U.S. Combined Heat and Power Systems Market 2022
The factors that are driving the growth of the market include the need for energy efficiency, mandates for CHP installations, and rising prices of fuels such as natural gas and diesel fuel. In addition, the market is growing rapidly in developing countries such as China and India due to the increasing demand for electricity and rising concerns about air pollution. The U.S. Combined Heat and Power Systems Market is estimated to be valued at over $6 billion by 2024, growing at a CAGR of 6% during the forecast period (2018-2024).
According to Persistence Market Research’s recent market outlook – “U.S. Market Study on Combined Heat and Power (CHP) System for Data Center: Commercial End Use Segment Expected to Witness Steady Growth from 2017 to 2024 ,” the combined heat and power (CHP) system for data center market in the U.S. will grow at 3.4% CAGR through 2024. The market in U.S., although estimated to witness moderate growth throughout the assessment period, will continue to hold the highest value share in the global market. Revenue sales of CHP systems for data center will be predominantly high in California, New York, Washington, Texas, and Massachusetts.
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Government incentives for CHP systems have also been driving the U.S. CHP market as it encourages investments in distributed energy resources (DERs) such as CHP systems, which reduce electricity costs and improve system reliability. In addition, the development of new technologies such as micro-CHPs and fuel cells has further fueled the growth of U.S. combined heat and power system markets. As these technologies become more efficient and cost effective, their adoption will continue to increase leading to higher demand for U.S.
U.S. Combined Heat and Power (CHP) System for Data Center Market Segmented By Institutional, Commercial, Healthcare End Use with Retrofit Systems, Newly Installed Systems
“Rising adoption of colocation facilities and growing demand for green data centers are expected to bring in new growth opportunities in the U.S. market for combined heat and power system for data center.”
– Market Research Analyst, Industrial Automation, Persistence Market Research
Key Players-
- General Electric Company
- Caterpillar Inc.
- Clarke Energy Ltd.
- YANMAR America Corporation
- Kinsley Group
- Dresser-Rand Group, Inc.
- Burns & McDonnell Inc.
- Veolia Energy North America, LLC
- Unison Energy, LLC.
- IEM Power Systems, Inc.
- Dynamic Energy Solutions LLC
- Others
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Dropping prices of natural gas and expanding CHP tax incentives favor market growth.
The demand for CHP systems for data centres in the U.S. market will also increase due to the improving economy and reduced natural gas prices. High tax incentives over CHP systems are offered by the government, which is a good sign for the market’s expansion.
Large facility size continues to bag over half of the total revenues.
In terms of value and capacity, the >20,000 sq. ft. size segment is predicted to hold the largest market share in the United States in 2026, with over 53%. This segment is expected to grow by about 30 BPS during the projected period, reaching a value of about US$ 150.0 Mn by 2024’s end. In 2024, the 100-999 sq ft size category will reach US$ 45.0 Mn.
Institutional segment will remain the top end-use consumer for CHP system for data center in the U.S. market.
Institutional and commercial data centres will continue to be the two largest end-use segments, with a combined value share of around 90%. By the end of 2024, the individual share of institutional data centres will approach 53%, with a value of US$ 149.2 Mn. Commercial data centres are expected to be the second-largest end-use segment in 2024, accounting for over 35% of total revenue.
University laboratories are the dominant force, followed by ISPs.
By application, university laboratories will account for more than 36% of the market’s total sales by the end of 2024. By the conclusion of the predicted period, internet service providers will also account for an impressive revenue share of over 25%. While server farms and colos are anticipated to continue growing steadily
New system installations sway the U.S. market for CHP system – for data center.
Based on installation type, newly installed systems segment will continue to monopolize with over 81% share through 2024, gaining 130 BPS post-2016. Growth of retrofitting segment will however be relatively slower due to higher costs and associated complications.
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Key Questions Answered in This Report –
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