Healthy Growth Forecast for Global Combined Heat & Power (CHP) Market; Role of Governments to Remain Vital

The roughly US$19 Bn market for combined heat and power (CHP) is projected to surpass the valuation of US$26.9 Bn toward the end of 2026. A recent market intelligence report published by Fairfield Market Research has forecast a healthy growth outlook for the global combined heat and power (CHP) market between 2021 and 2026. CHP, popularly cogeneration, is becoming a preferred heat and power generation process over conventional power stations, and on-site boilers. CHP installations are gaining traction for more efficient cogeneration, majorly because of its ability to allow industries to experience uninterrupted supply of power, simultaneously enabling them to improve grid distributed generation. Emission regulations, and role of governments will remain crucial in the build-up of combined heat and power market.

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Investments to Flood Natural Gas-fuelled CHP Plants

A majority of commercial, as well as residential application areas prefer the use of CHP fuelled by natural gas considering its cheaper price point, and higher sustainability quotient than that of coal. Easier availability is another factor expected to elevate popularity of natural gas over its conventional counterparts. Some of the top CHP consumer countries like China, the US, and Russia continue to boost market for natural gas-fuelled CHP plants on account of their greater efficiency, affordability, and lesser environmental footprint. Deployment rate of natural gas-fuelled CHP plants in these nations has been consistently showing notable year-on-year growth, indicating a huge opportunity in future. Investors on the other hand are also developing greater interest in CHP plants fuelled by natural gas as these plants demand relatively low investment, are generally available for longer durations, and allow easier capacity expansion.

Developed Regions Maintain Lead; Developing Regions Reflect High Growth Potential

Europe has been dominating the global CHP landscape in terms of installed capacity. Industrial activities will continue to uphold the market attractiveness of Europe, further complemented by the favourable government initiatives regarding infrastructural developments. Germany, and Denmark are likely to represent the key markets as both the governments provide companies with subsidies, and tax incentives if they utilise cogeneration equipment. On the other hand, the market in cold nations like the UK, and Finland will benefit from the weather itself that boosts demand for cogeneration equipment for both thermal and electrical applications. In North America, CHP installations are expected to accelerate in the US as the government has plans to invest heavily in micro grids, and smart grids for the improved distributed generation. Supportive financial incentive schemes are also likely to bolster market across the various states in the US.

Developing economies in the Middle East and Africa, as well as Latin America are likely to represent high-potential markets for combined heat and power based on the robust development that they have been witnessing on the residential, and commercial fronts. With more governments announcing subsidies on higher output from installations of combined cycle CHP, the market is also expected to discover attractive opportunities in emerging markets like Mexico, and Brazil.

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Key Players in Combined Heat and Power (CHP) Market

New, improved product developments are expected to drive competition in CHP market in addition to strategic acquisitions of smaller companies by globally recognised conglomerates. The overall market competition structure remains fairly fragmented and some of the prominent players operating here include 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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