Combined Heat & Power (CHP) Market In-Depth Analysis during 2020-2026
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 reduction of emissions, costs, fuel consumption, and efficiency have 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
The report
estimates that the combined heat and power capacity market will add about 181
GW between the forecast years of 2020 and 2026. Subsidies for installations are
expected to give players in the market a definitive push in the coming years.
Also known as 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.
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
benefits 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 its
affordability and low emissions.
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.
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