Global CHP Market size to exceed $40bn by 2024

CHP market size is anticipated to grow over USD 40 billion by 2024, as reported in the latest study by Global Market Insights, Inc.
 

Growing energy demand from industries coupled with rapid urbanization and industrialization across the developing nations will foster the combined heat and power market share. Cost reductions in the manufacturing processes owing to lower energy consumption along with increasing utilization of waste resources will positively influence the business scenario. In addition, accelerating demand for district heating systems in cold climatic regions is set to encourage the product penetration.

 

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Widespread adoption of sustainable energy technology coupled with favorable government measures including feed in tariffs and tax rebates will stimulate the industry scenario. Expansion & upgradation of the existing infrastructure along with replacement of conventional coal plants with cogeneration systems are the key factors stimulating the product adoption. In addition, upsurge in demand for clean fuel coupled with strict norms pertaining to emissions reduction will strengthen the industry landscape.
 

CHP market

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Natural gas segment of CHP market is projected to exceed over 12 billion by 2024. Key factors including high efficiency, less fuel consumption and low operating costs will complement the business landscape. In addition, ongoing replacement of traditional power generation plants with the modern natural gas-fired plants is set to strengthen the product penetration. For instance, Stadtwerke Lübeck in 2017, has developed a cogeneration power plant that enables the combined generation of heat and power using natural gas.
 

Browse key industry insights spread across 300 pages with 418 market data tables & 11 figures & charts from the report, “Combined Heat And Power Market Size By Fuel (Natural Gas, Coal, Biomass), By End User (Residential [Space Heating/Cooling, Water Heating, Cooking, Lighting], Commercial [Educational Institution, District Energy, Office Building, Government/Military], Industrial [Chemical, Petroleum Refining, Food, Paper, Primary Metals]), By Capacity (1 kW – 0.5 MW, 0.5MW - 5MW, Above 5 MW), By Technology (Combined Cycle, Steam Turbine, Gas Turbine , Reciprocating Engine), Industry Analysis Report, Regional Outlook (U.S., Canada, Mexico, UK, Finland, Russia, Germany, Denmark, Sweden, China, Japan, South Korea, India, Saudi Arabia, South Africa, Brazil), Price Trends, Competitive Market Share & Forecast, 2017 – 2024” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/combined-heat-and-power-CHP-market
 

Residential application is projected to observe substantial gains owing to growing investments in the real estate sector along with retrofitting of the conventional buildings. Accelerating adoption of small heating systems in countries across Tier II & III cities by using biomass as fuel will stimulate the combined heat and power market growth. Stable power supply, reduced fuel costs and reduced energy consumption owing to increased efficiency will augment the industry landscape.
 

China CHP market is projected to value over USD 1 billion by 2024. Regulatory frameworks pertaining to energy conservation and sustainability coupled with increasing demand for decentralized power generating systems will complement the business outlook. For instance, the government of China has cancelled over 100 forthcoming coal fired power plants. Strict mandates to reduce the carbon footprint along with rapid industrial and urban area development will influence the product penetration.
 

Combined cycle will grow on account of ability to generate heat energy and electricity in one cycle thereby enabling more energy usage. Increasing demand of CHP systems in economies including will positively impact the industry scenario. Effective design, easy configuration and high power are some of the key factors encouraging the product penetration. In 2017, NRG Energy and JP Nippon developed the Petro Nova carbon capture project in the U.S.
 

Key players operating across the industry includes Caterpillar, MAN Diesel & Turbo, Mitsubishi, ENER-G Rudox, General Electric, Bosch Thermotechnology, Viessmann Werke, Kawasaki, Yanmar, Cummins, Veolia, MWM, ABB, BDR Thermea, 2G Energy, Siemens and Aegis Energy.
 

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Combined heat and power market research report includes in-depth coverage of the industry with estimates & forecast in terms of volume in MW & and revenue in USD Million from 2014 to 2024, for the following segments:
 

Global CHP Market, By Fuel

  • Natural Gas
  • Coal
  • Biomass

Global CHP Market, By End User

  • Residential
    • Space Heating/Cooling
    • Water Heating
    • Cooking
    • Lighting
  • Commercial
    • Educational Institution
    • District Energy
    • Office Building
    • Government/Military
  • Industrial
    • Chemical
    • Petroleum Refining
    • Food
    • Paper
    • Primary Metals

Global CHP Market, By Capacity

  • 1 kW – 0.5 MW
  • 0.5MW - 5MW
  • Above 5 MW

Global CHP Market, By Technology

  • Combined Cycle
  • Steam Turbine
  • Gas Turbine
  • Reciprocating Engine

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
    • Mexico
  • Europe
    • UK
    • Finland
    • Russia
    • Germany
    • Denmark
    • Sweden
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
  • Rest of World
    • Saudi Arabia
    • South Africa
    • Brazil

 

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