Global CHP Installation Market To Become Worth US$ 1131.4 Billion by 2026

Combined heat and power Installation Market – Snapshot

Cogeneration or combined heat and power (CHP) is the use of a heat engine or power station to generate electricity and heat at the same time. Conventional power plant produces electricity by a fairly inefficient process. Fossil fuels such as oil, coal, and natural gas are burned in a giant furnace to release heat energy. The heat is used to boil water and produce steam. The steam drives a turbine, which, in turn, drives the generator. The generator produces electricity.

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Increase in environmental concerns is compelling various countries to generate power using renewable sources of energy such as wind, wave, and tidal. New generations of turbines and reciprocating engines are the result of an intensive collaborative research between governments and manufacturers that use advanced materials and computer-aided design techniques. This has significantly increased equipment efficiency and reliability, while reducing costs and pollutant emissions for the installation of CHP. Various governments have implemented policies and programs to promote the usage of cogeneration. Governments are also providing subsidies. Additionally, recovery in the European economy, rapid urbanization in countries such as India and China, rise in disposable income, and increase in government efforts to provide social housing are projected to drive the residential buildings sector. This, in turn, is likely to boost the CHP installation market.

The global CHP installation market can be primarily segmented based on fuel, prime mover, application, and region. In terms of fuel, the CHP installation market can be classified into biomass, coal, natural gas, and others. Natural gas is a widely used fuel for CHP installation. In terms of application, the global CHP installation market can be bifurcated into commercial & residential and industrial. Increase in population and rise in need to meet the demand for energy are propelling the CHP installation market. Steady rise in prices of oil and gas is creating opportunities for the CHP installation market. Growth in demand for energy due to the rise in population and increase in environmental concerns are boosting the demand for CHP installation in the renewable energy industry. Many countries are investing in offshore wind energy projects. This is driving the demand for CHP installation. Countries surrounded by coastline and water bodies are also striving to generate energy from tidal, wave, and hydro power. This is also expected to augment the CHP installation market.

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Key players operating in the CHP installation market are projected to benefit from the formation of strategic alliances. Prominent players functioning in the CHP installation market are GE, 2G Energy Services, Wärtsilä Corporation, Cummins Inc., and Generac Holdings, Inc.