The global combined heat and power installation market size is likely to account for USD 12.0 billion by 2027. 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.
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Key Questions Answered in this report :-
• What are the sales or revenue produced by Combined Heat & Power Installation products beyond all sectors during the forecast period?
• What are the key trends in the Combined Heat & Power Installation market?
• What are the leading drivers, limitations, and probabilities in the industry?
• Which segment will gain the highest revenue worldwide and which product segment will expand at the fastest CAGR during the forecast period?
• In which region the Combined Heat & Power Installation market to project lucrative CAGR during the forecast period?
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 emphasizing on partnerships, new product development and merger & acquisition to gain a competitive edge in the market.
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.
Impact of COVID-19
The outbreak of novel coronavirus has adversely affected the global combined heat and power installation market growth. The pandemic outbreak has led to the closure of several industries such as chemical, food & beverage, pulp, paper, manufacturing and others. These industries are the major end-users of large-scale combined heat and power installation system. The closure of these industries has adversely affected the demand for power consumption. In addition, key players in the market reduced their expenditure on research and development owing to lack of demand, thereby, considerably affecting the market growth.
Global Combined Heat & Power Installation Market: Key Players
Siemens, Caterpillar, Centrica, Cummins Inc., Clarke Energy, Tecogen Inc. and General Electric
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