The global combined heat and power installation market size is likely to account for USD 12.0 billion by 2027, as predicted by Million Insights. It is estimated to expand with 3.1% CAGR from 2020 to 2027. The growing focus in replacing traditional form of energy with a new, efficient and cleaner form of energy is projected to augment the market growth. In addition, rising demand for energy from the industrial sector is estimated to drive market growth.
In 2019, natural gas fuel type held more than 65% of share in the market and the segment is likely to continue its domination over the forecast duration. Natural gases not only provide cleaner energy but they are readily available as well. On the other hand, coal-based system owing to its high calorific value and cost-effectiveness continue to be relevant and expected to register 2.3% CAGR over the forecast duration.
Europe was the largest shareholders in the market in 2019. The region alone held over half of the share in the market. Stringent regulatory guidelines imposed by government bodies is the primary factor attributing to regional growth. On the other hand, Asia Pacific held more than 27% share in the market and the region is predicted to register a CAGR of 4.3% over the next seven years.
Key players operating in the combined heat & power (CHP) installation market are Siemens, Caterpillar, Centrica, Cummins Inc., Clarke Energy, Tecogen Inc. and General Electric among others. These players are emphasizing on partnerships, new product development and merger & acquisition to gain a competitive edge in the market.
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Further key findings from the report suggest:
• The large-scale category held 7.5 billion by value in 2019.
• Asia Pacific is estimated to grow considerably in the market with Japan is projected to hold maximum share in the region.
• Natural gas category held more than 65.0% share in the CHP installation market owing to the increasing focus on the use of cleaner fuel.
• North America is expected to register moderate growth over the forecast duration, 2020 to 2027.
Million Insights has segmented the global combined heat & power installation market on the basis of type, technology, fuel, and region:
Combined Heat and Power Installation Type Outlook (Volume, GW; Revenue, USD Billion, 2016 - 2027)
• Large Scale
• Small Scale
Combined Heat and Power Installation Fuel Outlook (Volume, GW; Revenue, USD Billion, 2016 - 2027)
• Natural Gas
Combined Heat and Power Installation Technology Outlook (Volume, GW; Revenue, USD Billion, 2016 - 2027)
• Combined Cycle
• Steam Turbine
• Combustion/Gas Turbine
• Reciprocating Engine
Combined Heat and Power Installation Regional Outlook (Volume, GW; Revenue, USD Billion, 2016 - 2027)
• North America
• The U.S.
• The U.K.
• Asia Pacific
• South Korea
• Rest of World (RoW)
List of Key Players of Combined Heat & Power Installation Market
• E.ON SE
• Mitsubishi Hitachi Power Systems, Ltd.
• General Electric
• BdrThermea Group
• Aegis Energy Services Inc.
• Clarke Energy
• Cummins Inc.
• Capstone Turbine Corporation
• Elite Energy Systems, LLC
• Doosan Fuel Cell America, Inc.
• Tecogen Inc.