WILMINGTON, DE / ACCESSWIRE / June 6, 2023 / Transparency Market Research Inc. - The Global Ancillary Services for Power Market size stood at US$ 8 Bn in 2022 and is expected to be valued at US$ 16.9 Bn by 2031. The global industry is predicted to expand at a CAGR of 7.8% between 2023 and 2031.
The market size for ancillary services for power is anticipated to expand at a steady pace in the coming years as an increasing number of people are utilizing renewable energy sources. Advances in energy storage technologies and development of smart grid solutions are anticipated to increase market demand for ancillary services for power in the next few years.
Ancillary services support the efficient operation of the power system by regulating frequency and voltage levels, balancing of energy supply and demand in real-time. The grid can endure outages, blackouts, or voltage swings without supplementary services, which would be harmful for customers, companies, and the economy as a whole.
Ancillary services maintain a constant balance between electrical supply and demand, control voltage and frequency, and offer operational reserves. They are crucial for maintaining system stability in circumstances involving immense demand and unanticipated disasters. Vendors in this global market can find profitable prospects with the implementation of rules to broaden the purview of ancillary services.
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Increase in renewable energy generation, surge in electricity consumption, and increased demand for grid stability are expected to drive market development. Use of ancillary services in the power sector is also being driven by the expansion of grid infrastructure and government efforts to promote incorporation of renewable energy sources.
Key Findings of Market Report
- In terms of application, the frequency regulation segment is expected to lead the market between 2023 and 2031. Frequency regulation is particularly crucial when integrating renewable energy sources due to the inherent fluctuation nature of the generation output of renewable energy sources such as solar and wind power. The total system frequency, which must be kept constant to guarantee the correct operation of electrical equipment as well as grid stability, could be impacted by these changes.
Global Ancillary Services for Power Market: Growth Drivers
- Increase in usage of renewable energy sources is a priority for governments throughout the world, as they work to reduce their carbon impact. The management of the intermittent and variable nature of renewable energy sources depends heavily on ancillary services. The integration of renewable energy into power networks necessitates a number of services, including frequency regulation, ramping capabilities, and grid stability assistance. Consequently, expansion of the global market is driven by growth in the use of renewable energy sources.
- Market value of ancillary services for power is driven by developments in energy storage systems, grid technology, and high demand for response technologies. These technologies make it possible for grid operators to respond to grid variations more successfully, incorporate sources of renewable energy, and deliver ancillary services more effectively and affordably
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Global Ancillary Services for Power Market: Regional Landscape
- Europe is expected to account for significant market share between 2023 and 2031. Increase in incorporation of renewable energy is anticipated to fuel the ancillary services for power industry growth in the region. The need for ancillary services for grid balancing and frequency regulation is projected to be considerably strong in Europe.
Global Ancillary Services for Power Market: Key Players
Some of the key players in the global ancillary services for power market are as follows
- Mitsubishi Electric Corporation
- National Grid plc.
- General Electric Company
- NextEra Energy, Inc.
- Schneider Electric SE
- Eaton Corporation plc
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Global Ancillary Services for Power Market: Segmentation
By Service Type
- Frequency Controlled Ancillary Services
- Network Controlled Ancillary Services
- Others
Application
- Frequency Regulation
- Voltage Compensation
- Renewable Integration
- Operational Management
- Others
End-use
- Residential
- Commercial
- Industrial
Regions
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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