The report on the Combined Heat and Power Market has been launched by Stratview Research is an all-inclusive report that talks about the market structure and growth in the forecast period of 2023-2028. The report also offers insights into different market segments and other factors affecting the market.
The combined heat and power market was estimated to grow from US$ 28.9 Billion in 2023 to reach US$ 38.91 Billion by 2028 at a CAGR of 5.7% during the forecast period.
The process of generating both, heat and electricity, at the same time is known as combined heat and power (CHP) generation. Different fuels, such as natural gas, biofuels, and oil, are used in the process. CHP is a system that recovers lost energy by using waste heat. It provides heat to the power plant or the buildings connected to the power plant via a steam pipe network.
The market's growth is influenced by a number of factors that have a significant or indirect impact on demand. An overview of such factors can be found in our report, which is derived utilizing SWOT analysis, industry life cycle, and supply chain analysis. Such key information can help market participants and investors identify the low-hanging fruits in the market and establish strategic initiatives to accelerate their growth.
COVID-19 IMPACT on the Market-
The COVID-19 pandemic has influenced almost all the industries, little or large, dealing in any sector.
The growth curves of Combined Heat and Power Market have witnessed enormous ebb and flows in the year 2020. The market scenario and the pace of growth have taken a huge turn and have prompted numerous adjustments in the cycles. 2023 is probably going to be superior to 2020 for the Combined Heat and Power Market players as the greater part of the organizations have continued their activities and the interest is getting re-established for them.
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The Cornerstones in the market-
Listed below are the top key players that dominate the Combined Heat and Power market –
- 2G Energy AG
- Caterpillar Inc.
- General Electric
- Kawasaki Heavy Industries, Ltd.
- MAN Energy Solutions SE
- Siemens AG
- Veolia Environment S.A.
- VIESSMANN Manufacturing Company Inc.
- Yanmar Co., Ltd.
Combined Heat and Power Market Segmentation:
The report segments based upon demographics, geographics, benefits and volume etc, has different leading factors and identifies the most-attractive segments and sub-segments. The market segmentation will not only help marketers to be more efficient in terms of time, money and other resources but also allows companies to learn about their target audience so that they can tailor campaigns that leads a roadmap to success.
The Combined Heat and Power Market is segmented into the following categories.
By Fuel Type
The market is segmented as natural gas, coal, biomass, and others. Natural gas is expected to account for the major share of the market due to its high efficiency, low price, increased production across the globe, and significantly low carbon emissions.
By End-Use Type
The market is segmented as residential, commercial, and industrial. The commercial segment is estimated to be the leading end-use type during the forecast period.
- Ongoing fund inflows by respective governments for the development of various commercial facilities, including offices, educational institutions, hospitals, and others, are expected to boost the growth of the commercial end-use segment.
- Furthermore, growing investments in green buildings, owing to strict building emission norms are likely to drive the growth in the commercial segment over the coming years.
By Capacity Type
The market is bifurcated into 1kW-0.5MW, 0.5MW-5MW, and above 5MW. The 1kW-0.5MW capacity range is expected to grow rapidly in the market due to the ongoing expansion of the residential and commercial sectors, as well as benefits such as high energy efficiency and low operational costs.
By Technology Type
The market is segmented as combined cycle, steam turbine, gas turbine, reciprocating engine, and others. Steam turbine is estimated to witness significant growth in the market in the coming years. Steam turbines are one of the most versatile and oldest technologies used in the generation of heat and electricity. The technology is expected to grow significantly in the coming years due to its high reliability, smooth operations, and extremely long operational life when compared to other alternatives.
North America is estimated to be the leading region in the market during the forecast period. Governments across the region are supporting the region's market growth by establishing strict carbon emission targets, as a result of which countries are reducing their reliance on coal-powered power plants and introducing cleaner fuels into their energy mix. Furthermore, rising demand for clean energy is expected to drive the market growth in the coming years.
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- Company Profiling
- Detailed profiling of key market players (up to 3 players)
- SWOT analysis of key market players (up to 3 players)
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