Global Combined Heat Power Market Anticipated to Garner $48,399.1 Million, Growing at a 7.2% CAGR in the 2022-2031 Timeframe | Defined by Research Dive
NEW YORK, May 19, 2023 /PRNewswire/ -- The global combined heat power market is expected to grow primarily owing to a rise in demand for energy efficiency in the industry. Combined cycle sub-segment is expected to flourish immensely. The market in the Asia-Pacific region is predicted to grow at a high CAGR by 2031.
Global Combined Heat Power Market Forecast Analysis:
As per the report published by Research Dive, the global combined heat power market is expected to register a revenue of $48,399.1 million by 2031 at a CAGR of 7.2% during the forecast period 2022-2031.
Segments of the Combined Heat Power Market
The report has divided the combined heat power market into the following segments:
- Fuel Type: natural gas, coal, biomass, and others
- Natural Gas – Most dominant in 2021
Strict government regulations and objectives for carbon fuels, including natural gas, are expected to push the growth of this sub-segment further. - Capacity: Up to 10 MW, 10-150 MW, 151-300 MW, and Above 300 MW
- Up to 10 MW – Highest market share in 2021
The need for CHPs up to 10 MW capacity is primarily driven by residential, commercial, and industrial end users, which is expected to boost the sub-segment in the 2022-2031 timeframe. - Technology: combined cycle, steam turbine, gas turbine, reciprocating engine, and others
- Combined Cycle – Most profitable in 2021
Combined cycle systems are frequently utilized in industries with significant energy demands, such as chemicals, refining, cement, pulp, paper, sugar, and pharmaceuticals, which is expected to propel the sub-segment forward. - Application: commercial, residential, industrial, and utility
- Industrial – Most lucrative in 2021
Combined heat power installation in industrial applications provides various advantages, including low emissions, low installation and maintenance costs, non-fuel operation, fuel availability, heat production, and energy efficiency, which is anticipated to push the sub-segment forward. - Region: North America, Europe, Asia-Pacific, and LAMEA
- Asia-Pacific– Significant market share in 2021
Increased demand for energy (heating and cooling systems) is being driven by ongoing mechanical advancements and changing climatic circumstances, which is predicted to propel the market in the forecast period.
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Dynamics of the Global Combined Heat Power Market
The rising global demand for electricity is expected to make the combined heat power market a highly profitable one in the forecast period. Additionally, increasing preference for smart heating systems and a rise in R&D for technology programmes are predicted to propel the market forward. However, increasing maintenance and installation costs of combined heat power might become a restraint in the growth of the market.
A shift towards the development of renewable energy sources to reduce rising greenhouse gas emissions is predicted to offer numerous growth opportunities to the market in the forecast period. Moreover, global reinforcement of existing production plants is expected to propel the combined heat power market forward in the coming period.
COVID-19 Impact on the Global Combined Heat Power Market
The COVID-19 pandemic disrupted the routine lifestyle of people across the globe and the subsequent lockdowns adversely impacted the industrial processes across all sectors. The combined heat power market, too, was negatively impacted due to the pandemic. The demand for combined heat power greatly reduced owing to the closure of manufacturing plants, disruptions in the supply chain, and the global economic slump. Moreover, the operations of the production and manufacturing sectors were significantly impacted by the COVID-19 disease pandemic, which further hampered the expansion of the combined heat power market for automation. These factors significantly hindered market growth amidst the pandemic.
Key Players of the Global Combined Heat Power Market
The major players of the market include
- Caterpillar Inc
- MAN Diesel & Turbo SE
- Mitsubishi heavy Industries ltd
- Cummins
- General Electric
- Bosch Thermotechnology Ltd
- ENER-G Rudox
- Veolia
- ABB Limited
These players are working on developing strategies such as product development, merger and acquisition, partnerships, and collaborations to sustain the market growth.
For instance, in January 2023, Centrica, a global provider of energy solutions and services, announced a partnership with 2G Energy AG to deliver 100% hydrogen-ready combined heat and power (CHP) systems to consumers.
What the Report Covers
Apart from the information summarized in this press release, the final report covers crucial aspects of the market including SWOT analysis, market overview, Porter's five forces analysis, market dynamics, segmentation (key market trends, forecast analysis, and regional analysis), and company profiles (company overview, operating business segments, product portfolio, financial performance, and latest strategic moves and developments.)
More about Combined Heat Power Market:
- How is Combined Heat and Power (CHP) Reshaping the Energy Industry for a Greener Future?
- Global Combined Heat Power Market to Experience Noteworthy Growth with Enhanced Funding for Natural Gas Production and Related Infrastructure
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About Research Dive
Research Dive is a market research firm based in Pune, India. Maintaining the integrity and authenticity of the services, the firm provides the services that are solely based on its exclusive data model, compelled by the 360-degree research methodology, which guarantees comprehensive and accurate analysis. With an unprecedented access to several paid data resources, team of expert researchers, and strict work ethic, the firm offers insights that are extremely precise and reliable. Scrutinizing relevant news releases, government publications, decades of trade data, and technical & white papers, Research dive deliver the required services to its clients well within the required timeframe. Its expertise is focused on examining niche markets, targeting its major driving factors, and spotting threatening hindrances. Complementarily, it also has a seamless collaboration with the major industry aficionado that further offers its research an edge.
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