Captive Power Generation Market to Exhibit 5.61% CAGR by 2027 | Market Research Future (MRFR)
Key Companies Profiled include Doosan Corporation, ArcelorMittal, Hindustan Zinc., General Electric, Reliance Industries, Jindal Steel & Power, Hindalco Industries, Essar Steel, Bharat Heavy Electricals, Clarke Energy, a Kohler Company, Thermax Limited, NALCO India, Siemens, Wartsila, and LafargeHolcim., among others.
Pune, April 20, 2021 (GLOBE NEWSWIRE) -- Captive Power Generation Market Analysis
Market Research Future (MRFR) projects the global captive power generation market to register a 5.61% CAGR from 2020 to 2027 (forecast period).
Captive power generation is the generation of electricity which is managed by an industrial and commercial energy user for their energy consumption. Gas turbine plants, cogeneration plants, diesel engine plants, and wind and hydro plants are the four types of captive power generation plants.
The growing energy-intensive industries in developing countries are one of the key factors driving the growth of the global captive power generation industry. Furthermore, the presence of the element of cross-subsidy in power tariffs and an increase in the per-unit cost of power generation is expected to contribute to the growth of the captive power generation industry. Furthermore, the industrial sector consumes approximately 54% of the total energy produced globally. Due to the increasing demand for manufactured goods, industrial output is expected to increase significantly during the forecast period. Based on energy consumption, there are three types of industries- energy-intensive manufacturing, non-energy-intensive manufacturing, and non-manufacturing. The energy-intensive manufacturing industries are among the largest users of energy sources for production. Furthermore, growing industrialization in developing nations is expected to fuel demand for captive power generation, as most industries need a continuous power supply and operate remotely. For example, most businesses are working to reduce the usage of carbon-based fuels in energy production. The oil and gas industry is also increasingly shifting toward clean and continuous sources of energy for providing electricity to certain production activities like lighting and fluid pumping, which is expected to increase demand for captive power plants in the oil and gas sector. Likewise, the food and beverage industry is either automated or semi-automated, resulting in a strong demand for electricity from food manufacturing plants. During the forecast period, both factors are expected to increase demand for captive power generation facilities.
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Captive usage in India has gradually risen over the years and now accounts for nearly 14% of total electricity consumption in 2019. Gujarat, Odisha, Chhattisgarh, Uttar Pradesh, Karnataka, and Rajasthan have the highest captive consumption volumes, accounting for 61%, 24%, and 47% of total state electricity consumption, respectively.
Many major players, including Clarke Energy, Thermax, Siemens, Wartsila, and GE, are actively focusing on signing contracts and agreements for captive power generation. For example, Thermax is a market leader in captive power generation and has installed a base of captive power plants of more than 2,200 MW spread over 90 projects. During the forecast period, such innovations are anticipated to propel the growth of the global captive power generation market.
COVID-19 Impact on the Global Captive Power Generation Market
The implementation of a series of regulations by governments around the world to deal with the COVID-19 outbreak, including a complete shutdown of manufacturing units, is expected to have an effect on the global captive power generation market's growth.
Market Segmentation
The global captive power generation market has been segmented based on technology, fuel, ownership, connectivity, and end-use.
Based on technology, the global captive power generation market has been divided into heat exchangers, turbines, gas engines, transformers, and others. During the forecast period, the gas engines segment is expected to have the largest share of the global captive power generation market since gas engines make suitable captive power plants where there is a localized supply of gas. This might come from a gas pipeline, but it could also come from a vehicle as compressed or liquefied natural gas or biomethane. Such factors are projected to result in a sizable share of the gas engine segment.
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Based on fuel, the global captive power generation market has been divided into diesel, gas, coal, and others. Since several main businesses use gas for captive power plants, the gas segment is projected to have the largest market share. Reliance Industries (India), for example, operates a 2,100 MW captive power plant at its Jamnagar refinery in Jamnagar, Gujarat. Furthermore, with new technologies on the horizon, the gas segment is expected to retain the largest share since gas as a fuel offers greater performance.
Based on ownership, the global captive power generation market has been divided into single ownership and multiple ownership.
Based on connectivity, the global captive power generation market has been divided into off-grid and on-grid.
Based on end-use, the global captive power generation market has been divided into industrial, commercial, and residential.
Regional Analysis
Based on region, the global captive power generation industry has been segmented into Asia Pacific, North America, Europe, the Middle East & Africa, and South America.
Due to increased urbanization and industrialization, Asia Pacific accounts for the largest share of the captive power generation industry. Furthermore, with a greater emphasis on Make in India reforms, the Indian government continues to lower barriers and regulatory limitations on foreign investment, which will aid in strengthening the industrial and manufacturing sectors in the coming years. Such factors are likely to drive the demand for captive power generation in the region as an increasing number of industries will lead to rising demand for electricity.
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Key Players
The key players in the global captive power generation market are Doosan Corporation, ArcelorMittal, Hindustan Zinc., General Electric, Reliance Industries, Jindal Steel & Power, Hindalco Industries, Essar Steel, Bharat Heavy Electricals, Clarke Energy, a Kohler Company, Thermax Limited, NALCO India, Siemens, Wartsila, and LafargeHolcim., among others.
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