Market Size of Japan Combined Heat and Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 3.77 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Japan Combined Heat & Power Market Analysis
The market for combined heat and power in Japan is expected to grow at a CAGR of more than 3.77% during the forecast period of 2020 - 2025. Factors such as government policies and growing environmental concerns, old power plant upgrades, reliable and uninterrupted power supply are expected to drive the CHP market in Japan during the forecast period. On the other hand, factors such as low electricity prices that decrease the revenue of CHP plants, increasing focus on other renewable technologies, and issues facing while connecting smaller cogeneration plants to the transmission grid, etc. are likely to hinder the market growth.
- Natural gas-based combined heat and power is expected to witness significant demand during the forecast period.
- Rising applications of CHP in various industries such as sugar, chemicals, paper & pulp, etc. along with government support, is likely to create immense opportunities for the market studied.
- Government support in the form of policies, favorable subsidies, and tax reductions is essential to drive the demand for CHP market in the country.
