Combined Heat & Power Market revenue to cross USD 32 Bn by 2028: Global Market Insights Inc.
Major combined heat & power market players include ABB, Siemens, General Electric, Kawasaki Heavy Industries, Caterpillar Inc., Yanmar Holdings Co., Ltd., Wartwsila, MAN Energy Solutions SE, Bosch Industriekessel GmbH, Cummins, Inc., and MWM.
Selbyville, Delaware, March 15, 2022 (GLOBE NEWSWIRE) —
The combined heat & power (CHP) market size is expected to record a valuation of USD 32 billion by 2028, according to the most recent study by Global Market Insights Inc. The growing usage of gas-fired technology over conventional fuels will drive the global market growth. In addition, favorable governmental schemes & initiatives to deploy sustainable and energy-efficient technologies to achieve emission targets and reduce electricity bills is poised further spur the industry expansion.
Low carbon emission and clean energy generation from biomass will favor its acceptance as a fuel in the combined heat & power market in the coming years. Favorable governmental norms to accept renewable fuels to curb the soaring carbon emission will act as a noteworthy factor in stimulating technology growth. Moreover, the introduction of initiatives and schemes including renewable energy certificates, non-domestic renewable heat incentives, and the availability of central financial assistance to deploy biomass fuel will augment the market value.
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Growing demand for end products of industries including oil & gas, chemical, food & beverage, paper, and others will positively sway product penetration across the industrial sector. High demand for electricity along with the increasing development of the small-scale industrial sector is anticipated to positively influence the combined heat and power market demand. Furthermore, ongoing efforts to refurbish old industrial complexes will boost the demand for efficient technologies including CHP systems, thereby propelling the industry progression.
5MW capacity CHP power plants are projected to witness substantial growth during the forecast period due to the increasing industrialization across developing nations along with the implementation of strict emission norms across the globe. The introduction of carbon credits and schemes pertaining to clean energy are a few major factors complementing the deployment of these units across the regions. However, many countries including the U.S. and the UK are primarily shifting their focus toward replacing traditional power generation plants with high-capacity energy-efficient plants by using natural gas and biomass as fuel, which in turn, will enhance the demand for high-capacity CHP systems.
Asia Pacific combined heat & power market is estimated to observe significant growth owing to the ongoing efforts of the regulators to reduce reliance on coal for power generation, which in turn, will accelerate the requirement for environmental-friendly technologies including CHP. The soaring population growth across countries including India and China will compel policymakers to deploy effective methods of power generation, further aiding technology penetration in these countries. Additionally, liberal policies for industrial development will increase the CHP adoption rate across the region.
Major companies operating across the market include ABB, Siemens, General Electric, Kawasaki Heavy Industries, Caterpillar Inc., Yanmar Holdings Co., Ltd., Wartwsila, MAN Energy Solutions SE, Bosch Industriekessel GmbH, Cummins, Inc., and MWM.
Some key findings of the combined heat & power market report include:
- Declining reliance on conventional coal-fired power plants will raise the demand for cleaner technologies including CHP.
- Strict emission norms will foster policymakers to adopt sustainable technologies, which in turn, is slated boost the industry growth during the forecast timeframe.
- The growing usage of biomass plants across Europe to complement technology deployment during the forecast timeline.
- Increasing demand for district heating applications across commercial & residential buildings to generate economical heating will stimulate the technology demand.
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Table of Contents (ToC) of the report:
Chapter 3 Combined Heat & Power Market Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Innovation & sustainability landscape
3.4 Regulatory landscape
3.5 COVID- 19 impact on the industry outlook
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.2 Industry pitfalls & challenges
3.7 Growth potential analysis
3.8 Porter’s Analysis
3.9 Competitive landscape, 2021
3.10 PESTEL Analysis
Browse Complete Table of Contents (ToC) @
https://www.gminsights.com/toc/detail/combined-heat-and-power-CHP-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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