Combined Heat And Power Market Growth By Increase In Urbanization As Compared To Previous Years

Global Market Insights added a report on Combined Heat And Power (CHP) Market that provide in-depth information about market overview, top vendors, Key market highlights, product types, market drivers, challenges, trends, industry landscape, size and forecast, five forces analysis, Key leading countries/Region.

Shifting trends towards sustainable energy along with an increase in the demand for decentralized power plants have influenced combined heat and power (CHP) market trends. Improvement in economic stability among people over the years primarily in developed regions as well as developing countries like India, China, Japan, and Singapore has subsequently led to urbanization in these areas.

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Governments and other regulatory authorities have established measures to reduce the carbon footprint and control the emission of harmful gases. Favorable government policies towards CHP plants and energy metering including tax rebates, subsidies, and incentives.

Global CHP industry share is fairly consolidated with leading market players such as ABB, General Electric, Aegis Energy, Siemens, and Kawasaki, among various others. Mentioned below are some of the important factors driving combined heat and power market outlook over the coming years:

Energy-saving policies in APAC and Europe

In terms of geographical expanse, favorable policies established by the governments in regions like Asia Pacific and Europe has amplified the demand for the CHP systems. These policies aim at net energy metering as well as increased resiliency initiatives, fiscal benefits, CHP- inclined environmental regulations and policies.

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Europe and APAC were projected to account for more than 70% of the total combined heat and power industry size by the end of 2026. Some of the integral features of CHP systems that has supported its demand include low cost of installation and operations, improved efficiency, and high reliability.

Increase in urbanization as compared to previous years

The industrial and commercial sector regions has worked towards the use of natural gas and biomass-fueled solutions along with the use of advanced cogeneration plants that reciprocate the engine and gas turbine technologies. Urbanization has steered development in the residential sector with people demanding advanced housing solutions that are sustainable and equipped with the latest technologies.

The introduction of housing policies by the governments to provide housing for all in urban and rural areas has fueled the residential construction in countries like South Africa, India, and nations in South-east Asia, among others. The demand for captive power generation solutions along with growing investment in research and development towards sustainable production of energy will magnify the industry trends in the coming years.

High deployment of 5 MW capacity CHP systems

5 MW capacity CHP systems are widely used in commercial, residential, and industrial applications due to the need for decentralized power generation along with the refurbishment of prevailing energy-producing plants. Technological enhancements towards smart, affordable, and compact CHP technologies has supported the use of the product worldwide.

In the year 2018, ENER-G launched an innovative technology named E-POWER that effectively optimized the performance of CHP plants in order to simplify the process of installation, reduce the cost of maintenance and enhance performance.

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