Combined Heat & Power (CHP) Market Was Valued at US$19.1 Bn in 2020 and is Projected to Grow to US$26.9 Bn in 2026 | Siemens AG, GE, Veolia, ABB Group, 2G Energy AG, Cummins Inc.

The demand for combined heat & power has been soaring as it offers both electricity and heat by using less fuel as compared to other energy plants. The global combined heat & power (CHP) market is expected to witness a significant rise in the coming years as energy efficiency becomes imperative across commercial and residential uses.

Focus on the reduction of emissions, costs, fuel consumption, and efficiency has given the global CHP market a significant boost. According to Fairfield Market Research, the global combined heat & power market is expected to be worth US$26.9 Bn in 2026 from US$19.1 Bn in 2020. Between the years 2020 and 2026, the global market for combined heat & power is expected to surge at a CAGR of 6.2%.

𝗖𝗹𝗶𝗰𝗸 𝗛𝗲𝗿𝗲 𝘁𝗼 𝗴𝗲𝘁 𝗙𝗨𝗟𝗟 𝗥𝗲𝘀𝗲𝗮𝗿𝗰𝗵 𝗥𝗲𝗽𝗼𝗿𝘁: https://www.fairfieldmarketresearch.com/report/combined-heat-power-chp-market/request-sample

Government Support to Allow Scaling of Combined Heat and Power Installations in Coming Years

The report estimates that the combined heat and power capacity market will add about 181 GW between the forecast years 2020 and 2026. Subsidies for installations are expected to give players in the market a definitive push in the coming years. Also known as a congregation, its usage at industrial levels is expected to create lucrative opportunities for the market. The growing demand for decentralized energy generation and government control over CO2 emissions are expected to drive the demand for CHP installations during the forecast period.

Global Combined Heat & Power (CHP) Market: Competitive Landscape

1. Siemens AG
2. GE
3. Veolia
4. ABB Group
5. 2G Energy AG
6. Cummins Inc.
7. Tecogen Inc.
8. MAN Energy Solutions SE
9. Clarke Energy
10. Generac Power Systems Inc
11. Capstone Green Energy Corporation
12. Wartsila.

Natural Gas to Emerge as Key Fuel Source in Global Combined Heat & Power Market

The report finds that natural gas will be the prominently used fuel at combined heat and power facilities. Its abundance and availability will support the segment's growth in the coming years. Thus, natural gas-based CHP systems will be popularly installed as compared to any other fuel. The natural gas segment also stands to benefit as growing energy prices of other fuel types have turned attention to this segment. Fairfield Market Research states that countries such as the U.S., Russia, and China will see a higher number of natural gas CHP plants due to their affordability and low emissions.

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Europe and the Asia Pacific to See Higher Interest in Combined Heat and Power Installations

Currently, Europe dominates the global combined heat & power market as governments in the region have been more proactive in addressing the emission issues. Tax incentives offered by countries such as Denmark and Germany have lured companies and organizations to invest in congregation equipment. A change in perspective towards energy consumption is expected to bring in policy changes, promoting CHP installations. Furthermore, extreme cold weather conditions in countries such as UK and Finland are likely to demand efficient heating solutions, turning the national focus on CHP installations.

The report also states that North America will offer lucrative opportunities to CHP installations as the U.S. focuses on improving grid stability with smart grids. Incentives to CHP technologies in the region will also bode well for the market, predict analysts.

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