London, Nov. 03, 2022 (GLOBE NEWSWIRE) -- Combined heat and power market is poised for a healthy growth outlook over the next few years as suggested by a new report released by Fairfield Market Research. Witnessing approximately 1.4x expansion in revenue during 2021 – 2026, global combined heat and power market is expected to reach the valuation of US$26.9 Bn. CHP is popularly known as cogeneration and is being extensively used as a preferred process for combined heat and power generation over the conventional power stations, as well as on-site boilers. With aggravating need for more efficient cogeneration worldwide, CHP installations are gaining momentum, enabling industries to enjoy uninterrupted power along with improved grid distributed generation. The report marks the fact that the market for combined heat and power will continue to largely benefit from the favourable emission regulations. The role of governments will also remain crucial.
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Key Research Insights
- Global combined heat and power market crossed the US$19 Bn mark in revenue in 2020 and will experience 6.2% growth through 2026
- Fuel-type analysis of the market reveals dominance of natural gas with more than 45% market share (2020)
- Europe accounted for around 39% market value share in 2020 and will retain the lead through 2026
Insights into Segmental Analysis
Natural gas, the most affordable form of fuel, will keep the natural gas-fuelled CHP solutions the most sought-after category in combined heat and power market. The report projects that this segment will continue to surge ahead on account of easy availability, and lower environmental impact. As natural gas remains preferred over coal in terms of capital investments, and flexibility for CHP plants, natural gas-fuelled CHP solutions are forecast to remain the leader in market through 2026 end. The US, China, and Russia pioneer the trend. Investments are likely to flood as more nations follow suit and witness a climbing yearly rate of deployment of natural gas-fuelled CHP plants that more importantly are available for longer durations and allow easier capacity expansion in long term.
Key Report Highlights
- Although natural gas-fuelled CHP remains dominant, biomass-fuel based CHP systems will witness higher demand growth during the period of projection
- CHP systems currently generate around 11% of Europe’s electricity, and nearly 15% of heat used for various industrial applications, which are estimated to rise to 20%, and 25% respectively, by 2030 end
- COVID-19 pandemic largely influenced combined heat and power market due to unavailability of components/equipment. High reliance on China, and trade restrictions held the market growth back amid the pandemic situation
Insights into Regional Analysis
Europe continues to spearhead global combined heat and power market, which is clearly attributable to the region’s harsh winters, especially across the UK, and Finland. Cold weather in European nations is expected to push demand for cogeneration equipment that also plays an important role in electrical and thermal applications. The need for reimagined heating solutions will continue to drive Europe’s combined heat and power market. Germany, and Denmark will also remain the key markets, indicates the report, on account of the growing subsidizations, and tax incentives on cogeneration equipment. CHP installations have also been picking pace in North America, especially in the US considering heavy investments in micro and smart grids eyeing improved distributed generation. On the other side, combined heat and power market in Asia Pacific is likely to make great strides on the back of strong government support, and dynamic industrial activities eyeing infrastructural developments across the region. Moreover, the developing economies in the Middle East and Africa, and Latin America are projected to represent high-potential markets based on robust developments in both the residential, and commercial sectors. In line with an increasing number of governments offering subsidies on combined cycle CHP installations, it is more likely that the combined heat and power market will spot multiple revenue generation opportunities across nations like Mexico, and Brazil as well.
Key Companies Leading Combined Heat and Power Market
Cummins Inc., GE, Siemens, ABB Group, Veolia, 2G Energy AG, Tecogen Inc., Clarke Energy, MAN Energy Solutions SE, Generac Power Systems, Inc, Wartsila, and Capstone Green Energy Corporation
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REPORT SCOPE
| Report Attributes | Details | |
| Base Year | 2020 | |
| Forecast Year | 2021 – 2026 | |
| Market Size in 2020 | US$19.1 Bn | |
| Estimated Market Size in 2026 | US$26.9 Bn | |
| CAGR | 6.2% | |
| Key Players | Cummins Inc., GE, Siemens, ABB Group, Veolia, 2G Energy AG, Tecogen Inc., Clarke Energy, MAN Energy Solutions SE, Generac Power Systems, Inc, Wartsila, Capstone Green Energy Corporation | |
Market Segmentation
Fuel Type Coverage
- Coal
- Natural Gas
- Biomass
- Others
Technology Coverage
- Steam Turbine
- Combined Cycle
- Gas Turbine
- Reciprocating Engine
- Others
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Geographical Coverage
- North America
- Europe
- Latin America
- Middle East & Africa
Leading Companies
- Siemens AG
- Veolia
- 2G Energy AG
- GE
- Cummins Inc.
- Tecogen Inc.
- MAN Energy Solutions SE
- Clarke Energy
- Generac Power Systems, Inc
- Capstone Green Energy Corporation
- Wartsile
Report Inclusions
- Market Estimates and Forecast
- Market Dynamics
- Industry Trends
- Competition Landscape
- Fuel Type-wise Analysis
- Technology-wise Analysis
- Region-wise Analysis
- Country-wise Analysis
- Key Trends Analysis
- COVID-19 Impact Analysis
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
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