Surge in demand for renewable power, growing usage of solar energy, from the industrial sector drives the growth of the global power purchase agreement market.
PORTLAND, Ore., Jan. 23, 2023 /PRNewswire/ -- Allied Market Research published a report, titled, "Power Purchase Agreement Market by Type (Physical PPA, Portfolio PPA, Block Delivery PPA And Others), Application (Wind, Solar, Hydro, Geothermal And Others), End Use (Corporate, Merchant And Residential),And Region (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2022-2031" According to the report, the global power purchase agreement industry generated $11.6 billion in 2021, and is estimated to reach $18.4 billion by 2031, witnessing a CAGR of 4.9% from 2022 to 2031. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, regional landscapes, and competitive scenarios.
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Drivers, Restraints, and Opportunities-
PPA allow to mitigate the risks for both energy producers and buyers drives the growth of the global power purchase agreement market. On the other hand, difficulties in consumer metering and independent regulator impede the growth to some extent. However, increasing investment in transmission and distribution services is expected to create lucrative opportunities in the industry.
Covid-19 scenario-
- Degradation of power generation by renewable energy companies, thus impacting the growth of the power purchase agreement industry negatively.
- However, rise in energy transition activities by the major key players has helped the market recover post-pandemic.
Physical PPA is the most lucrative segment-
By type, the Physical PPA segment held the major share in 2021. The physical PPA dominated the market as in line with the agreement power is directly delivers to the customer at PPA price. Physical PPA bring the advantage of potential electricity cost savings with no up-frost capital costs and long-term electricity cost stability and predictability.
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Wind segment is dominating the segment in the forecast period -
By application, the wind sector dominated the market in 2021 as globally the production of the power through wind source is maximum. However, the solar segment holds the highest CAGR during the forecast period, as solar comes with the cost advantages and new technology for the storage of power and transmission.
Corporate segment witnessed the highest market in the forecast period-
By End Use, the corporate sector dominated the market in 2021 due to consumption of the power is increasing and to lower the expenditure on power companies are entering into PPA. Government is also providing the cost and tax benefits for corporate to enter in PPA.
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Europe is dominating region and maintain its dominance in forecast period-
By region, Europe dominated the market owing to increased production of power through renewable sources. In Spain and Sweden, the large companies have already entered into the PPA and several power producers are into the expansion of the power production plant. North America holds the highest CAGR of 5.3% in the forecasted period. U.S. also started power purchase agreement policy which has made the country an interesting prospect regarding power purchase agreement projects.
Leading Market Players-
- GENERAL ELECTRIC
- SIEMENS AG
- STATKRAFT
- AMERESCO INC.
- ENEL S.P.A.
- ECOHZ
- RES GROUP
- SCHNEIDER ELECTRIC
- SHELL PLC.
- RWE AG
- ENGIE
The report analyzes these key players in the global power purchase agreement market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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