Global Combined Heat and Power Systems Market to Reach US$ 26 Bn by 2031: Fact.MR Study
Published : 11 Aug 2021 Industry: Industrial Goods
A new forecast by Fact.MR estimates that the combined heat and power systems revenues is poised to expand at a CAGR exceeding 4% between 2021 and 2031, reaching nearly US$ 26 Bn. Manufacturers are likely to find lucrative growth prospects in the industrial sector.
As per the report, the market expanded at a steady pace, clocking a CAGR of nearly 4% to be valued at US$ 18 Bn by the end of the 2016-2020 historical period. Advocates for energy efficiency have set a goal of increasing CHP capacity to 20% by 2031, in lieu of reducing dependence on conventional fossil fuel driven CHP systems. This is paving way for incorporating more renewable powering solutions.
Prominent players are capitalizing on the promising potential offered by the Asia Pacific, which dominated the combined heat and power installation market with the highest share of 27.25% in 2020. Additionally, shifting preference towards replacing conventional energy systems owing to operational cost and uninterrupted utility supply is projected to surge market growth.
Key Takeaways from Market Study:
- The global combined heat and power systems market is anticipated to add 1.5x value by 2031
- By product, 30-60 MW CHP systems accounted for 59% of global demand in 2020
- Gas turbine CHP systems likely to expand at a CAGR of approximately 3.8% through 2031
- By fuel type, natural gas based CHP systems likely to add an absolute opportunity worth US$ 5 Bn through 2031
- Based on application, industrial segment to be valued the highest, surpassing US$ 13 Bn by 2031
- U.S market for CHP systems is likely to be valued at US$ 520 Mn by 2031
- Sales across China reached US$ 5 Bn as of 2020, amid high prevalence of coal-powered factories
- CHP systems market in Europe is projected to add 1.5x more value compared to North America
“The future developments of micro turbines, Fuel cells, and Solar CHP along with adoption of natural gas will further encourage industry growth till 2031,” comments a Fact.MR analyst.
Prominent players are embracing innovative approaches such as ground-breaking marketing tactics, technological advances for cancer screening, mergers, and acquisitions.
- In March 2021, The European Marine Energy Centre (EMEC) collaborated with Highlands and Islands Airports Limited (HIAL) to decarbonise heat and power at Kirkwall Airport through green hydrogen technology.
- 2G Energy was selected to deliver a CHP plant which generates heat and electricity of 100% hydrogen – The first one in the UK.
- In July 2021, Capstone Green Energy (NASDAQ: CGRN) Signed a 10-Year Service Contract on 1.2 MWs of Micro-turbines Installed in the Fourth-Tallest Building in New York City. The skyscraper's 1.2 MW energy efficiency plant consists of two Capstone C600S microturbines with Capstone's Integrated Heat Recovery Modules.
More Insights Available
Fact.MR, in its new offering, presents an unbiased analysis of the combined heat and power systems market, presenting historical demand data (2016-2020) and forecast statistics from 2021 to 2031.
The study divulges essential insights on the market based on product (up to 30 MW, 30 MW to 60 MW, above 60 MW) fuel (natural gas, coal, biomass, other renewable resources), prime mower (gas turbines, steam turbines, gas engines and fuel cells) and application (industrial, residential and commercial) across seven regions (North America, Latin America, Europe, South Asia, and Oceania, MEA)
About the Automotive Division at Fact.MR
Expert analysis, actionable insights, and strategic recommendations of the highly seasoned Industrial team at Fact.MR helps clients from across the globe with their unique business intelligence needs. With a repertoire of over thousand reports and 1 million-plus data points, the team has analyzed the industrial goods across 50+ countries for over a decade. The team provides unmatched end-to-end research and consulting services. Reach out to explore how we can help.
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Consultant - Industrial Goods and Automotive