WILMINGTON, DE / ACCESSWIRE / August 15, 2022 / Transparency Market Research Inc. - TMR study for combined heat and power (CHP) installation market statistics, projects a CAGR of 4.05% during the forecast period from 2019 to 2027. Growing adoption of new technologies for reducing wastage in energy generation is fuelling the growth of CHP installation market. High efficiency of CHP systems spurs adoption for industrial and commercial on site power generation systems, as well as rural distributed generation systems.
A granular CHP installation market revenue analysis finds expanding applications of CHP systems in boiling water, producing steam, and operating pieces of electric equipment in residential, industrial, and commercial sectors, which will present vast growth opportunities in the upcoming years.
Expanding government support for increasing share of CHP in modern energy generation has led to increased CHP installation capacities, finds a global market study on CHP installation market.
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Design innovations in CHP systems have reduced the cost and complexity for their deployment in manufacturing facilities, especially in developed nations. Governments in these countries are collaborating with energy companies to adopt cutting -edge turbines and reciprocating engines.
Increasing shift toward renewable sources of energy, such as wind and wave, underscore ongoing trends of CHP installation market for new generations of turbines and reciprocating engines that are manufactured using advanced materials and software-driven design techniques. Intensive collaboration between governments and manufacturers, for the development of next-gen equipment has led to significant increase in efficiency and reliability, while lowering pollutant emissions and costs for the installation of CHP.
Combined Heat and Power Installation Market - Key Findings of the Report
- Adoption of green energy practices, especially in industrial and commercial sectors is paving way for innovations in products in the CHP installation market. Additionally, efforts to reduce the carbon footprint of fossil fuels in the energy sector is providing impetus toward CHP units installation. This is because deployment of CHP enables use of extra energy that is generated while burning fossil fuels.
- Power grid operators and power producers in developed nations are witnessing rapid adoption of CHP installation units. Governments in developed countries are increasing spending on CHP installation for their advantage of energy efficient technologies.
- Role of governments in developing countries, to support R&D initiatives of equipment manufacturers, to create cost-efficient CHP systems will open new revenue streams in the CHP installation market.
- Growing trend of using decentralized form of energy supply is favouring business proposition of CHP installation. This demonstrates significance of CHP to power small commercial and educational establishments.
- Role of various governments to implement policies and programs to promote the use of cogeneration underscores growth.
- North America is anticipated to continue to remain a significant market for CHP installation during the forecast period. Expansion of mineral exploration activities, and infrastructure development activities is fuelling the demand for CHP installation market in the U.S.
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Combined Heat and Power Installation Market - Growth Drivers
- Growing popularity of CHP systems for their high efficiency to recover waste thermal energy fuels the CHP installation market
- Role of governments to increase the share of CHP in modern energy generation systems propels the CHP installation market
Combined Heat and Power Installation Market - Key Players
Some of the key players operating in the combined heat and power installation market are;
- Siemens AG
- Cummins Inc.
- Capstone Turbine Corporation
- General Electric Company
- Generac Holdings
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The CHP Installation Market is segmented as follows;
CHP Installation Market, by Fuel
- Biomass
- Coal
- Natural Gas
- Others
CHP Installation Market, by Prime Mover
- Steam Turbine
- Combined Cycle
- Gas Turbine
- Reciprocating Engine
- Others
CHP Installation Market, by Application
- Commercial & Residential
- Industrial
CHP Installation Market, by Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America
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