Combined Heat and Power Market worth USD 51.26 billion by 2030, registering a CAGR of 6.83% - Report by Market Research Future (MRFR)
/EIN News/ -- New York, Dec. 02, 2021 (GLOBE NEWSWIRE) -- Combined Heat and Power Market Overview: According to a comprehensive research report by Market Research Future (MRFR), “Combined Heat and Power Market Information Report By Fuel, By Technology, By Type, By Application and By Regions - Forecast till 2030”, the market is projected to be worth USD 51.26 billion by 2030, registering a CAGR of 6.83% during the forecast period (2022 to 2030), the market was valued at USD 27.74 billion in 2021.
Key Players
Eminent industry players profiled in the global combined heat and power market report include
- 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 )
- among others.
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Key players have adopted different strategies to stay at the forefront such as mergers and acquisitions, partnerships, new product launches and developments, geographic expansions, and more.
Market Research Future’s Review on Combined Heat and Power Market
COVID-19 Analysis
The COVID-19 outbreak has affected the need for energy from the industrial, commercial, and residential sectors drastically. The majority of the countries worldwide like India, China, the UK, and the US, have imposed lockdown restrictions, stopping different industrial projects and halting manufacturing operations, causing supply chain disruptions and business operations leading to a fall in the energy need. The CHP market has been impacted severely. Most CHP suppliers and manufacturers are experiencing challenges owing to disruptions in supply chain, lack of workers, cash flow constraints, and production halts. Thus, the pandemic results in a huge number of financial losses for the market. The demand for CHP however is increasing rapidly post lifting of lockdowns via the government. The market is likely to develop at a healthy CAGR in the coming years.
Browse In-depth Market Research Report (188 pages) on Combined Heat and Power
https://www.marketresearchfuture.com/reports/combined-heat-power-market-4361
Drivers
Preference to Replace Conventional Energy Systems to Boost Market Growth
The shift in preference towards replacements of conventional energy systems due to uninterrupted utility supply and operational cost will boost market growth over the forecast period.
Opportunities
Favorable Government Incentives to offer Robust Opportunities
Favorable government incentives to promote cogeneration will offer robust opportunities for the market over the forecast period.
Restraints
Increased Costs to act as Market Restraint
The increased maintenance and installation costs of CHP systems may act as market restraint over the forecast period.
Challenges
Damage to Prime Movers to act as Market Challenge
The damage to prime movers owing to impurities in the biogas fueled CHP plans may act as market challenge over the forecast period.
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Market Segmentation
The combined heat & power market is bifurcated based on application, type, technology, and fuel.
By fuel, the natural gas segment will lead the market over the forecast period.
By technology, the gas turbine segment will dominate the market over the forecast period.
By type, the large scale segment will spearhead the market over the forecast period.
By application, the industrial segment will have lions share in the market over the forecast period.
Regional Analysis
Europe to Reign Combined Heat and Power Market
Europe is predicted to reign the combined heat and power market over the forecast period. The presence of the biggest cogeneration power plants in the world, the availability of natural gas being very easy in the region that makes the installation process cost-effective and easier, the presence of manufacturing centers and innovations in the UK, the Netherlands, Italy, Germany, and Belgium, the region being a global leader in micro-CHP engine, and strict government regulations for curbing pollution levels in France, the UK, and Germany are adding to the global combined heat and power market growth in the region.
APAC to Have Significant Growth in Combined Heat and Power Market
The APAC region will have significant growth in the combined heat and power market over the forecast period. Rapid industrialization, urbanization, and also economic growth in the region that leads to the installation of CHP systems in emerging economies, infrastructural expansions in India and China, ongoing power generation projects, technological innovations, large investments in big new gas-fired cogeneration plants as well as large coal-fired plants, growing need for electricity, the region being the largest energy consumer globally with India and China leading the growth in consumption and power generation, rapid economic growth in China, the transition to gas-fired power generation from coal-based generation, the existence of various large scale manufacturers in Japan, South Korea, China, and India, a growing share of clean energy mix for reducing the emission levels, and governments in some countries in the region supporting the installation of CHP through different R&D initiatives and policies are adding to the global combined heat and power market growth in the region.
Report Scope:
| Report Attribute/Metric | Details |
| Market Size | 2030: USD 51.26 billion |
| CAGR | 6.83% CAGR (2022-2030) |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2019 & 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Fuel, Technology, Type and Application |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Vendors | 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 ) |
| Key Market Opportunities | Increased power reliability and save money |
| Key Market Drivers |
|
Segmentation of Market covered in the research:
Combined Heat and Power Market/ CHP Market Information Report By Fuel (Natural Gas, Coal, Biomass and Others), By Technology, (Combined Cycle, Steam Turbine, Gas Turbine and Others), By Type (Large Scale and Small Scale), By Application (Residential, Commercial and Industrial) and By Regions - Global Forecast to 2030
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