Combined Heat and Power (CHP) Market Synopsis:
Combine heat and power (CHP) refers to the cogeneration of usable power and heat in a single process. This report published by Market Research Future (MRFR) suggests that the global Combined Heat and Power Market is poised to strike 6.994% CAGR across the review period 2017 to 2023. The rising demand for energy-efficient technologies is expected to drive the growth of the combined heat and power (CHP) market in the forthcoming years.
Industrial sector requires a huge supply of energy for its operations. It is anticipated to motivate the growth pattern of the combined heat and power (CHP) market in the coming years. The governments are also promoting the installation of these CHP systems. Financial incentives are being offered by governments in many regions for the use of CHP technology. It is anticipated to drive the growth of the combined heat and power (CHP) market across the assessment period. However, CHP is only used where there is a need for both hot water and electricity. It remains an impediment to market growth.
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Based on Fuel, the global combined heat and power (CHP) market have been segmented into natural gas, coal, biomass, and others.
By Technology, the combined heat and power (CHP) market has been segmented into combined cycle, steam turbine, gas turbine, and others.
On the basis of Type, the combined heat and power (CHP) market has been divided into large scale and small scale.
By Application, the combined heat and power (CHP) market has been segmented into residential, commercial, and industrial.
The global CHP Market has been analyzed on a regional and then on a country-level basis. The key regions identified in this analysis are North America, Asia Pacific (APAC), Europe, and the Rest of the World (RoW).
Europe is currently leading the growth of the combined heat and power (CHP) market. The easy availability of natural gas in the region is one of the key drivers of the market in the region. It makes the installation of a cogeneration power plant easy as well as cost-effective. It is expected to impact the combined heat and power (CHP) market favorably. Germany, the Netherlands, and the U.K. are expected to play a crucial role in the development of the regional market. The innovations in the development of micro-CHP engines in these regions are poised to lead the growth of the combined heat and power (CHP) market over the next couple of years.
In Asia Pacific too, the demand for small scale CHP engines is quite high. It is supposed to drive the proliferation of the combined heat and power (CHP) market in the coming years. Also, rising installation across the industrial sector poses growth opportunities for market players. It is presumed to accelerate revenue generation for the participants of the combined heat and power (CHP) market in the years to come. The subsidies offered by the governments for promoting the use of CHP power plants are poised to expedite the growth rate of the combined heat and power (CHP) market in the foreseeable future. Also, the demand for these systems for residential purposes are anticipated to lead the expansion of the combined heat and power (CHP) market in the region. Kapan is poised to contribute substantially to market growth. Other country-level markets of the region that are expected to expedite market growth are China, South Korea and India.
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)
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