Peaking power plant market to reach $35.8b by 2033

Thanks to the integration of clean power sources, amongst others.

The global peaking power plant market is expected to reach $35.8b by 2033 from $21.5b in 2024, according to ResearchIntelo.

In a statement, the company said this expansion reflects a compound annual growth rate (CAGR) of 5.7%, thanks to urbanisation, industrial expansion, and the increasing integration of renewable energy sources that also bring variability to grid operations.

“Peaking power plants are not intended to operate around the clock. Instead, they are used strategically to balance supply and demand when grids experience shortfalls,” ResearchIntelo said.

“Their value lies in rapid start-up and shut-down capabilities, enabling utilities to avoid blackouts and maintain system stability,” it added.

Some of the challenges the market may face are competition from energy storage systems, environmental regulations, and public opposition to fossil fuel infrastructure.

Meanwhile, there are market opportunities for fuel flexibility and hybridisation, modernisation and digitisation of assets, and ancillary services markets.