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
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.
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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.
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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
Ancillary Services for Power Market, by Region
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