Peaking power plants market to hit $153.46b in 2029

Thanks to increasing electricity demand, decentralisation, and microgrid development.

The market size of peak power plants is seen to reach $153.46b in 2029, with a compound annual growth rate of 6.3%.

According to The Business Research Company (TBRC), factors contributing to this growth include heightened electricity demand, increased decentralisation, and the development of microgrids, along with expansion in energy storage and the integration of renewable resources.

The growing need for reliable power in remote locations, along with an overall global increase in power demand, will also be driving factors.

The market is projected to expand from $113.39b in 2024 to $120.17b in 2025, thanks to factors such as enhanced integration of energy storage technology, government initiatives and energy policies, oscillations in the cost of natural gas, an increased focus on grid dependability, and the advancement in the infrastructural framework of power grids.

Whilst Asia Pacific dominated the market in 2024, North America is expected to experience the most rapid growth in the following years.