Combined Heat and Power (CHP) Market size worth US$28.532 billion by 2027
Knowledge Sourcing Intelligence announces the publication of a new analysis report on the market of the “Combined Heat and Power (CHP) Market – which is forecasted from 2020 to 2027”.
The prime factor driving the growth of the combined heat and power (CHP) market is due to end-user requirements for the replacement of conventional energy systems constantly increasing as a result of significantly higher operational and maintenance costs, as well as uninterrupted utility supply.
As per the report, the market about Combined Heat and Power (CHP) Market is expected to grow at a steady pace.
A combined heat and power system is an energy-efficient system that generates electricity from various types of fuels and has the ability to capture the heat generated and reuse it for space heating, domestic hot water, and industrial processes, among other things. Growing demand for energy efficiency, especially across the industrial sector is expected to propel the CHP market forward throughout the forecast period.
Based on fuel type, the combined heat and power (CHP) market offers Coal, Natural Gas, Biomass, and Others. The natural gas segment is expected to grow significantly in the projected period. It is one of the cleanest sources of energy and is less expensive than other types of fuel. Furthermore, the constantly increasing use of natural gas in the energy mix, particularly in developing economies around the world, is supporting the growth of this segment throughout the forecast period.
Based on application, the combined heat and power (CHP) market is segmented into commercial, residential and industrial. The residential segment is expected to grow during the forecasted period due to an increase in residential CHP unit adoption for emergency power backup.
Based on the configuration, the combined heat and power (CHP) market is segmented into combustion turbines and steam boilers. The steam boilers segment is expected to grow during the forecasted period. Steam boiler utilizes fuels such as natural gas and also renewable thermal energy for heating that allows for clean energy creation. Combustion turbine compared to steam boilers requires fossil fuels and the combustion process inherently creates pollutants such as nitrogen oxide.
Based on geography segmentation, the combined heat and power (CHP) market is segmented into North America, Europe, South America, the Middle East and Africa, and Asia Pacific regions. Geographically, the Asia Pacific region is likely to account for a sizable market share due to the result of the growing emphasis of many governments on increasing the share of clean energy in the energy mix.
As a part of the report, the major players operating in the CHP market, that have been covered are The key players of Combined Heat And Power (CHP) including Kawasaki Heavy Industries, Ltd., General Electric, Caterpillar, MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens Energy, Cummins Inc., Robert Bosch GmbH, MAN Energy Solutions, Centrica, Wärtsilä, DalkiaAegis, EDF Group, Veolia Environnement S.A., 2G Energy AG.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/combined-heat-and-power-chp-market
This analytics report segments the Combined Heat and Power (CHP) Market on the following basis:
- By Fuel Type
- Natural Gas
- By Application
- By Configuration
- Combustion Turbine
- Steam Boiler
- By Geography
- North America
- South America
- United Kingdom
- The Middle East and Africa
- Saudi Arabia
- Asia Pacific
- South Korea
- North America
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