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Peaking Power Plant Market Is Estimated To Surpass Usd 36.04 Billion By 2032

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By Author: Sid Avasthi
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Market Summary:

The global peaking power plant market reached a value of USD 20.45 billion in 2022, with projections indicating it will reach USD 36.04 billion by 2032, maintaining a revenue compound annual growth rate (CAGR) of 6.5% during the forecast period. In 2021, the market size for peaking power plants was estimated at USD 19.20 billion, and it is expected to sustain a 6.5% CAGR in terms of revenue over the forecast period. The primary drivers of this market revenue growth include global population expansion, urbanization, industrialization, and other contributing factors.

The need for a reliable and efficient power supply during peak usage hours has become increasingly crucial due to the surge in electricity consumption. Peaking power plants are specifically designed to provide additional power during periods of high demand, ensuring a consistent power supply for consumers. The market's revenue growth is further propelled by the growing adoption of Renewable Energy sources and the imperative to reduce carbon emissions.

One of the primary factors propelling the global peaking power plant market is ...
... the escalating demand for electricity across residential, commercial, and industrial sectors. The rise in urbanization and population growth has led to increased electricity demands, necessitating supplementary power sources during peak consumption times. Peaking power plants offer a dependable and sufficient power supply precisely when it is most needed, ensuring a continuous electricity flow for consumers. Their demand is on the upswing, particularly as smart cities and connected devices gain traction, primarily because they provide a stable and reliable source of power.

Another significant driver contributing to market revenue growth is the imperative to curtail carbon emissions and harness renewable energy resources. Peaking power plants are increasingly incorporating renewable energy sources such as solar, wind, and hydro to reduce carbon emissions and combat global warming. The adoption of energy storage systems is a pivotal factor in boosting market revenue, as these systems enable the storage of excess electricity generated during off-peak hours for utilization during peak demand periods.

Read More: https://www.reportsanddata.com/report-detail/peaking-power-plant-market

Strategic Developments:
• In 2021, Siemens AG collaborated with E.ON to create a substantial battery storage system for Uniper's gas-fired power plant in Germany, with the intention of bolstering grid flexibility and decreasing the dependence on fossil fuels.
• In 2020, Wärtsilä Corporation disclosed a contract for the provision of an 80 MW energy storage system to the United Arab Emirates, aiming to enhance grid stability and facilitate the integration of renewable energy sources into the grid.
• In 2019, Caterpillar Inc. acquired Energy Power Systems Australia, a specialized Australian firm involved in the design, production, and distribution of diesel and gas generator sets. This acquisition was undertaken to broaden Caterpillar's product portfolio within the Australian market.
• In 2018, Mitsubishi Hitachi Power Systems, Ltd. entered into a partnership with Sumitomo Mitsui Construction Co., Ltd. to develop a 450 MW natural gas-fired power plant in Thailand, with the primary objective of enhancing the reliability and stability of the country's power grid.
• In 2017, General Electric Company secured a contract to provide 24 gas turbines for new power plants in Iraq, a project anticipated to augment the nation's power generation capacity by 14,000 MW and enhance the grid's reliability and efficiency.

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