Global CHP Market size to exceed $50bn by 2026
Published Date: February 11, 2020 Authors: Ankit Gupta, Riya Gupta
CHP Market size is anticipated to exceed USD 50 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
Combined Heat and Power Industry demand is anticipated to witness an upsurge owing to rising investments toward smart infrastructures coupled with growing inclination subject to consumption of renewable energy. In addition, rising captive power generation demand in line with ongoing technological development toward sustainable energy production will drive the CHP industry growth. Moreover, rising adoption of reciprocating engine and steam turbine power plants across industrial and manufacturing sectors owing to reduced emissions will propel the product demand.
Favorable government policies toward cogeneration systems will further complement the business outlook
Rising decentralized energy generation demand across various power networks along with wide range of designs, capacities and application of combined heat & power systems will augment the product penetration. Highly efficient systems, low installation & operating costs, and competitive gas prices are some of the major features which will further favor the deployment of coal-based CHP systems across the rising economies. In addition, favorable government policies toward net energy metering tariffs including financial assistance, feed in tariff and tax rebates will complement the CHP market landscape. For instance, District of Columbia has introduced Cogeneration Personal Property Tax Credit providing 100% tax exemption for personal CHP systems.
Browse key industry insights spread across 550 pages with 804 market data tables & 38 figures & charts from the report, “Combined Heat And Power Market Statistics By Fuel (Natural Gas, Coal, Biomass), By End Use (Residential [Space Heating/Cooling, Water Heating, Cooking, Lighting], Commercial [Educational Institution, District Energy, Office Building, Government/Military], Industrial [Chemical, Petroleum Refining, Food, Paper, Primary Metals]), By Capacity (1 kW – 0.5 MW, 0.5MW - 5MW, Above 5 MW), By Technology (Combined Cycle, Steam Turbine, Gas Turbine , Reciprocating Engine), Industry Analysis Report, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Growing energy demand across developing nations will drive the industry landscape
1 kW – 0.5 MW capacity segment is estimated to grow on account of elevated usage of CHP systems across industrial, residential and commercial applications. In addition, growing inclination toward natural gas fuelled systems coupled with increasing applicability across Europe and Asia Pacific region will complement the product penetration. Moreover, ongoing energy demand for reliable & continuous power supply across manufacturing operations will boost the deployment of CHP systems. Growing customer inclination toward adoption of renewable energy over conventional fuels along with favorable government policies concerning to low carbon footprint will positively sway the CHP market outlook.
Asia Pacific and Europe are set to dominate the global combined heat & power market trends
Asia Pacific and Europe collectively held over 70% of CHP market share in 2019. Favorable resiliency initiatives, CHP-inclined environment regulations, state incentives and policies are some of the dominant measures which will further complement the product deployment across the developed and developing economies. Furthermore, ongoing industrial inclination toward adoption of biomass & natural gas fueled systems along with deployment of advanced combined cycle and gas turbine technologies will positively influence the product adoption.
Eminent players operational across the CHP market includes, ABB, Mitsubishi, Yanmar, 2G Energy, ENER-G Rudox, General Electric, Aegis Energy, Kawasaki, Cummins, FuelCell Energy, CENTRAX Gas Turbines, Siemens, Wartsila, Viessmann Werke, and MAN Diesel & Turbo, Caterpillar and Bosch Thermotechnology.