Global Flexible Power Plants Market is Projected to Reach 7,901.5 MW by 2025 - Transparency Market Research
Asia Pacific Lucrative Region in Global Market for Flexible Power Plants Powered by Medium Speed Generators
Albany,NY, November 17, 2017 (Newswire.com) - A recent business and commerce study by Transparency Market Research (TMR) has detected that the shares in the global market for flexible power plants powered by medium speed generators ranging from 300 to 1,200 rpm is distributed among a large number of players. The report expects the fragmented competitive landscape to sustain in the near future too, which would be a reflection of strong roles played by even small-scale vendors for the development of this market. The report identifies MAN Diesel & Turbo, Wartsila Corporation, Kirloskar Oil Engines Ltd., Caterpillar, Cummins, Kohler Co., Daihatsu Diesel Mfg. Co. Ltd., GE Power, Doosan Engine, Rolls Royce, Contour Global, and Yanmar Co., Ltd. as some of the key companies currently ahead of the curve in the global flexible power plants market that are powered by medium speed generators.
As per the projections of the TMR report, the demand in the flexible power plants powered by medium speed generators market, globally, will increment at a CAGR of 4.0% during the forecast period of 2017 to 2025. The report has estimated that in terms of volume, the requirement would reach 7,901.5 MW by 2025, swelling up from evaluated requirement of 5,542.8 MW in 2016. In the near future, most of the key companies are expected to collaborate with domestic and country-wide players and formulate pricing structures that suits individual regions, which has been a successful strategy in the recent past.
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On the basis of fuel type, the report segments the global market for flexible power plants market wherein medium speed generators are used into heavy diesel oil and others including LNG, light diesel oil, dual fuel, and renewable energy. While heavy diesel oil segment continues to lose ground as a result of growing environment concerns, the others sub-segments are collectively gaining traction and accounted for 79% of the total demand in 2016. Based on plant size, the market has been bifurcated into up to 100 MW, 101 to 500 MW, and above 500 MW, whereas on the basis of end-users, the market is classified into government utilities, independent power producers (IPPs), mining, and others.
Geographically, the TMR report picks out Asia Pacific as most lucrative region in the global market for flexible power plant powered by medium speed generators of capacity 300 to 1,200 rpm. This strong demand is primarily a reflection of continuous efforts from government in emerging economies such as India and China to improve their power infrastructure. Asia Pacific produced a demand for 1,347.9 MW of power from flexible power plants in 2016 and is projected to increment at a formidable CAGR of 3.5% during the forecast period of 2017 to 2025. The region of the Middle East and Africa is second most profitable region, driven by rapid construction in the region.
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Adaptability Feature Driving Adoptability of Flexible Power Plants
The ability of flexible power plants that operate with medium speed generators to adapt according to changing conditions is promoting its adoptability across various countries and regions. These plants are used to balance supply and serve the demand on the basis of minute and hour. These flexible power plants help in overcoming the challenges of uncertainty and fluctuations in fuel prices, changes in system policies and standards, adoption of new technologies at end-use level, and rapid deployment of variable generation plants.
Decreasing dependency on coal-generated power is another factor reflecting positively on the global flexible power plants powered by medium speed generators market. Increased emphasis on renewable engines, need to ensure a healthy return of investment, and the forever growing need for sustainable electricity are some of the other factors that are expected to reflect positively on this market.
The information presented in this review is based on a Transparency Market Research report, titled, “Flexible Power Plants Powered by Medium Speed Generators (300-1200 rpm) Market (Fuel - Heavy Diesel, Other Fuels; Plant Size: Up to 100 MW, 101-500 MW, and More than 500 MW; End User - Government Utilities, Independent Power Producers, and Mining; Generator Power Rating - Up to 750 kW, 750-1000 kW, 1-2 MW, 2-3 MW, 3-5 MW, 5-10 MW, and More than 10 MW) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2017 – 2025.”
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Source: Transparency Market Research