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CHP (Combined heat and power) Installation Market to Make Strides from Growing Use of Renewables to Meet Rising Electricity Needs

Combined heat and power (CHP) installation capacities have increased on the back of the growing inclination of governments in numerous countries to increase the share of CHP in modern energy generation. The drive for CHP, also called cogeneration, installation stems from the urge to meet the burgeoning needs of electricity.

Advances in CHP configurations have reduced the cost and complexity of their deployment in manufacturing facilities, especially in developed nations, thereby underpinning evolution of the CHP market. The governments of these countries in collaboration with energy companies are making concerted efforts to adopt cutting-edge turbines and reciprocating engines. The growing role of CHP installations in reducing carbon emissions is paving way to new revenue streams for stakeholders in the CHP installation market.

Over the past few years, business propositions of CHP installation have risen on the back of the increasing trend of using decentralized form of energy supply.  The role of CHP thus gain significance for power small commercial and educational establishments. This is a key trend reinforcing the prospects of the CHP installation market. Advent of new turbine technologies has raised the hopes of stakeholders in the market.

The business prospects are vast. According to a report by Transparency Market Research (TMR), the opportunities in the global CHP installation market are expected to climb from US$806.2 bn in 2017 to US$1131.4 bn by 2026-end.

global chp  installation  Market

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Governments and Industry Players Collaboratively Enhance Efficiency of CHP Plants

Industry players as well as governments are making intense efforts to increase the efficiency of CHP plants. The focus is to use renewable sources of energy to meet environmental mandates in energy generation. A case in point is the use of hydrogen fuels in CHP.

Among the various types of gases used in CHP installation, natural gas has attracted the most attention of heat energy and electricity producers. However, rapidly receding reserves of coal and natural gas has stimulated the prospect of the use of renewable energy. As a result, renewable energy in the total energy mix has increased significantly over the past few years, which has cemented the potential of the CHP installation market. Interestingly, combined heat and power generation has also been key enabler for boosting the generation of electricity from renewables such as wind and solar. Tens of thousands of CHP installations in recent years are expected to be used the production of large-scale electricity and heating supplies in coming years.

Emerging Markets Lean on Decentralized Energy Generation by Adopting CHP Approach

Particularly in developed regions such as North America have become a hotspot for investments in the CHP installation market. Asia Pacific has also been emerging at rapid pace, rising on the back of the demand for large-scale electricity and heating supplies. Governments in various regions are pin enormous promise in CHP installations, since CHP can meet large-scale electricity demands of growing population.   Players in these regions are entering into strategic collaborations that will help them realize the environmental and economic gains of CHP systems. Further, several developed regions are implementing CHP-related regulations, expanding the revenue potential in the CHP market.

The study presented here is based on a report by Transparency Market Research (TMR) titled “CHP (Combined heat and power) Installation Market (Fuel - Biomass, Coal, Natural Gas; Prime Mover - Steam Turbine, Combined Cycle, Gas Turbine, Reciprocating Engine, Others (Stirling Engine, Organic Rankine Cycle); Application - Commercial and Residential, Industrial) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018-2026”

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