Press release
Ancillary Services for Power Market to Hit USD 16.9 Bn by 2031, Growing at 7.8 % CAGR - Transparency Market Research, Inc.
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Analysts' Viewpoint
Ancillary services for power are increasingly important as energy systems integrate more intermittent renewable sources. These services-which include frequency regulation, voltage support, and operating reserves-are essential for maintaining grid stability, particularly as renewable penetration increases. With governments worldwide enforcing stricter energy efficiency and emissions standards, and utilities investing in grid modernization, the market for ancillary services is poised to grow significantly. Key players are focusing on developing robust, technology-driven solutions that improve operational efficiency and reduce downtime, offering considerable opportunities for growth in the coming years.
Market Introduction
Ancillary services for power provide vital support functions that ensure the continuous, reliable, and efficient operation of electricity grids. They help balance supply and demand in real time, regulate voltage and frequency levels, and maintain overall grid stability. These services include:
Frequency Regulation: Adjusting power output to compensate for rapid fluctuations in supply and demand.
Voltage Support: Managing reactive power to maintain voltage stability.
Operating Reserves: Providing backup power to ensure reliability during sudden outages or demand surges.
Network Control Services: Enabling grid operators to optimize performance and ensure efficient power transmission.
The increasing penetration of renewable energy sources, which are inherently variable, makes ancillary services indispensable. Modern ancillary systems integrate advanced monitoring, real-time data analytics, and automated control solutions to meet the dynamic needs of today's power grids.
Key Market Drivers
Rise in Adoption of Renewable Energy Sources
Grid Balancing Needs: As renewable generation (e.g., wind and solar) increases, its intermittency requires enhanced grid management. Ancillary services such as frequency regulation and voltage support are critical to integrating these variable sources.
Sustainability Initiatives: Global efforts to reduce carbon emissions are accelerating the shift to renewable energy, driving demand for advanced grid stabilization solutions.
Technological Advancements in Grid Modernization
Smart Grid Solutions: Innovations such as Advanced Metering Infrastructure (AMI) and Phasor Measurement Units (PMUs) are providing real-time insights, thereby enhancing the efficiency of ancillary services.
Energy Storage Integration: The deployment of batteries and other storage technologies supports load balancing and peak shaving, further bolstering grid reliability.
Regulatory and Policy Support
Government Incentives: Stringent regulatory frameworks and subsidies are being implemented worldwide to promote energy efficiency and the integration of renewable energy sources.
Carbon Emission Targets: Policies aimed at reducing greenhouse gas emissions drive investments in technologies that enhance grid stability and efficiency.
Regional Outlook
Europe:
Europe leads the global market, driven by aggressive renewable integration, stringent environmental regulations, and significant investments in grid modernization. European countries are focused on enhancing system reliability and reducing carbon footprints, making ancillary services a critical component of their energy strategies.
North America:
North America, with its diverse energy mix, continues to invest in advanced grid technologies. The region's well-established power infrastructure and ongoing initiatives to integrate renewable energy are supporting steady growth in ancillary services.
Asia Pacific:
Asia Pacific is expected to grow rapidly due to increasing industrialization, urbanization, and rising electricity demand in emerging economies like China and India. Investments in grid infrastructure and renewable energy projects are creating strong market opportunities.
Latin America & Middle East & Africa:
Although smaller in market share, these regions are gradually adopting modern grid management practices and are expected to witness steady growth as they invest in renewable energy and upgrade aging infrastructure.
Analysis of Key Players
The ancillary services for power market is moderately consolidated with a few large-scale vendors dominating the global landscape. Leading companies are investing in R&D, expanding their service portfolios, and entering strategic partnerships to maintain and grow their market presence.
Prominent players include:
National Grid plc
NextEra Energy, Inc.
Duke Energy Corporation
Siemens AG
General Electric Company
Schneider Electric SE
Mitsubishi Electric Corporation
Eaton Corporation plc
ABB Ltd.
These industry leaders continue to push for technological innovation and operational efficiency, consolidating their positions through mergers, acquisitions, and investments in next-generation grid management solutions.
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Key Developments
January 2023: Florida Power & Light Company (FPL), a subsidiary of NextEra Energy, posted a 23% year-on-year increase in net income, driven by significant investments in renewable integration and ancillary service technologies.
March 2022: The Central Electricity Regulatory Commission (CERC) in India expanded the scope of ancillary services, enabling large consumers and energy storage providers to participate in ancillary service markets, thereby enhancing grid reliability.
Market Segmentation
By Service Type:
Frequency Controlled Ancillary Services
Network Controlled Ancillary Services
Others
By Application:
Frequency Regulation
Voltage Compensation
Renewable Integration
Operational Management
Others
By End-use:
Residential
Commercial
Industrial
By Region:
North America
Latin America
Europe
Asia Pacific
Middle East & Africa
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About Us Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision-makers, made possible by experienced teams of Analysts, Researchers, and Consultants. The proprietary data sources and various tools & techniques we use always reflect the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in all of its business reports.
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