World News: 09:14 GMT Wednesday 15th May 2019. [Research and Markets via Globe Newswire via SPi World News]
Dublin, May 15, 2019 (GLOBE NEWSWIRE) -- The report has been added to offering.The captive power generation market will register a CAGR of more than 3% by 2023. 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.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.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.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.
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Related Topics: Electricity
Globe Newswire: 09:14 GMT Wednesday 15th May 2019
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