Flexible Power Plant Market Size, Share And Global Trend By Fuel Type(Heavy Diesel Oil, Light Diesel Oil, LNG, Dual Fuel, Renewable Energy), By Plant Size(Up to 100MW, 101MW, 500 MW, Above 500 MW), By End User(Utility, Independent Power Producers, Mining, Others), And Regional Forecast, 2024-2032
KEY MARKET INSIGHTS
Modern economies are depending on a reliable source of energy i.e. electricity. The peak demand for electricity is owing to enormous industrial and commercial development. Recently, the variability in supply and demand is causing a setback for power plant operators. Flexible power plants are essential in order to modify the power plant according to the current scenario to shift from one source of energy to another. Power plant operators are emphasizing on upgrading their facilities by integrating its existing infrastructure with a renewable source of energy. The deployment of this system offers higher flexibility to use available resources to generate electricity. Thus, many companies and operators are concentrating on increasing their power plant flexibility to meet the variable demand which increases the potential development of flexible power plant market.
The flexible power plant is classified on the basis of fuel type i.e. heavy diesel oil, light diesel oil, LNG, dual fuel, renewable energy, and others. On the basis of plant size, the flexible power plant can be segmented as up to 100MW, 101MW to 500MW and above 500MW. On the basis of end user, the global flexible power plant market is categorized into utilities, independent power producers, mining and others.
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Many power plant operators are upgrading their facility to cope up with variable electricity demand and balance the supply-demand ratio which is expected to enhance the demand for flexible power plants. Also, a flexible power plant can be coupled to renewable energy sources which help to reduce carbon footprint. The flexible power plants are very effective in the transmission and distribution of electricity according to the requirement which reduces the maintenance and operation cost of the grid.
The complications involved in installation and operation inhibits the growth of the flexible power plant. Also, expensive machinery and technology increase the overall operational cost of the system acts as a restraining factor to the growth of the flexible power plant market.
Key Players Covered
The leading companies in the flexible power plant market are Yanmar Co., Ltd, MAN Diesel & Turbo, Wartsila Corporation, Cummins, Daihatsi Mfg. Co., Ltd., Kohler Co., Ltd., Beta Marine Ltd., COELMO, Kirloskar Oil Engines Ltd., DOOSAN Engines, Siemens AG, Alstom Power, Eastern Generation LLC., and Contour Global.
SEGMENTATION
SEGMENTATION | DETAILS |
By Fuel Type | · Heavy Diesel Oil · Light Diesel Oil · LNG · Dual Fuel · Renewable Energy · Others |
By Plant Size | · Up to 100MW · 101MW – 500 MW · Above 500 MW |
By End User | · Utility · Independent Power Producers · Mining · Others |
By Geography | · North America (USA and Canada) · Europe (UK, Germany, France, Italy, Spain, Russia and Rest of Europe) · Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific) · Latin America (Brazil, Mexico and Rest of Latin America) · Middle East & Africa (South Africa, GCC and Rest of Middle East & Africa) |
Regional Analysis
The global flexible power plant market is segmented into North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. The Asia Pacific offers high potential and lucrative market for flexible power plant. The countries like India, China, Indonesia, and Vietnam are investing in large scale in order to achieve full electrification target. Thus, flexible power plant offers base load and peak load effectively. European nations are highly concentrating on developing renewable energy. Sweden, Latvia, Germany, and Denmark are among the dominating countries in generating maximum required demand by adopting a renewable source of energy. MEA has enormous potential in order to develop grid infrastructure and power plant which expected to grow the demand for the flexible power plant in the region.
Key Industry Developments
- In January 2019, Wartsila received a contract from Drewag to deliver a combined heat and power engine power plant (CHP) to Dredsen, Germany. The facility will feature eight Wartsila 31SG engines operating on natural gas able to deliver the output of ~90MW.
- In January 2019, Uniper has been awarded a contract from grid operator TenneT to build a new gas power plant in Irsching. The capacity of the plant will be 300MW and is expected to be operation by October 2022. It will serve as a special grid facility to supply power in special emergency circumstances.
- In September 2018, PW system is pleased to announce the contract with Zomet Energy Ltd. to provide 400MW of flexible power to Israel which supports its growing renewable energy capabilities.
- Ongoing
- 2023
- 2019-2022
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