Press release
Ancillary Services Power Market to Reach USD 8.68 Billion by 2030 with 25.6% CAGR
Ancillary Services Power Market
The global ancillary services power market is experiencing rapid growth, driven by the increasing integration of renewable energy sources and the electrification of transportation. In 2023, the market size was valued at approximately USD 1.76 billion and is projected to reach USD 8.68 billion by 2030, reflecting a Compound Annual Growth Rate (CAGR) of 25.6% during the forecast period.
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Competitive Landscape and Regional Demand
The ancillary services power market is characterized by the presence of key players who are actively engaging in mergers and acquisitions to strengthen their market positions. For instance, Adani Energy Solutions has expanded its transmission network through strategic acquisitions, including the purchase of Essar's Mahan-Sipat transmission assets for Rs. 1,900 crore in May 2024.
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Regionally, Europe is witnessing a significant boom in battery storage, supporting the rising use of wind and solar energy. Investments in Europe's battery storage capacity are projected to reach around 80 billion euros by 2030, aiming to support the increasing integration of renewable energy sources.
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Country-Specific Developments
Ancillary Services Power Opportunities in Vietnam
Vietnam's energy sector is undergoing rapid transformation, with increasing investments in renewable energy projects. The government's focus on sustainable energy solutions presents significant opportunities for ancillary services to support grid reliability and integration of variable renewable energy sources.
Ancillary Services Power Growth in Thailand
Thailand is actively promoting renewable energy adoption, leading to a growing need for ancillary services to maintain grid stability. The country's Power Development Plan emphasizes the integration of renewable energy, thereby driving the demand for ancillary services.
Ancillary Services Power Trends in Japan
Japan's commitment to a carbon-neutral society by 2050 has accelerated the integration of renewable energy sources. This transition necessitates advanced ancillary services to ensure grid stability and reliability, creating opportunities for market growth.
Ancillary Services Power Consolidation in South Korea
South Korea's energy sector is witnessing consolidation, with major companies investing in renewable energy and related services. This trend is expected to enhance the ancillary services market as integrated solutions become more prevalent.
Ancillary Services Power Updation in Singapore
Singapore is modernizing its power grid to accommodate a higher share of renewable energy. The implementation of smart grid technologies is enhancing the efficiency of ancillary services, supporting the nation's sustainability goals.
Ancillary Services Power Advances in the United States
The U.S. is experiencing significant advancements in ancillary services, driven by the increasing integration of renewable energy and the electrification of transportation. The deployment of smart grid technologies is enhancing the efficiency and reliability of ancillary services.
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Ancillary Services Power Developments in China
China's rapid expansion of renewable energy capacity necessitates robust ancillary services to maintain grid stability. The government's investments in grid modernization are creating a conducive environment for the growth of ancillary services.
Ancillary Services Power Innovations in Europe
Europe is at the forefront of integrating renewable energy, leading to innovative ancillary services to manage grid reliability. The region's investments in battery storage and smart grid technologies are supporting the ancillary services market.
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Key Recent Developments
Adani Energy Solutions completed the acquisition of Essar's Mahan-Sipat transmission assets for Rs. 1,900 crore in May 2024, consolidating its presence in Central India with four operating assets totaling 3,373 circuit kilometers.
Euronext has expanded its reach by acquiring various European exchanges, including those in Ireland, Norway, and Italy. The company is diversifying into the energy sector, aiming to leverage its expertise in equities to offer power and agricultural derivatives.
These developments underscore the dynamic nature of the ancillary services power market, with continuous advancements aimed at enhancing grid reliability and supporting the integration of renewable energy sources globally.
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