- Ancillary Services for Power Market to Garner a CAGR of ~8% from 2020 to 2030; Projects for Preventing Output Fluctuations for Renewable Energy Plants
- Regulators Increasing Focus on Demarcating Energy Trade and System Imbalance for Real-time Electricity Market Opens New Avenue
ALBANY, New York, July 16, 2020 /PRNewswire/ -- Ancillary services occupy key role in maintaining the reliability of electricity grids and quality of power in the light of constant fluctuations in distributed power generation. Intermittent renewable energy integration, notably of wind and solar energy, is a key part of evolution of demand for ancillary services for power industry.
In 2019, the global valuation of the ancillary services for power market stood at ~US$ 7 bn in 2019. Clocking a CAGR of ~8%, it is expected to reach worth of ~US$ 16 bn by 2030-end.
Analysts at Transparency Market Research opine that new regulations have come to forefront in the wake of COVID-19 pandemic, which will shape the outlook of ancillary services for power market. Streamlining the processes in power bidding and deployment of smart meters will reduce uncertainty in distributed energy resources, affirm the analysts.
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Key Findings of Ancillary Services for Power Market
- Advancements in internet connectivity in ancillary services platforms help grid operators and service providers tap lucrative opportunities
- Of the various services types, the operating reserve segment led the market in 2019
- Of the various regions in ancillary services for power market, Europe accounts for the major revenue share; greening of grids offers the impetus for its growth
- Asia Pacific to rise at promising pace on back of governments' efforts to adopt renewables in overall energy mix
- Modernization of distribution grid help North America market to grow at impressive pace; the U.S. contributed the major share to the regional market in 2019
Explore 112 pages of top-notch research, incisive insights, and detailed country-level projections of Ancillary Services for Power Market (Service Type: Voltage Control & Reactive Power Support, Black Start, Load Following, Operating Reserve, Regulation Service, and Others) - Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2020 - 2030 at https://www.transparencymarketresearch.com/pressrelease/ancillary-services-power-market.htm
Ancillary Services for Power Market: Key Driving Factors and Promising Avenues
Increasing drive for integration of intermittent distributed generation of wind and solar energy is a key trend bolstering the uptake of ancillary services in the power sector in several parts of the world. Managing a variable power reserves reliably has driven the need for ancillary services for the power market. Numerous regulatory trends and macroeconomic factors have propelled the growth of the market.
- Changes in regulations in the power sector are becoming prominent in the emerging COVID-19 pandemic in developing and developed nations. For one, India has seen a shift from long-term stakeholder engagement to short-term contracts to overcome problems in energy trade demarcations in real-time electricity markets. This has made ancillary services to gain traction in the power market.
- Global electrification rate is markedly increasing around the world. In particular, countries in Asia Pacific and low and middle-income economies in Africa have witnessed a rapid rise in access to electricity over the past five years, driving the demand for ancillary services in the power market. Bangladesh, Myanmar, and Kenya have seen striking rise in electrification rate, supported by various government initiatives.
- In developing regions, the governments are committed to promoting the modernization of grid where renewable energy penetration forms the key policy. A case in point is the African Renewable Energy Initiative (AREI). To facilitate this, there has been a remarkable growth in demand in the ancillary services for power market.
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Ancillary Services for Power Market: Competitive Landscape
The presence of relatively large number of players both at regional and global level has raised the ante for new entrants and incumbents in the ancillary services for power market. Not only is the landscape intensely competitive, there exists a high degree of fragmentation.
Some of the players eyeing high stakes in the ancillary services for power market are PJM Interconnection LLC, Elia System Operator, Electric Reliability Council of Texas, Midcontinent Independent System Operator, Inc., General Electric, Transelectrica SA, and Snowy Hydro Limited.
Analyze Ancillary Services for Power Market growth in 30+ countries including US, Canada, Germany, United Kingdom, France, Italy, Russia, Poland, Benelux, Nordic, China, Japan, India, and South Korea. Request a sample of the study
Ancillary Services for Power Market: Key Impediments for Stakeholders
Ongoing COVID-19 pandemic has spurred stakeholders in electricity market to follow power trading and adopt an hourly demarcation in the ancillary services for power market. Consequently, this has created unique uncertainties in energy trade demarcations for distribution companies.
Further, voltage deviation in distributed energy processes is significant concern for players in ancillary services for power market, which demands a high degree of efficiency in ancillary services. Moreover, renewable energy plants also need to keep a check in output fluctuations, dampening the adoption of renewables in the overall energy mix in some nations.
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Global Ancillary Services for Power Market
Ancillary Services for Power Market, by Service Type
- Voltage Control & Reactive Power Support
- Black Start
- Operating Reserve
- Spinning Reserve
- Non-spinning Reserve
- Load Following
- Regulation Service
Ancillary Services for Power Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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