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Medium Speed Generators Market Expected To Reach the Value of 7,9015 by 2025
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Flexible power plants powered by medium speed generators (300-1200 rpm) are capable of adapting to dynamic changing conditions. These generally include balancing supply and demand by the hour and minute, or deployment of new generation and transmission resources over a period of years. Flexible power plants mainly address the challenges of fluctuations and uncertainty in fuel prices, rapid deployment of variable generation plants, adoption of new technologies at the consumer level, and changes in system standards and policies.
Flexible power plants powered by medium speed generators (300 rpm to 1200 rpm) are gaining momentum as a part of the decreasing reliance on power generation from coal. Flexible power plants running on dual fuel and renewable engines are also gaining popularity. This is one of the ways of ensuring future investment stability and sustainability in electricity generation. Various capacity market auctions have been introduced where generators can earn additional revenue in return for providing capacity at times of system stress.
The global flexible power plant powered by medium speed generators market held a total volume of 5,779.6 MW in 2016 and is likely to rise to a volume of 7,901.5 by 2025 at a solid 4% CAGR.
Heavy Diesel Likely to Reduce in Popularity in Flexible Power Plant Market
The global flexible power plant market is segmented into heavy diesel and other fuels by fuel type, with the other fuels segment made up by LNG, light diesel oil, renewable energy, and dual fuel setups. Other fuel types accounted for a major share in the global flexible power plant powered by medium speed generators (300-1200 rpm) market owing to the increasing environmental regulations regarding emissions. In terms of volume, other fuel types accounted for about 79% of the global flexible power plant powered by medium speed generators (300-1200 rpm) market in 2016. The others sub-segment held the largest share in the other fuels segment of the global flexible power plant powered by medium speed generators (300-1200 rpm) market in 2016. The market share of the other fuel types segment is anticipated to grow at a considerable rate during the forecast period owing to them being more environment-friendly in comparison to heavy diesel oil.
The 101 MW to 500 MW segment held a significant share in the global flexible power plant powered by medium speed generators (300-1200 rpm) market by plant size in 2016. The segment is predicted to maintain its control over the market during the forecast period owing to the high number of upcoming flexible power plants of this plant size.
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By application type, IPPs accounted for a substantial share of the global flexible power plant powered by medium speed generators (300-1200 rpm) market because of the rising power requirements from off-grid customers. IPPs are likely to lead the market during the forecast period, followed by government utilities in terms of share and growth.
By generator rating capacity, the 3MW – 5MW segment held the primary share in the global flexible power plant powered by medium speed generators (300-1200 rpm) market. This segment was followed by the above 10 MW segment in terms of market share. The 5MW – 10MW segment is expected to grow at a significant rate during the forecast period and is expected to be followed by the 3MW – 5MW and 2MW – 3MW segments.
Asia Pacific Likely to Retain Dominance in Flexible Power Plant Market
Asia Pacific held a dominant share in the global flexible power plant powered by medium speed generators (300-1200 rpm) market in 2016 owing to rising demand for continuous and stable power in the region. Asia Pacific was followed by the Middle East and Africa in terms of market share for flexible power plants powered by medium speed generators (300-1200 rpm) in 2016. The Asia Pacific market was valued at 1347.9 MW in 2016 and is projected to grow at a substantial rate of 3.5% during the forecast period.
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