Combined Heat and Power Market to accelerate at 6.57% CAGR, USD 8.35 Bn incremental growth expected during the forecast period | ZMR
2022-04-23 07:36:20 UTC | Business, Economy, Finances, Banking & Insurance
As countries continue to focus on developing greener energy solutions, the global combined heat and power market is expected to grow. The global global combined heat and power market is estimated to be worth US$26.9 billion in 2026, up from US$19.1 billion in 2020, according to Zion Market Research. As traditional energy solutions are being displaced by newer ones, the market is expected to grow at a CAGR of 6.2 percent between 2021 and 2026. CHP systems generate energy from waste thermal energy, which can be used to provide a reliable power supply. As emission regulation becomes a hot problem for countries all over the world, this concept has provided the market a completely new potential.
In the next five years, global demand for combined heat and power is projected to increase as regulators focus on providing incentives for the use of efficient equipment. CHP systems are getting a lot of attention as the world tries to figure out how to tackle the energy crisis. CHP systems save energy that would otherwise be squandered in thermal power plants, which is subsequently collected in congregation plants and used for heating and cooling in the urban environment. As a result, they minimise emissions in a variety of ways. CHP systems are also being touted as greener solutions for a better tomorrow because they use biomass or natural gas as fuel.
The winter weather in Europe is predicted to be a major driver in the expansion of CHP plant installations across the continent. Finland and the United Kingdom are anticipated to lead the way in terms of congregation equipment, which can be utilised for both thermal and electrical purposes. Furthermore, tax advantages for congregation equipment granted by the governments of Germany and Denmark will give the regional CHP sector a much-needed boost.
According to the report, the North American CHP industry will grow in the next years as grid stability becomes more important. During the projected period, investments in smart and microgrids to improve energy distribution will benefit the regional market.
Some of the key players operating in the global combined heat and power market are Tecogen Inc., Siemens AG, Veolia, GE, ABB Group, Cummins Inc., GE, MAN Energy Solutions SE, Capstone Green Energy Corporation, Clarke Energy, Wartsila, and Generac Power Systems, Inc.
Utility or district heating, steam or hot water distribution, thermal energy input to other industrial processes, and the generation of steam to drive a steam turbine for higher power generating efficiency are some of the various process applications for collected thermal energy in CHP systems. A heat recovery steam generator (HRSG) or a large-scale heat exchanger are used to generate steam from exhaust heat. Combined cycle power plants or combined cycle gas turbines are CHP systems that employ gas turbine exhaust heat to drive a steam turbine (CCGT). A CHP system that uses exhaust heat to create cooling, air conditioning, or cooling via the Rankine cycle or the refrigeration cycle is referred to as trigeneration. Polygeneration systems are complex systems that include numerous sources of electricity generation, heating, and cooling.
The combined heat and power market is divided into three categories in this report: product type, application, and geography.
Based on Product Type, the Combined Heat and Power Market has been segmented as follows: Micro CHP, Industrial CHP, Trigeneration, Combined Heat, And Power District Heating
Based on Application, the Combined Heat and Power Market has been segmented as follows: Hospitals, Universities, Military Installations, Data Centers, Prisons, And Large Office Buildings
We looked at the Combined Heat and Power Market from every angle. Methodologies for primary and secondary research are also used. This aided us in gaining a better grasp of current market dynamics, such as supply-demand imbalances, pricing trends, product preferences, and customer behaviour patterns, among other things. Primary research with industry professionals and opinion leaders from around the world confirmed the findings. Various market estimation and data validation approaches are used to compile and validate the data. In addition, we have an in-house data forecasting model that forecasts market growth until 2028.
Overview of the Combined Heat and Power Market's Regional Outlook:
The market is divided into five regions: North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa (MEA). The North American continent is further divided into countries such as the United States and Canada. The European continent is divided into the United Kingdom, France, Germany, Italy, Spain, Russia, and the Rest of Europe. China, Japan, South Korea, India, Australia, Southeast Asia, and the Rest of Asia Pacific make up Asia Pacific. The Latin America region is separated into Brazil, Mexico, and the rest of Latin America, while the Middle East and Africa region is divided into GCC, Turkey, South Africa, and the rest of MEA.
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