Press release
Flexible Power Plants Market To Be Worth 7,901.5 MW by 2025 | TMR
According to Transparency Market Research (TMR), the global flexible power plants powered by medium speed generators (300-1200 rpm) market’s volume was 5,542.8 MW in 2016 and is projected to reach 7,901.5 MW by 2025 at a CAGR of 4.0% from 2017 to 2025.
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Asia Pacific led the global flexible power plants powered by medium-speed generators (300 rpm to 1200 rpm) market in 2016, followed by the Middle East and Africa. These developing economies are likely to retain dominant positions in the market in the coming years, with developed markets such as North America and Europe following due to the wider prevalence of reliable power distribution infrastructure in the latter.
Rising Need to Decommission Coal Power Plants Drives Demand for Alternatives
The growth of the flexible power plants powered by medium speed generators (300 rpm to 1200 rpm) market is a key part of the trend of the decreasing reliance on power generation from coal. The adverse environmental effects of coal-based power generation have become widely known across the world, which is leading to growing government as well as public support to alternatives to coal power plants. The heavy use of coal-based power generation technology in developing countries in Asia Pacific is thus crucial for the flexible power plant powered by medium speed generators market, as countries such as India and China are likely to require large-scale power infrastructure upgrades in the coming years.
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Other major market drivers for the global flexible power plant powered by medium speed generators (300-1200 rpm) market are the increase in the demand for power across the globe, growing prevalence of power outages, especially in developing countries, and the rise in the volume of off-grid power consumption.
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Transparency Market Research is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. Our experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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