Recent developments in commercial and industrial sectors is fueling the demand for electricity. Fortune Business Insights predicts the rising demand for continuous supply of electricity to drive the global flexible power plants market, in their new report titled, “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 Geography Forecast Till 2026.”
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Rising Demand for Distributed Power Generation Technology to Drive Market
The increasing demand for renewable energy especially in the power generation sector is a major driver of the flexible power plant market. Most of the power plant operators are investing increasingly in upgrading their systems to cater to the demand for variable electricity. Company investments are also made with the aim of balancing the ratio of supply and demand. This is further anticipated to boost the global market for flexible power plants in the forecast period.
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.
Key Market Driver – Shifting trend towards developing flexible power supply
Key Market Restraint – Complexities and quite expensive
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The use of medium speed generators for generating energy is also fueling the demand for flexible power plants in the market. In a way, it has replaced the traditional method of using coal for power generation. The harmful effects that burnt coal have adverse effects on the environment. This has impelled governments to take necessary steps and find alternatives to coal based energy generators. The introduction of environment-friendly power generators has thus encouraged governments worldwide to switch from coal-based power plants to the flexible power plants, thus, boosting the market.
On the flipside, latest technology used for flexible power plants and their installation involves huge funds. The high installation and high maintenance costs of flexible power plants may restrict their uptake to an extent. Nevertheless, the increasing demand for distributed energy resources is presumed to influence the power generation industry and thus, the flexible power plants market in the forecast period.
Major Table of Content For Flexible Power Plant Market:
- Executive Summary
- Market Dynamics
- Key Insights
- Global Flexible Power Plant Market Analysis, Insights and Forecast, 2016
- North America Flexible Power Plant Market Analysis, Insights and Forecast, 2016
- Europe Flexible Power Plant Market Analysis, Insights and Forecast, 2016
- Asia Pacific Flexible Power Plant Market Analysis, Insights and Forecast, 2016
- Middle East and Africa Flexible Power Plant Market Analysis, Insights and Forecast, 2016
- Latin America Flexible Power Plant Market Analysis, Insights and Forecast, 2016
- Competitive Landscape
- Company Profile
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