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The rise in electricity demand, especially in underdeveloped and developing countries, has resulted in the construction of power infrastructure. Moreover, government electrification schemes are drawing investments in power sector. In 2015, the electrification movement accelerated. In 2018, the global electrification rate hit 79%, and over 163 million individuals obtained power at a rate of more than 1% per year. This impetus stayed unequal among regions with hard-to-reach populations, especially in Sub-Saharan Africa, where many people still lack access to power. Electrification initiatives in Southern and Central Asia have been exceptionally effective, with 91% of the population having access to power in 2017. Across 2017, access rates in Latin America, the Caribbean, and Southeast and Eastern Asia reached 98%.
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Among the 20 nations with the most significant populations without access to power, India, Kenya, Myanmar, and Bangladesh have achieved considerable improvement since 2010. Moreover, the implementation of essential methods to enhance access to power is increasing the demand for ancillary services. Ancillary services assist system operators in making continual efforts to keep the voltage, frequency, and load of the working equipment within the authorized tolerances or to restore them to normal following a fault. Such aspects are projected to boost the sales of ancillary services for power market. The global ancillary services for power market is anticipated to exhibit a CAGR of 8% during the forecast period (2020 to 2030).
Strong Usage of Renewable Energy to Drive Ancillary Services for Power Market
The incorporation of renewable energy into the grid has risen dramatically in recent years, owing to significant reductions in wind and solar development costs. The implementation of strong climate policies in a number of nations throughout the world, including China, the United States, India, Australia, Japan, and the European Union, is also a major driver pushing the development of renewable technologies. Regulators have established numerous incentives and targets to boost the permeation of renewable methods in the energy mix. For example, the African Renewable Energy Initiative (AREI) was launched with the goal of producing 300 GW of electricity in Africa using affordable, clean, and adequate energy sources by 2030.
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The increased use of renewable resources has caused fluctuations in power output. As a result, there is more concern regarding grid stability. Grid operators are focusing more on the installation of ancillary services, which assist them in keeping a dependable power grid. Ancillary services provide efficient electrical flow and direction, resolve mismatches between demand and supply, and aid system recovery after a power outage. Thus, an increased level of renewable energy in the power generation sector is expected to raise the demand for ancillary services in the power market during the forecast period. Such factors are expected to create revenue-generation opportunities in ancillary services for power market.
Europe to Dominate Ancillary Services for Power Market
Europe is set to dominate the global ancillary services for power market. The United Kingdom is expected to be the largest revenue generator in ancillary services for power market in Europe. This is mainly attributed to a rise in the number of renewable technologies in the primary energy mix as a result of a greater emphasis on decreasing the impact of climate change.
Asia Pacific is anticipated to witness growth in the worldwide ancillary services for power market during the forecast period due to a rise in transmission and distribution network investments, mainly in India and China. The implementation of an electrification project and an increase in demand for energy, particularly in rural regions, are two significant drivers drawing investments in the expansion of transmission and distribution networks throughout the region. This, in turn, is projected to increase demand for ancillary services for power market in Asia Pacific.
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Leading players in the ancillary services for power market are Snowy Hydro Limited, General Electric, New York Independent System Operator, Independent Electricity System Operator, Elia, Alberta Electric System Operator, PJM, Southwest Power Pool, Inc., Midcontinent Independent System Operator, Inc., Alberta Electric System Operator, Electric Reliability Council of Texas, and Transelectrica SA.
The global ancillary services for power market is segmented as follows:
Distribution companies (discom) in the ancillary services for power market prepare power procurement plans to eliminate any uncertainties regarding the demand and supply of electricity. This planning is typically carried out for a long period of over seven years, medium and short-term period of only months to set the demand and generation expectations correctly for discoms. However, real-time balance of the demand and supply of electricity has its uncertainties, making it difficult to balance the grid. Hence, companies in the ancillary services for power market are increasing efforts to achieve a clear demarcation between energy trade and system imbalance handling.
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