Captive Power Generation Market to Reach $823.1 Bn, Globally, by 2030 at 5.3% CAGR: Allied Market Research

Rise in investment in renewable energy resources, rapid industrialization, and technological advancements across the globe drive the growth of the global captive power generation market

PORTLAND, Ore., Feb. 16, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Captive Power Generation Market by Technology Type (Heat Exchanger, Turbines, Gas Engines, Transformers, and Others), Fuel Type (Diesel, Gas, Coal, and Others), Ownership (Single and Multiple), and End Use (Residential, Commercial, and Industrial): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global captive power generation industry was pegged at $494.7 billion in 2020, and is expected to reach $823.1 billion by 2030, growing at a CAGR of 5.3% from 2021 to 2030.

Drivers, restraints, and opportunities-

Rise in investment in renewable energy resources, rapid industrialization, and technological advancements across the globe drive the growth of the global captive power generation market. However, high installation costs and technological complexities of captive power generation restrain the growth to some extent. On the other hand, rapid development of infrastructure and investment of developing countries in renewable energy power generation isexpected to create lucrative opportunities in the industry.

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COVID-19 scenario-

• The global captive power generation market was severely impacted due to the outbreak of covid-19. Many industrial operations have stopped and shut down due to the imposed lockdown by various governments to curb the spread of the pandemic, this in turn decrease in the development of the captive power generation.
• The reduction in construction and infrastructural development operations and shutdown of cement and iron & steel manufacturing industries had a negative impact on the market growth.

The gas engines segment held the highest share in 2020-

By equipment type, the gas engines segment contributed to more than one-third of the global captive power generation market revenue in 2020, and is projected to maintain the lion's share from 2021 to 2030. This is due to a wide range of applications and advantages of gas engines such as power generation, cogeneration, mechanical propulsion, power supply in gas power plants, and others. At the same time, the heat exchangers segment would cite the fastest CAGR of 6.0% by the end of 2030. The report also includes an analysis of turbines, transformers, and others segments.

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The coal segment to dominate by 2030-

By fuel type, the coal segment accounted for more than half of the global captive power generation market share in 2020, and is anticipated to retain its dominance throughout the forecast period. This is owing to the abundant availability and low cost of coal as compared to other power technologies. The diesel segment, however, would showcase the fastest CAGR of 6.4% by 2030. The rise in hospitals and data center development and rapid growth of the commercial sector drive the growth for the segment.

Asia-Pacific, followed by North America, to lead the trail in terms of revenue-

By region, Asia-Pacific, followed by North America, garnered the major share in 2020, contributing to more than two-fifths of the global captive power generation market. Moreover, this region is expected to witness the fastest CAGR of 6.4% and dominate the market during the forecast period. Rise in concern from governments across emerging nations, such as India, China, and South Korea, regarding zero carbon emission norms and rapid infrastructure development of commercial and residential buildings will provide huge potential for the development of the captive power generation market in the coming years.

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Leading market players-

• ArcelorMittal S.A.
• General Electric Company
• Siemens
• ADC LLC
• Hindalco
• PBS Group
• Wartsila
• Clarke Energy
• Kohler Co.
• Reliance Industries

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