Power Purchase Agreement (PPA) Market to Advance at CAGR of 39.3% during 2022 - 2031: TMR Study

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Oct 19, 2022, 11:00 ET

Rising demand for power purchase agreements (PPAs) for solar and wind energy projects fueled by adoption of renewable energy at competitive prices; physical delivery mode gain preference among government discoms and large utilities and to generate sizable revenues in power purchase agreement market
Global push toward clean energy to spur number of PPAs, especially in Asia Pacific

WILMINGTON, Del., Oct. 19, 2022 /PRNewswire/ -- The power purchase agreement (PPA) market size was pegged at US$ 15.31 Bn in 2021. An in-depth study by TMR has found that wind energy and solar energy accounted for key power purchase agreement market shares in 2021, and the demands in these applications are expected to stay lucrative in the next few years. Rise in solar power capacity in numerous developed and developing regions have reinforced the prospects in the segments, asserted the authors of the study in power purchase agreement (PPA) market.

According to an in-depth power purchase agreement market growth forecast by analysts at TMR, corporate renewable energy procurements have made vast strides in bid to meet sustainability requirements. An evaluation of recent power purchase agreement (PPA) market trends underscores that physical delivery PPAs are a remarkably profitable segment, whereby the demand is bolstered by increased preference of the long-term stability in electricity costs.

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Key Findings of Power Purchase Agreement (PPA) Market Study

Corporate Renewable Energy Procurement Accelerating Prospects: In several countries, numerous companies in a bid to reduce their environmental footprint and meet energy sustainability are fueling the demand for purchase power agreements, with lowered electricity costs being a major advantage. The TMR study observed that corporate renewable energy PPAs have gathered massive momentum, thereby creating substantial revenue streams in the power purchase agreement (PPA) market.
Solar Energy PPAs Creates Massive Opportunities: The solar segment held a major 56.2% share of the global power purchase agreement (PPA) market in 2021 and is projected to gain significant share by 2031. A bulk of demand comes from Asia Pacific, notably India and China, enriched by widespread penetration of solar energy in various industrial and residential applications. On the other hand, wind PPAs have increased considerably over the years, mainly on account of adoption of wind energy in European countries. Among the various types, large utility and government power distribution companies are keen on power purchase agreements through physical delivery mode in contrast to virtual delivery mode.

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Power Purchase Agreement (PPA) Market: Key Drivers

Growing global push toward decarbonization of commercial and industrial sector has spurred corporates to procure renewable energy, and is a key driver of the power purchase agreement (PPA) market. This has continuously gathered momentum on the back of massive initiatives undertaken by corporates to adopt clean energy and meet various national and international guidelines on sustainability.
Rise in investments in renewable energy projects for residential consumers is a key underpinning for the expansion of the power purchase agreement (PPA) market.

Power Purchase Agreement (PPA) Market: Regional Growth Dynamics

North America and Europe are prominent markets currently and are anticipated to remain lucrative during the forecast period of 2022–2031. Of the two, Europe accounted for higher share of 23.5% in 2021. Massive investments in renewable energy projects will reinforce the revenue streams in both regional markets.
In the same year, Asia Pacific held share of 48.2% in power purchase agreement (PPA) market, and is projected to expand at promising pace during the forecast period. Growing inclination toward renewable power generation & distribution for meeting the requirements of electricity has propelled profitable avenues in the region, notably in China and India.

Power Purchase Agreement (PPA) Market: Key Players

The power purchase agreement (PPA) market is characterized by a fragmented competition landscape, attributed to the presence of several small as well as large players dotting the marketspace.

Some of the key market players are Fairdeal Greentech India Pvt. Ltd., ECOHZ, Sungevity, The Climate Group, RWE AG, Enel Global Trading S.p.A., Ameresco, RES Group, Statkraft AS, Siemens AG, and General Electric.

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Power Purchase Agreement (PPA) Market Segmentation

Type

Physical Delivery PPA
Virtual PPA
Portfolio PPA
Block Delivery PPA
Others

Location

Onsite
Offsite

Application

Solar
Wind
Geothermal
Hydro
Carbon Capture & Storage
Others

Regions Covered

North America
Latin America
Europe
Asia Pacific
Middle East & Africa

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