Combined heat and power (CHP) is the use of a heat engine for generating electricity and heat in a single process. It is also referred to as trigeneration and cogeneration. Its energy-efficient nature has led to its installation at various industrial plants as a reliable backup. The global combined heat and power market report by Market Research Future (MRFR) forecasts revenue and growth projections for the period of 2021 to 2030 (forecast period). The COVID-19 pandemic and its implications on the industry and its scope is covered in the report in full detail.
Market Scope
The global combined heat and power market size in 2019 is registered as USD 9.4 billion and is expected to grow at a significant rate of 6.94% during the forecast period (2021-2028).
Get Free Sample PDF @ https://www.marketresearchfuture.com/sample_request/4361
Need for electricity and heat demand, emphasis on energy efficiency, and government subsidies and incentives for encouraging the use of CHP can drive the market demand exponentially. The large number of companies using government incentives for installing CHP units in their facilities can bode well for the market. The technology can cut emission rates, increase power reliability, reduce transmission & distribution losses, and improve the overall performance of the grid. The aim to curb greenhouse gas emissions in industrial, residential, and commercial sectors can drive the demand for CHP in the coming years.
Segmentation
By type, it is segmented into small scale and large scale. The large scale segment is expected to take the lead in the market owing to demand for huge proportion of power from sugar, chemical, glass, refining, textiles, and paper & pulp industries.
By technology, it is segmented into gas turbine, steam turbine, combined cycle, and others.
By application, it is segmented into residential, commercial, and industrial.
By fuel, it is segmented into biomass, coal, natural gas, and others. Natural gas fueled CHP systems can enjoy immense demand due to dip in natural gas prices and discovery of new gas reserves. The need for clean source of energy can drive the segment growth during the forecast period.
Regional Analysis
Europe accounts for one of the largest installed bases of cogeneration power plants in the world and continue to dominate the market of combined heat and power (CHP). The easy availability of natural gas in Europe makes installation relatively easier and more cost-effective. The region is a global leader in micro-CHP engine with innovation and manufacturing centers in Germany, the Netherlands and the U.K. This has been spurring the demand for CHP installations in countries such as Belgium, Germany, Italy, and the Netherlands.
Moreover, high demand for small-scale CHPs in Japan, coupled with their increasing installation across diverse industries, has been boosting demand for the CHP installation in the APAC region. The Japanese government provides subsidies for the development of this green technology. The demand for small scale CHP systems for residential as well as commercial purposes has led to the region’s dominance in the market. Increasing installation of CHP systems in developing nations such as India, South Korea and China will keep the demand for large-scale CHP systems high during the forecast period.
Competitive Outlook
ABB Limited, Bosch Thermotechnology Ltd., Veolia, Cummins, ENER-G Rudox, General Electric, Caterpillar Inc., Mitsubishi Heavy Industries ltd., and MAN Diesel & Turbo SE are prominent players of the global combined heat and power market.
Browse Complete Report @ https://www.marketresearchfuture.com/reports/combined-heat-power-market-4361
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), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Edibles.
MRFR team have supreme objective to provide the optimum quality market research and intelligence services to our clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help to answer all their most important questions.
In order to stay updated with technology and work process of the industry, MRFR often plans & conducts meet with the industry experts and industrial visits for its research analyst members.
Contact
Wantstats Research and Media Private Limited
99 Hudson Street,5Th Floor
New York, New York 10013
United States of America