CHP Installation Market to Attain Valuation US$ 1131.4 Bn by 2026 – TMR

The global CHP installation market is prognosticated to grow at a moderate rate CAGR 3.8% between 2018 to 2026, states an upcoming report by Transparency Market Research(TMR).

The global CHP installation market registered an estimated value of US$806.2 bn in 2017 and is projected to reach estimated value of US$1131.4 bn by the end of 2026. The increasing carbon foot print in the environment is paving the way for growth of the global CHP installation market in the upcoming years.

The global CHP installation market is segmented into biomass, coal, and natural gas, in terms of fuel. Of all these, natural gas segment is expected to record a higher growth as CHP uses natural gas in abundance.

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Rising Need for Renewable Source of Energy to Boost CHP Installation

As the population across the globe is rising, so is industrialisation and urbanization which is causing high demand for alternate source of energy that are sustainable. Here comes the role of combined heat and power which can cater to the growing demand, thus, may aid in the growth of the global CHP installation market.

Combined heat and power helps in electricity generation that could further generate wind power, generate solar electricity and small scale hydro power. These results in maximum output at a less cost and may aid in the growth of the global CHP installation market during the forecast period. Also, coastal regions are keen on generating tidal energy, thus, may aid in the expansion of the CHP installation.

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Further, it also helps in heat generation and caters to various applications such as solar water heating; biomass generation, etc can lead to further expansion of the global CHP installation market in the future.

Additionally, government’s support and subsidies for installing CHP in institutions, commercial buildings, and residences are expected to aid in the growth of the global CHP installation market over the forecast period. The Svartsengi Plant by Sudurnes Regional Heating Corporation in Iceland that distributes hot water to 20, 000 people in Reykjanes Peninsula is one of the example of government supported CHP plant.

Moreover, CHP is can be customized according to the customer specification, that is it can meet the large scale and small scale requirements. This might prove to be beneficial in providing growth opportunities to the global CHP installation market.