Global Combined Heat and Power [CHP] Installation Market to 2030: Increasing Demand for CHP Systems in Developing Countries Fuels Growth - ResearchAndMarkets.com

DUBLIN--(BUSINESS WIRE)--The "Combined Heat and Power [CHP] Installation Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 to 2030" report has been added to ResearchAndMarkets.com's offering.

In 2021, the combined heat and power (CHP) installation market was estimated to be worth USD $940 billion. The market is projected to expand at a CAGR of 5% during the forecast period of 2022 and 2030.

Companies Mentioned

• Siemens Energy AG
• 2G Energy Inc.
• Capstone Turbine Corporation
• Aegis Energy Services Inc.
• Cummins Inc.
• Wartsila
• General Electric Company
• Aegis Energy Services Inc.
• Generac Holdings Inc.
• Primary Energy Recycling Corporation
• Integral Power

The global market for Combined Heat and Power (CHP) installations is being propelled by the surging need for electricity. It is probable that there will be a rise in demand for the installation of combined heat and power (CHP) systems as a result of the rising standard of living enjoyed by the people.

The increasing popularity of autogas as a preferred fuel around the world can be attributed to the environmental benefits offered by the fuel as well as the introduction of severe government rules to decrease carbon emissions.

Therefore, it is anticipated that government programs and incentives, notably in nations such as the United States of America, the United Kingdom, Germany, and Japan, will boost the growth prospects for the combined heat and power (CHP) industry.

When it comes to supplying backup power capacity and satisfying the generation requirements of onsite facilities, gas turbines have an advantage over other dispersed generation technologies due to their higher efficiency and more stable generation capacity. Therefore, one of the emerging trends in the CHP (combined heat and power) installation industry is the development in distributed power generation.

Increased Demand for Electricity Around the World

Both industrialization and urbanization have been on the rise for some time now across the entirety of the planet. Because of this, there has been a rise in the demand for power all across the world. It is anticipated that the global demand for electricity would expand at a pace of 2.1% per year until 2040, which is equivalent to twice the rate of the increase in the demand for primary energy.

As a result, there will most certainly be an increase in demand for the infrastructure required for the installation of combined heat and power (CHP). In an effort to satisfy the ever-increasing need for electricity, the governments of the number of different countries are placing increased emphasis on renewable energy.

Increasing Demand for CHP Systems in Developing Countries

Globalization, industrialization, and urbanization have all seen significant development in recent decades, and this progress has led to a change in the flow of investment from rich countries to developing countries. This can be attributed to the lower costs of labor and infrastructure that are seen in underdeveloped countries.

Environment-Friendly Solution to Drive the Market Growth

There is a concerted effort being made by the governments of a number of nations to increase the utilization of Combined Heat and Power (CHP) installations.

Demand For Natural Gas in CHP Systems Is Growing as A Result of Its Abundant Availability and Affordable Pricing

The global market for the installation of Combined Heat and Power (CHP) systems has been divided into three categories in terms of the fuel used: biomass, coal, and natural gas. In 2021, the natural gas sector owned the largest share of the market, accounting for sixty percent of the total. Natural gas is an excellent choice for use as a fuel in combined heat and power (CHP) systems since it is inexpensive and abundantly available.

Historical & Forecast Period

This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.

Market Segmentation

Fuel

• Coal
• Natural Gas
• Biogas/biomass
• Nuclear
• Diesel
• Others (Biodiesel and geothermal)

Prime Mover

• Steam Turbine
• Combined Cycle
• Gas Turbine
• Reciprocating Engine
• Others (Stirling Engine and Organic Rankine Cycle)

Application

• Commercial & Residential
• Industrial

Capacity

• Up to 10 MW
• 10-150 MW
• 151-300 MW
• Above 300 MW

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Combined Heat and Power [CHP] Installation market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Combined Heat and Power [CHP] Installation market?
• Which is the largest regional market for Combined Heat and Power [CHP] Installation market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Combined Heat and Power [CHP] Installation market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Combined Heat and Power [CHP] Installation market worldwide?

For more information about this report visit https://www.researchandmarkets.com/r/kurfgl

About ResearchAndMarkets.com

ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.