The global flexible power plants powered by medium speed generators (300-1200 rpm) market is estimated to garner a sizeable revenue and grow at a CAGR of 4% over the forecast period, i.e., 2022 – 2030. The growth of the market can be attributed to the increasing need to decrease reliance on power generation from coal, growing concerns associated with high carbon emissions, and rising demand for distributed power generation technologies around the world. In addition to these, escalating demand for electricity as a result of rapid urbanization and industrialization is also expected to drove market growth in the forthcoming years. According to the World Bank, the urban population of the world has only witnessed a hike since 1960, the percentage of which in the year 2020 was 56.15 percent, up from 55.714 percent in 2019. Furthermore, wider adoption of renewables for energy generation globally is projected to offer profitable growth opportunities to the market in the near future.
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The market is segmented by generator fuel type into heavy diesel oil, light diesel oil, LNG, dual fuel, renewable energy, and others, out of which, the LNG segment is anticipated to witness the highest growth in the global flexible power plants powered by medium speed generators (300-1200 rpm) market on account of the fact that this fuel is more environment friendly as compared to heavy diesel oil which is conventionally used for base-to-middle load power generation. Additionally, the cost effectiveness and lower emissions of LNG is also assessed to boost the growth of the market segment in the coming years. Along with this, on the basis of end user, the segment for independent power producers (IPPs) is evaluated to gather a significant market share over the forecast period owing to the increasing power requirements from off-grid consumers across the globe.
In 2018, the world’s total energy supply was 14282 Mtoe, wherein the highest share in terms of source was captured by oil, accounting for 31.6%, followed by coal (26.9%), natural gas (22.8%), biofuels and waste (9.3%), nuclear (4.9%), hydro (2.5%), and other (2.0%). Where there was an increase in energy demand in 2018, the year 2019 witnessed slow growth as the energy efficiency improved owing to decline in the demand for cooling and heating. However, in 2020, the electricity demand decreased by 2.5% in the first quarter of 2020 due to the outbreak of Coronavirus resulting in government-imposed shutdowns in order to limit the spread of the virus, which was further followed by shutdown of numerous business operations impacting their growth. This also resulted in decline of 5.8% in the worldwide CO2 emissions which was recorded to be five times larger than the one recorded during the global financial crisis in 2009. However, in 2021, the demand for oil, gas and coal is estimated to witness growth, which is further projected to create opportunities for market growth. Moreover, rising environment degradation and awareness related to climate change is motivating many key players to employ sustainable energy strategies and invest significantly in environment-friendly power generation technologies with an aim to promote sustainable development among various nations around the world. Such factors are anticipated to promote the growth of the market in upcoming years.
On the basis of geographical analysis, the global flexible power plants powered by medium speed generators (300-1200 rpm) market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and the Middle East & Africa region. The market in the Asia Pacific is estimated to garner the largest share over the forecast period on the back of the growing demand for stable and continuous power, and largescale upgradation of power infrastructure in countries, namely China and India. For instance, in the fiscal year 2020, the peak energy demand in India reached more than 180 thousand megawatts. The largest energy demand was from the northern region, amounting to about 65 thousand megawatts of energy. Apart from these, rise in research and development activities regarding flexible power plants is also expected to drive market growth in the region. Moreover, the market in the Middle East & Africa is also predicted to grab a notable share in the market, which can be ascribed to the increasing investments for the use of clean energy and escalating number of smart city projects in the region.
The global flexible power plants powered by medium speed generators (300-1200 rpm) market is further classified on the basis of region as follows:
Our in-depth analysis of the global flexible power plants powered by medium speed generators (300-1200 rpm) market includes the following segments:
FREQUENTLY ASKED QUESTIONS
The major factors driving market growth are growing need to reduce reliance on coal for power generation and increasing demand for distributed power generation technologies.
The market is anticipated to attain a CAGR of ∼4% over the forecast period, i.e., 2022 – 2030.
Short term problems created by the minimum power output of power plants is estimated to hamper the market growth.
Asia Pacific will provide more business opportunities for market growth owing to the growing demand for stable and continuous power, and largescale upgradation of power infrastructure in the region.
The major players in the market are Daihatsu Diesel Mfg. Co. Ltd., Wartsila Corporation, MAN Energy Solutions SE, Caterpillar Inc., Kohler Co., and others.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by generator fuel type, plant size, end user, and by region.
The LNG segment is anticipated to hold largest market size and is estimated to grow at a robust CAGR over the forecast period and display significant growth opportunities.
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