North America CHP Market to Witness Comprehensive Growth by 2026

Published Date: 2020-07-21

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According to the Graphical Research new growth forecast report titled “North America CHP Market Size By Fuel (Natural Gas, Coal, Biomass), By End Use (Residential, Commercial, Industrial), By Capacity (1 kW – 0.5 MW, 0.5 MW – 5 MW, Above 5 MW), By Technology (Combined Cycle, Steam Turbine, Gas Turbine , Reciprocating Engine), Industry Analysis Report, Country Outlook (U.S., Canada, Mexico), Price Trends, Competitive Market Share & Forecast, 2020 – 2026”, to Witness Comprehensive Growth by 2026.

North America CHP Market Value is predicted to witness significant impetus on account of growing demand for decentralized power generation along with rising public and private investments toward the adoption of sustainable power sources. Stringent regulatory norms to limit the carbon emission levels will boost the industry outlook. Moreover, rising captive power generation coupled with increasing electricity demand will fuel the business scenario.

0.5 MW – 5 MW capacity CHP plant will witness growth on account of increasing electricity consumption by commercial, industrial and utility sectors. In addition, rising inclination toward reliable & continuous power supply for effective operations will instigate the installation of CHP systems. Paradigm shift toward adoption of renewable power sources along with replacement and restoration of conventional cogeneration power systems will positively sway the overall CHP market across North America.

Rising investments toward R&D sector by leading manufacturers to enhance medium and large engines energy efficiency by 50% will drive the product portfolio. Effective design, high efficiency, easy configuration, low installation & maintenance cost and ability to function under extreme weather conditions are some factors complementing the product demand. Moreover, growing customer inclination toward biomass fueled engines followed by rising applicability of CHP plants across colder areas will boost the product demand.

Integrated speed control, dynamic load adjustments along with monitoring & control at different temperature are the major factors which will complement the product portfolio. Increasing adoption of smart heating networks coupled with rising demand for district heating and cooling systems will boost North America CHP market. Integration of cloud based technologies providing real time energy consumption analysis will complement the product adoption. For instance, in 2018, ENER-G announced the introduction of E-Power technology, providing high engine performance, real time analysis, and low maintenance cost.

Ongoing strategic partnerships, collaborations, joint ventures and mergers & acquisitions among the leading manufacturers to deploy advanced CHP systems will propel the industry outlook. Prominent players operational in market consists of MAN Diesel & Turbo, ABB Limited, Wartsila, Aegis Energy, Mitsubishi Hitachi Power Systems, MWM, General Electric, Siemens AG, 2G Energy, Bosch Thermotechnology, Fuel Cell Energy, Cummins, Veolia, BDR Thermea, Yanmar, and ENER-G Rudox.