Combined
Heat and Power (CHP) Market Synopsis:
Combine
heat and power (CHP) refers to the cogeneration of usable power and heat in a
single process. This report published by Market Research Future (MRFR) suggests
that the global combined
heat and power (CHP) market is poised to strike 6.994% CAGR across the
review period 2017 to 2023. The rising demand for energy-efficient technologies
is expected to drive the growth of the combined heat and power (CHP) market in
the forthcoming years.
The
governments are also promoting the installation of these CHP systems. Financial
incentives are being offered by governments in many regions for the use of CHP
technology. It is anticipated to drive the growth of the combined heat and
power (CHP) market across the assessment period. However, CHP is only used
where there is a need for both hot water and electricity. It remains an
impediment to market growth.
Market
Segmentation:
Based
on Fuel, the global combined heat and power (CHP) market have been segmented
into natural gas, coal, biomass, and others.
By
Technology, the combined heat and power (CHP) market has been segmented into
combined cycle, steam turbine, gas turbine, and others.
On
the basis of Type, the combined heat and power (CHP) market has been divided
into large scale and small scale.
By
Application, the combined heat and power (CHP) market has been segmented into
residential, commercial, and industrial.
Regional
Analysis:
The
global combined heat and power (CHP) market has been analyzed on a regional and
then on a country-level basis. The key regions identified in this analysis are North
America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW). Europe
is currently leading the growth of the combined heat and power (CHP) market.
The easy availability of natural gas in the region is one of the key drivers of
the market in the region. It makes the installation of a cogeneration power
plant easy as well as cost-effective. It is expected to impact the combined
heat and power (CHP) market favorably. Germany, the Netherlands, and the U.K.
are expected to play a crucial role in the development of the regional market. The
innovations in the development of micro-CHP engines in these regions are poised
to lead the growth of the combined heat and power (CHP) market over the next
couple of years.
In
Asia Pacific too, the demand for small scale CHP engines is quite high. It is
supposed to drive the proliferation of the combined heat and power (CHP) market
in the coming years. Also, rising installation across the industrial sector
poses growth opportunities for market players. It is presumed to accelerate
revenue generation for the participants of the combined heat and power (CHP)
market in the years to come.
Competitive
Dashboard:
MAN
Diesel & Turbo SE (Germany), Caterpillar Inc. (U.S.), Mitsubishi heavy
Industries ltd. (Japan), General Electric (U.S.), Cummins (U.S.), Bosch
Thermotechnology Ltd. (U.K), ABB Limited (Switzerland), ENER-G Rudox (U.S.),
Veolia (France)
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