The 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 from 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
A captive power plant refers to a power generating facility set up by an industrial or commercial unit to generate electricity for its own use. Captive power plants help industries have an uninterrupted power supply and insulate themselves from uncertainties in the supply of grid power such as government regulations and tariff hikes. These plants aid in lowering energy costs and ensuring operational stability for energy-intensive industries.
The growing demand for an uninterrupted power supply from industries is driving the captive power plant market. Many industries require a consistent power supply to run operations smoothly without halts and disturbances which is effectively met through captive plants. Furthermore, rising industrialization in developing nations is presenting lucrative opportunities as set up of captive power capacities is proving vital for industries in developing their manufacturing capabilities. Also, favorable government policies supporting captive power projects and easing of regulatory norms are fueling captive power capacities additions across countries. However, high initial investments remain a major challenge for widespread adoption of captive plants.
The Global Captive Power Plant Market Size is expected to witness high growth, exhibiting CAGR of 13% over the forecast period, due to increasing industrialization and rapid infrastructure development across developing nations.
Regionally, the market in Asia Pacific dominated in 2023 with over 35% share due to strong presence of industries and supportive government policies in major economies like China and India. Emerging economies in Southeast Asia and Latin America are likely to boost the regional market growth over the coming years.
Key players operating in the captive power plant market include 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. Major players are focusing on capacity expansion, development of renewable energy-based captive power solutions, and strategic partnerships to strengthen their market position.
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