Global Captive Power Generation Market 2019-2023
About this market
The increasing adoption of renewable energy sources in captive power generation will drive the market growth in the forthcoming years. Industries are making significant investments in renewable energy sources as they are less-carbon intensive and environmentally sustainable solutions. In addition, the declining costs of power generation is another significant factor contributing to the rising adoption of renewable energy sources. As a result, the rising use of renewable energy sources in captive power generation is expected to rise mainly due to its declining LCOE. Technavio’s analysts have predicted that the captive power generation market will register a CAGR of more than 3% by 2023.
Sale of surplus power to the grid
One of the growth drivers of the global captive power generation market is the sale of surplus power to the grid. The purpose of installing captive power plants is to ensure continuous and uninterrupted power supply in industries.
Declining investments in the coal sector
One of the challenges in the growth of the global captive power generation market is the declining investments in the coal sector. Using other alternative fuels of coal such as renewables or natural gas could increase the cost of power generation for plant operators. Increased expenses will adversely affect the profitability and hinder the market growth.
For the detailed list of factors that will drive and challenge the growth of the captive power generation market during 2019-2023, view our report.
The market appears to be moderately fragmented with the presence of several market players. Most of the companies are adopting the Industry 4.0, Industry 5.0 has already started paving its way into the manufacturing sector. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Captive Power Generation Market 2019-2023
Technavio recognizes the following companies as the key players in the global captive power generation market: ArcelorMittal, Doosan Corporation, LafargeHolcim, Siemens, and Wärtsilä.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the industrial revolution.”
According to the report, one of the major drivers for this market is the increasing adoption of renewable energy sources in captive power generation.
Further, the report states that one of the major factors hindering the growth of this market is the declining investments in the coal sector.
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