The global combined heat and power market is set to expand by nearly 3% between 2019 and 2023, according to research firm Technavio.
The market is expected to add an additional capacity of 124.76GW during the forecasts period.
Key market drivers include:
- The economic and environmental benefits of combined heat and power technologies. For example, the need to reduce energy costs
- The rising need for clean energy fuels
- The need to reduce carbon emissions
- The need to reduce energy transmission and distribution infrastructure costs
The market is moderately fragmented with many players occupying the market share.
44% of the market growth is expected to come from the EMEA region