Combined Heat and Power Market Highlights
An effort to build the global combined heat and
power (CHP) market has been one of the primary actions led by Market Research
Future. It reveals a detailed study on the market that portrays that the market
might reach a higher valuation in the coming years. With this, the Combined Heat and Power Market Size will be staggering at 6.94
% CAGR during the forecast period 2017 to 2023.
Top Market Drivers & Challenges
The MRFR’s analysts made the report on the key
drivers that are continuously motivating the market. The prime factor is
accredited to the implementation of combined heat and power technologies,
necessity for energy efficiency, and the snowballing use of government
incentives to promote cogeneration are probable to drive the growth of the
combined heat and power market in the forecast period.
In the current time, the combined heat and power are
perceiving enormous support from various governments across the world, mainly
in the form of favorable policies and incentives. These have been another
essential factor affecting it in a positive way and would help it to expand
faster than ever. At the top of it, the series of reliable and cost-effective
technologies is also reported to make and essential contribution to the
market’s growth for the forecast period. A detailed
analysis report of COVID-19 impact on CHP
Market is provided with the
report.
At the same time, the governments in different
regions are actively promoting cogeneration technology through various
long-term policies and financial incentives which are yet more influencing
drivers for the market. Such a factor also will gain more prominence in the
upcoming period, as reported by MRFR’s experts.
On the other side, the presence of a large number of
companies proposing diverse products and services related to combined heat and
power installations is also fueling competition in the global CHP installation
market at a higher level, thus making the market prominent at a different
level.
On the turnover point, the factor of the necessity
for both electricity and hot water on site is mainly acting as a barrier to the
growth of the combined heat and power market.
Segmentation of Market: Combined Heat and
Power
The scope of the study by MRFR segments the global
combined heat and power market by fuel, by technology, by type, and by
end-user.
The market by fuel segment includes natural gas,
coal, biomass, and more.
The market by technology segment includes Combined
Cycle, Steam Turbine, Gas Turbine, and more.
The market by type includes large scale and small
scale.
The market by end-user includes residential, commercial,
and industrial.
Top Regional Drivers
The market studies regions that highlight market
size, volume and share for critical regions of North America, Europe, Asia
Pacific (APAC) and Rest of the World (ROW).
Among these regions, Europe occupies the position of
one of the largest installed bases of cogeneration power plants in the world,
and in this way, it continues to lead the market of combined heat and power.
Apart from this, the easy availability of natural gas in the Europe region also
makes installation relatively more cost-effective, which mainly drives the
market. Even after this, the region is a global leader in micro-CHP engine due
to the innovation and manufacturing centers mostly in Germany, the Netherlands
and the U.K. Such factor is thus, spurring the demand for CHP installations in
more countries such as Belgium, Germany, Italy, and the Netherlands.
The study also spots that there is a high demand for
small-scale CHPs Asia Pacific region, mainly in Japan. It is due to its rising
installation across varied industries, which has been boosting demand for the
combined heat and power installation in the region for a long time. Since last time, the Japanese government has
been providing subsidies for the development of green technology. The demand
for small scale combined heat and power systems for residential as well as
commercial purposes has led to the region’s leadership in the market in the
current time. In fact, the rising installation of combined heat and power
systems in developing nations such as India, South Korea and China is recorded
to keep the demand for large-scale CHP systems in continuation at a higher
level during the forecast period.
Major Key Players
The vital players of the global combined heat and
power (CHP) market are listed as Caterpillar Inc.(U.S.), ENER-G Rudox (U.S.),
Veolia (France), General Electric (U.S.), Mitsubishi heavy industries ltd.
(Japan), ABB Limited(Switzerland), MAN Diesel & Turbo SE (Germany), Bosch
Thermotechnology Ltd.( U.K), Cummins(U.S.), and others.
About Market Research Future:
At
Market Research Future (MRFR), we enable our customers to unravel the
complexity of various industries through our Cooked Research Report (CRR),
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Research (CFR), and Market Research & Consulting Services.
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Research Future
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