Ancillary Services for Power Market: Introduction
The global ancillary
services for power market was valued at ~US$
7 Bn in 2019 and
is anticipated to expand at a CAGR of ~8% during the
forecast period. In terms of service type, the operating reserve segment
accounted for major share of the global ancillary services for power market in 2019.
The global ancillary services for power market is expected to expand at a rapid
pace in the near future due to exponential rise in the demand for electricity
across the globe. The growth in electricity consumption can be ascribed to
rapid urbanization, increase in investments in industrial infrastructure, and
economic growth, primarily in developed and developing countries.
Significant
investments and technological advancements are driving the development of
sustainable sources of energy, such as solar, wind, geothermal, and biomass, in
order to meet the rising demand for energy across the globe. The rise in
penetration of variable renewable resources increases fluctuation in electrical
output and creates uncertain generation-demand imbalances. This leads to
concerns about power quality and stability.
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In order to
minimize the grid instability risk, grid operators are increasing their focus
on implementation of ancillary services, as these services help them maintain
proper flow and direction of electricity. Thus, rise in adoption of renewable
energy in the power generation sector is anticipated to boost the ancillary services
for power market during the forecast period. Moreover, increase in investments
in the expansion of power infrastructure to provide electricity access in
off-grid areas, primarily in developing and underdeveloped countries such as
India, Bangladesh, Kenya, and those in Sub-Saharan Africa, is estimated to
propel the ancillary services for power market during the forecast period.
Policymakers have introduced several electrification programs to attract
investments in the power sector. This, in turn, is likely to augment the
ancillary services for power market.
Europe
Leads Ancillary Services for Power Market
Europe
dominated the global ancillary services market in 2019. The
dominance of Europe in global ancillary services for power market can be
ascribed to increase in adoption of renewable technologies due to rise in focus
on reducing carbon emissions and growth in emphasis on maintaining
sustainability of fossil fuel resources across the region. Enactment of
stringent government regulations to minimize environmental impact is a key
factor boosting the demand for renewable technologies in Europe. In 2018, the
EU introduced renewable energy directive 2018/2001/EU with an aim to meet at
least 32% of its total energy needs
with renewables by 2030. The U.K.
constituted major share of the ancillary services for power market in Europe in 2019.
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The
ancillary services for power market in Asia Pacific is anticipated to expand
owing to the increase in investments in expansion of grid infrastructure,
primarily in China and India. For instance, in 2018, the
Government of India invested US$ 77 Mn for the
installation of 350 circuit kilometers of transmission lines. In 2019,
it provided US$ 92 Mn for the installation of 1,900 circuit
kilometers of transmission lines. Increase in share of clean fuel technologies
in the primary energy mix is also expected to boost the ancillary services for
power market during the forecast period. As of December 2019, India
had installed 86 gigawatts (GW) of renewable energy capacity. The country has
been targeting 175GW of variable renewable energy by 2022.
The target is expected to rise to 450 GW by 2030. These
efforts are projected to provide an impetus to the ancillary services for power
market in the country.
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The
ancillary services for power market in North America is anticipated to expand
during the forecast period due to the increase in adoption of energy storage
systems in the region. The U.S. constituted prominent share of the ancillary
services for power market in North America in 2019. Ongoing
investments in modernization of transmission & distribution infrastructure
is expected to boost the ancillary services for power market in the U.S.
Competition Landscape of Ancillary
Services for Power Market
The global
ancillary services for power market is dominated by several local and regional
players. The ancillary services for power market is fragmented in nature.
Prominent players operating in the ancillary services for power market include Snowy
Hydro Limited, New York Independent System Operator, Elia, PJM, Transelectrica
SA, General Electric, Independent Electricity System Operator, Midcontinent
Independent System Operator, Inc., Alberta Electric System Operator, Southwest
Power Pool, Inc., and Electric Reliability Council of Texas.
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