The North America Captive Power Generation Market would witness market growth of 4.0% CAGR during the forecast period (2022-2028).
When there is no power supply from the distribution utility, captive electricity can also be employed. Therefore, backup diesel engines can be employed to provide captive power in the event of load shedding. Other benefits, like lower wheeling and banking fees, net metering, and carbon offsets under the captive power mechanism, are also available to captive generators powered by renewable sources.
The goal for which the business is being set up determines the sort of load. Steel and aluminium are heavy load sectors with high energy needs, but they already have access to coal. Such companies employ thermal captive coal-based units. Since bagasse is the byproduct of the sugar-producing process, biomass is frequently used as fuel in sugar mills. Cogeneration is another method that may be used if industrial processes additionally need steam in addition to electricity.
The textile industry is one such example, where the leftover heat from a boiler system can be applied to additional industrial procedures. Another common solution that many industries with lower load requirements employ is diesel generators. Diesel generators are most reliable as standalone power sources and have the advantage of being able to run without an auxiliary power source. However, diesel fuel is sometimes expensive and polluting.
Electricity prices are increasingly becoming higher in regional countries. According to the United States Energy Information Administration, the average nominal retail price of electricity paid by U.S. residential electric customers increased at the fastest rate since 2008 in 2021, rising 4.3% from 2020 to 13.72 cents per kilowatt-hour (kWh). This rise is comparable to the 4.7% change in the US Consumer Price Index in 2021. The cost of fuels for electricity generation, particularly natural gas, as well as prices for the majority of energy commodities all increased dramatically in 2021, which contributed to an increase in electricity costs.
The US market dominated the North America Captive Power Generation Market by Country in 2021; thereby, achieving a market value of $171.5 billion by 2028. The Canada market is estimated to grow at a CAGR of 6.4% during (2022 - 2028). Additionally, The Mexico market would showcase a CAGR of 5.4% during (2022 - 2028).
Based on End User, the market is segmented into Industrial, Commercial, and Residential. Based on Fuel Type, the market is segmented into Coal, Gas, Diesel, and Others. Based on Technology Type, the market is segmented into Gas Engines, Transformers, Turbines, Heat Exchanger, and Others. Based on Ownership, the market is segmented into Multiple and Single. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Captive Power Generation Market is Predict to reach $691.4 Billion by 2028, at a CAGR of 5.2%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Siemens AG, General Electric (GE) Co., Kohler Co., Reliance Industries Limited, Hindalco Industries Ltd. (Aditya Birla Management Corporation Pvt. Ltd.), ArcelorMittal S.A., Wärtsilä Corporation
By End User
By Fuel Type
By Technology Type
By Ownership
By Country
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