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Transparency Market Research, New York: Combined heat and power (CHP) installation capacities have increased on the back of the growing inclination of governments in numerous countries to increase the share of CHP in modern energy generation. The drive for CHP, also called cogeneration, installation stems from the urge to meet the burgeoning needs of electricity.
Advances in CHP configurations have reduced the cost and complexity of their deployment in manufacturing facilities, especially in developed nations, thereby underpinning evolution of the CHP market. The governments of these countries in collaboration with energy companies are making concerted efforts to adopt cutting-edge turbines and reciprocating engines. The growing role of CHP installations in reducing carbon emissions is paving way to new revenue streams for stakeholders in the CHP installation market.
Over the past few years, business propositions of CHP installation have risen on the back of the increasing trend of using decentralized form of energy supply. The role of CHP thus gain significance for power small commercial and educational establishments. This is a key trend reinforcing the prospects of the CHP installation market. Advent of new turbine technologies has raised the hopes of stakeholders in the market.
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As per a Transparency Market Research study, the global CHP installation market will grow at a steady 4.05% CAGR (Compound Annual Growth Rate) from 2019-2027. In 2018, the CHP installation market was valued at US$836.6 bn and is expected to reach US$1,198.8 bn by 2027.
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The demand for CHP installation market is estimated to increase at a fast pace in North America during the forecast period. Demand for CHP installation market in the U.S. is rising at a significant pace due to the year-on-year growth in mineral exploration activities and infrastructure development activities in the country.
In order to acquire higher market share, companies operating in North America and Asia Pacific are rapidly expanding their production facilities of CHP installation market in these regions. According to the U.S. Government, the industrial sector is set to become one of the driving forces of the development of infrastructure. The industrial sector in the country is anticipated to continue to expand owing to the increase in demand for real estate and infrastructure projects.
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Leading players dominate the market. Key players operating in the CHP installation market include Siemens AG, General Electric Company, Cummins Inc., Generac Holdings, and Capstone Turbine Corporation, 2G Energy Services, and Wärtsilä Corporation. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
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Global CHP (Combined heat and power) Installation Market – Key Developments
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