North America CHP Market size to exceed $800mn by 2026
Published Date: August 7, 2020 Authors: Ankit Gupta, Riya Gupta
North America CHP Market size is anticipated to exceed USD 800 million by 2026, as reported in the latest study by Global Market Insights, Inc.
North America CHP Industry demand is anticipated to witness an upsurge on account of increasing investments toward smart infrastructure along with growing inclination toward renewable energy consumption. Moreover, accelerating captive energy generation demand coupled with ongoing technological advancement toward sustainable power production will fuel the CHP business scenario. In addition, rising installation of steam turbine power plants and reciprocating engines across manufacturing & industrial establishments owing to minimum carbon emissions will boost the product adoption.
Favourable regulatory norms toward cogeneration systems will positively sway the business outlook
Increasing decentralized power generation demand across various energy networks coupled with wide range of capacities, application and designs of combined heat and power systems will drive the product penetration. Competitive gas prices and highly efficient systems along with low installation and operating costs of natural gas-based CHP projects will further complement the product deployment. For instance, in 2018 District of Columbia launched cogeneration personal property tax (CPPT) credit offering 100% tax exemption for commercial combined heat and power systems, enhancing the cogeneration unit installations. In addition, favorable regulatory norms and tariffs toward net energy metering including and tax rebates, feed in tariff and financial assistance will positively sway the CHP market landscape.
Growing energy demand on account of development of Tier I & Tier II cities will drive the North America CHP market share
> 20 MW capacity range is anticipated to witness growth owing to elevated usage of CHP plants across industrial applications. Growing inclination toward natural-gas fueled systems in line with rising applicability of these units across the Alberta oil fields will boost the product penetration. In addition, ongoing energy demand for continuous & reliable power supply across petroleum refining industries will fuel the installation of CHP systems. Shifting consumer inclination toward deployment of renewable energy over traditional fuels coupled with stringent government norms toward GHG emission will augment the North America CHP market trends.
Browse key industry insights spread across 179 pages with 204 market data tables & 32 figures & charts from the report, North America CHP Market Statistics By Fuel (Natural Gas, Coal, Biomass), By End Use (Commercial [Educational Institution, District Energy, Office Building, Government/Military, Utility], Industrial [Chemical, Petroleum Refining, Food, Paper, Primary Metals]), By Capacity (5 MW – 20 MW, > 20 MW), By Technology (Combined Cycle, Steam Turbine, Gas Turbine , Reciprocating Engine), Industry Analysis Report, Country Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026 in detail along with the table of contents:
Ongoing project announcement to deploy CHP plants across the Canada will drive the industry scenario
Canada CHP industry is estimated to register over 2% CAGR between 2020 and 2026. Increasing investment by public and private players along with CHP-inclined environment regulations, favorable resiliency initiatives and state policies & incentives will drive the product deployment. For instance, in 2020, Kineticor Resource announced the construction of Cascade CGCT power plant with capacity ranging over 800 MW. This construction will replace the existing low powered cogeneration plants and introduce efficient energy generation system across the region. In addition, paradigm shift toward adoption of biomass and natural gas fueled systems coupled with installation of advanced combined cycle technologies will accelerate the product adoption.
Ongoing COVID - 19 pandemic across the North America may affect the rising investments across the CHP power plants followed by delay in project commission date till first half of 2020. However, growing energy demand across the petroleum refining sector followed by increasing project announcement will fuel the business scenario.
Increasing partnerships and agreements along with ongoing mergers & acquisitions by eminent players will thrust the industry outlook. Prominent players operational across the North America CHP market are Cummins, Kawasaki Heavy Industries, Caterpillar, 2G Energy AG, MAN Diesel & Turbo, Siemens, Yanmar, Veolia, Bosch Thermotechnology, ABB, ENER-G Rudox, GE, Aegis Energy Services, MWM, BDR Thermea Group and Wärtsilä.