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Ancillary Services Power Market Expected to Reach USD 18.2 billion, With a CAGR of 8.20% During the Forecast Period of 2023 to 2032

Sep 29, 2023 6:39 PM ET

Ancillary Services Power Market Expected to Reach USD 18.2 billion, With a CAGR of 8.20% During the Forecast Period of 2023 to 2032

Market Overview

As per an Extensive Research Report by Market Research Future (MRFR), Ancillary Services Power Market Information By Type, By Application, and Region – Forecast till 2032” With a CAGR of 8.20% from 2023 to 2032, the ancillary services power market can expect to rise in size from USD 9.7 billion in 2023 to USD 18.2 billion by 2032.

Ancillary services facilitate the effective functioning of the power system by continuously balancing energy supply and demand as well as managing frequency and voltage levels. The system can tolerate interruptions, blackouts, or voltage swings without the help of ancillary services, but this would be detrimental to consumers, businesses, and the overall economy.

Ancillary services control voltage and frequency, offer operational reserves, and ensure that the supply and demand of electricity are always in balance. In times of high demand and unanticipated disasters, they are crucial for maintaining system stability. 

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Market Competitive Landscape:

  • General Electric Company
  • Siemens AG
  • ABB Ltd.
  • Schneider Electric SE
  • Enel S.p.A.
  • Duke Energy Corporation
  • Dominion Energy Inc.
  • NextEra Energy Inc.
  • EDF Energy
  • BP Plc.
  • Total SE

Market Drivers:

In an effort to mitigate carbon footprint, various nations’ primary priority is to use more renewable energy. The management of renewable energy sources’ intermittent and variable properties heavily relies on ancillary services. In order to integrate renewable energy into power networks, services like frequency regulation, ramping capabilities, and grid stability support are required. As a result, the use of renewable energy sources is increasing, which is speeding up the global market’s growth.

Grid technology, improvements in energy storage systems, and a high demand for response technologies are all factors that raise market value. Grid operators can now include renewable energy sources, provide ancillary services more affordably and effectively, and adapt to system changes more successfully thanks to these technologies.

Between 2023 and 2032, Europe will provide numerous lucrative chances to international vendors. Ancillary services for the power industry are expected to rise in the area due to an increase in the adoption of renewable energy. The need for ancillary services for frequency control and grid balancing is expected to be very high in Europe.

Immediately following COVID-19, new regulations have gained prominence, which will influence how ancillary services for the power market will develop in the future. for instance, to solve issues with energy trade demarcations in real-time electricity markets, India has moved away from long-term stakeholder participation and towards short-term contracts. Because of this, ancillary services are starting to take off in the electricity sector.

It is projected that the market will keep expanding as a result of worldwide electrification. The demand for ancillary services in the power industry has expanded as a result of the rapid expansion of electricity access during the previous five years in low- and middle-income economies in Africa and the Asia-Pacific region.

Market Restraints:

On a regional and global level, the number of competitors in the ancillary power sector has raised the stakes for both new entrants and incumbent businesses. The landscape also has tremendous fragmentation and fierce rivalry.

Another key market concern that has led participants to monitor power trade and implement an hourly demarcation in the ancillary services power market is the ongoing COVID-19 outbreak.

Market Segmentation

The ancillary service types are spinning, non-spinning, and more. The spinning segment has been in the lead since 2022.

The applications of ancillary services power are grid stability, frequency regulation, and voltage support.

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Regional Insights

With a peak share of 45.80% recorded, North America has led the global market since 2022.  An increase in the production of renewable energy, an increase in the use of power, and an increase in the demand for grid stability have all contributed to the area’s phenomenal market growth. The expansion of the grid infrastructure and government programs to promote the use of renewable energy sources have a favorable effect on the demand for ancillary services in the area’s power sector.

From 2023 to 2032, the fastest CAGR will most likely be achieved by the Asia Pacific. Rising demand for power is fueled by China’s and India’s economic growth. To facilitate this growth and maintain the grid’s stability, ancillary services are required. Large coal and nuclear power facilities are being developed, and renewable energy is being integrated, which emphasizes the range of energy sources that ancillary services must manage to provide stability.

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About Market Research Future:

Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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