Captive Power Plant Market is Estimated To Witness High Growth Owing To Increased Demand for Reliable Power Supply

Captive Power Plant Market

The global Captive Power Plant Market is estimated to be valued at US$ 25.99 Bn in 2023 and is expected to exhibit a CAGR of 13% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.

 

Market Overview:

Captive power plants are self-owned power plants that are set up by industries to meet their own power requirements as an alternative to the grid supply or as a standby during power outages. They provide on-site and reliable electricity to industries from renewable energy sources with benefits like reduced operational costs and long term energy security.

 

Market key trends:

One of the key trends in the captive power plant market is increasing adoption of renewable energy sources like solar and wind. Industries are increasingly investing in renewable energy generating units like solar PV panels and wind turbines within their captive power facilities to lower electricity costs as well as meet sustainability targets. These units help reduce dependence on fossil fuels, lower carbon footprint and ensure uninterrupted power supply around the clock. For example, industries located in regions with good solar insolation are adding solar photovoltaic modules to their existing captive power plants.

 

Segment Analysis

The global captive power plant market is segmented on the basis of fuel type into diesel, natural gas, coal and others. Among these, the natural gas segment dominates the market as natural gas is abundantly available and relatively cleaner source of energy as compared to coal and diesel. It accounts for more than 30% of the total captive power plant market.

 

Key Takeaways

The Global Captive Power Plant Market Size is expected to witness high growth, exhibiting 13% CAGR over the forecast period, due to increasing industrialization and commercialization activities across the globe.

 

Regional analysis

Asia Pacific region dominates the captive power plants market globally. Especially economies like India, China, Indonesia and Thailand are witnessing rapid industrial and infrastructural development which has increased the captive power demand in this region. South East Asian countries are also growing at a high pace in captive power plant installations due to their fast emerging industrial sector.

 

Key players

Key players operating in the captive power plant market are Wartsila, AES Corporation, Dalkia, Vegawatt Power Pvt Ltd, Ducon Technologies, General Electric, Thermax, Cethar Limited, Clarke Energy, Siemens, Doosan Heavy Industries & Construction, MAN Energy Solutions, Yanmar Co., Ltd., Kawasaki Heavy Industries Ltd., Mitsubishi Heavy Industries Ltd., Meidensha Corporation, Kirloskar Oil Engines Ltd., Greaves Cotton Limited, Cummins Inc., and Caterpillar Inc.

 

The global captive power plant market size is expected to reach US$ 25.99 Billion in 2023.

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https://www.dailyprbulletin.com/captive-power-plant-market-size-share-growth-outlook-2023/

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