How has the peaking power plant market evolved, and where is it heading next?
The peaking power plant market size has grown strongly in recent years. It will grow from $113.39 billion in 2024 to $121.18 billion in 2025 at a compound annual growth rate (CAGR) of 6.9%. The growth in the historic period can be attributed to the increasing integration of energy storage technology, government initiatives, and energy policies, fluctuations in natural gas prices, growing emphasis on grid reliability, and rise in the infrastructure framework of power grids.
The peaking power plant market size is expected to see strong growth in the next few years. It will grow to $155.97 billion in 2029 at a compound annual growth rate (CAGR) of 6.5%. The growth in the forecast period can be attributed to increasing demand for electricity, decentralization, and microgrid development, growth in energy storage and integration of renewables, the increasing need for dependable power in remote locations, and the increased demand for power globally. Major trends in the forecast period include digitalization and smart grid technologies, advancements in battery technologies, technological advancement, innovations in energy storage capabilities, and product innovations.
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What are the key drivers behind the rapid expansion of the peaking power plant market?
The increase in demand for electricity is expected to propel the growth of the peaking power plant market going forward. Electricity refers to a form of energy resulting from the existence of charged particles, such as electrons or protons, and can manifest as either a static charge or a dynamic current. The electricity demand is due to increased demand, infrastructure upgrades, fluctuating fuel costs, and environmental regulations. Peaking power plants ensure grid reliability and stability by providing additional electricity during periods of high demand or when other power sources are unavailable. Their ability to quickly ramp up and down makes them essential for managing the variability in energy supply and maintaining the balance between electricity supply and demand. For instance, in July 2024, according to the International Energy Agency (IEA), a France-based intergovernmental organization, the global electricity demand is expected to grow by around 4% in 2024, up from 2.5% in 2023. Therefore, the increase in demand for electricity is driving the growth of the peaking power plant market.
What is the segmentation for the 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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Who are the most influential companies 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 are the most influential trends expected to drive the peaking power plant market forward?
Major companies operating in the peaking power plant market are focusing on developing innovative facilities such as hybrid renewable power plants with advanced battery energy storage systems (BESS) to provide reliable peaking power solutions. Hybrid renewable power plants, which integrate both wind and solar energy, leverage the complementary nature of wind and solar resources to provide a more reliable and steady power supply. For instance, in September 2023, ReNew Surya Ojas Private Limited, an India-based energy company, launched its first hybrid renewable power plant, a groundbreaking initiative that combines solar and wind energy with advanced battery energy storage systems (BESS). The plant seamlessly integrates solar and wind energy sources, optimizing the use of natural resources to generate electricity located in Karnataka. This innovative facility is set to provide up to 300 MW of power to the grid during peak demand periods. With the inclusion of battery energy storage systems, the plant can store excess energy generated during peak production times and release it when demand is highest.
What are the major regional insights for the peaking power plant market, and which region holds the top position?
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.
What Does The Peaking Power Plant Market Report 2025 Offer?
The peaking power plant market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
A peaking power plant, also known as a peaker plant, is a type of power generation facility designed to provide additional electricity during periods of high demand or peak loads. These plants are typically used to supplement the base load power supplied by other, often more constant and stable, power plants. Peaking power plants are usually more expensive to operate than base load plants but can be brought online quickly to meet sudden increases in electricity demand. They often use gas turbines or other quick-start technologies that can rapidly increase power output.
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