Rolls-Royce Holdings plc
8.3.10. General Electric Company (GE)
Chapter 9. Research Process
9.1. Research Process
9.1.1. Data Mining
9.1.2. Analysis
9.1.3. Market Estimation
9.1.4. Validation
9.1.5. Publishing
9.2. Research Attributes
9.3. Research Assumption

At Bizwit Research and Consultancy, we employ a thorough and iterative research methodology with the goal of minimizing discrepancies, ensuring the provision of highly accurate estimates and predictions over the forecast period. Our approach involves a combination of bottom-up and top-down strategies to effectively segment and estimate quantitative aspects of the market, utilizing our proprietary data & AI tools. Our Proprietary Tools allow us for the creation of customized models specific to the research objectives. This enables us to develop tailored statistical models and forecasting algorithms to estimate market trends, future growth, or consumer behavior. The customization enhances the accuracy and relevance of the research findings.
We are dedicated to clearly communicating the purpose and objectives of each research project in the final deliverables. Our process begins by identifying the specific problem or challenge our client wishes to address, and from there, we establish precise research questions that need to be answered. To gain a comprehensive understanding of the subject matter and identify the most relevant trends and best practices, we conduct an extensive review of existing literature, industry reports, case studies, and pertinent academic research.
Critical elements of methodology employed for all our studies include:
Data Collection:
To determine the appropriate methods of data collection based on the research objectives, we consider both primary and secondary sources. Primary data collection involves gathering information directly from various industry experts in core and related fields, original equipment manufacturers (OEMs), vendors, suppliers, technology developers, alliances, and organizations. These sources encompass all segments of the value chain within the specific industry. Through in-depth interviews, we engage with key industry participants, subject-matter experts, C-level executives of major market players, industry consultants, and other relevant experts. This allows us to obtain and validate critical qualitative and quantitative information while evaluating market prospects. AI and Big Data are instrumental in our primary research, providing us with powerful tools to collect, analyze, and derive insights from data efficiently. These technologies contribute to the advancement of research methodologies, enabling us to make data-driven decisions and uncover valuable findings.
In addition to primary sources, we extensively utilize secondary sources to enhance our research. These include directories, databases, journals focusing on related industries, company newsletters, and information portals such as Bloomberg, D&B Hoovers, and Factiva. These secondary sources enable us to identify and gather valuable information for our comprehensive, technical, market-oriented, and commercial study of the market. Additionally, we utilize AI algorithms to automate the collection of vast amounts of data from various sources such as surveys, social media platforms, online transactions, and web scraping. And employ Big Data technologies for storage and processing of large datasets, ensuring that no valuable information is missed during the data collection process.
Data Analysis:
Our team of experts carefully examine the gathered data using suitable statistical techniques and qualitative analysis methods. For quantitative analysis, we employ descriptive statistics, regression analysis, and other advanced statistical methods, depending on the characteristics of the data. This analysis may also incorporate the utilization of AI tools and big data analysis techniques to extract meaningful insights.
To ensure the accuracy and reliability of our findings, we extensively leverage data science techniques, which help us minimize discrepancies and uncertainties in our analysis. We employ Data Science to clean and preprocess the data, ensuring its quality and reliability. This involves handling missing data, removing outliers, standardizing variables, and transforming data into suitable formats for analysis. The application of data science techniques enhances our accuracy, efficiency, and depth of analysis, enabling us to stay competitive in dynamic market environments.
Market Size Estimation:
Our proprietary data tools play a crucial role in deriving our market estimates and forecasts. Each study involves the creation of a unique and customized model. The model incorporates the gathered information on market dynamics, technology landscape, application development, and pricing trends. AI techniques, such as machine learning and deep learning, aid us to analyze patterns within the data to identify correlations, trends, and relationships. By recognizing patterns in consumer behavior, purchasing habits, or market dynamics, our AI algorithms aid us in more precise estimations of market size. These factors are simultaneously analyzed within the model, allowing for a comprehensive assessment. To quantify their impact over the forecast period, correlation, regression, and time series analysis are employed.
To estimate and validate the market size, we employ both top-down and bottom-up approaches. The preference is given to a bottom-up approach, where key regional markets are analyzed as separate entities. This data is then integrated to obtain global estimates. This approach is crucial as it provides a deep understanding of the industry and helps minimize errors.
In our forecasting process, we consider various parameters such as economic tools, technological analysis, industry experience, and domain expertise. By taking all these factors into account, we strive to produce accurate and reliable market forecasts. When forecasting, we take into consideration several parameters, which include:
Market driving trends and favorable economic conditions
Restraints and challenges that are expected to be encountered during the forecast period.
Anticipated opportunities for growth and development
Technological advancements and projected developments in the market
Consumer spending trends and dynamics
Shifts in consumer preferences and behaviors.
The current state of raw materials and trends in supply versus pricing
Regulatory landscape and expected changes or developments.
The existing capacity in the market and any expected additions or expansions up to the end of the forecast period.
To assess the market impact of these parameters, we assign weights to each one and utilize weighted average analysis. This process allows us to quantify their influence on the market and derive an expected growth rate for the forecasted period. By considering these various factors and applying a weighted analysis approach, we strive to provide accurate and reliable market forecasts.
Insight Generation & Report Presentation:
After conducting the research, our experts analyze the findings in relation to the research objectives and the specific needs of the client. They generate valuable insights and recommendations that directly address the client’s business challenges. These insights are carefully connected to the research findings to provide a comprehensive understanding.
Next, we create a well-structured research report that effectively communicates the research findings, insights, and recommendations to the client. To enhance clarity and comprehension, we utilize visual aids such as charts, graphs, and tables. These visual elements are employed to present the data in an engaging and easily understandable format, ensuring that the information is accessible and visually appealing to the client. Our aim is to deliver a clear and concise report that conveys the research findings effectively and provides actionable recommendations to meet the client’s specific needs.

Need Assistance

Contact Person -
Krishant Mennon
Call us @
+ 91 99931 15879
Email: sales@bizwitresearch.com


Why Choose Us?

Quality over Quantity

Backed by 60+ paid data sources our reports deliver crisp insights with no compromise quality.

Analyst Support

24x7 Chat Support plus
free analyst hours with every purchase

Flawless Methodology

Our 360-degree approach of market study, our research methods leave stones unturned.

Enquiry Now