A recent report published by Infinium Global Research on combined heat power market provides an in-depth analysis of segments and sub-segments in the global as well as regional combined heat power market. The study also highlights the impact of drivers, restraints, and macro indicators on the global and regional combined heat power market over the short term as well as long term. The report is a comprehensive presentation of trends, forecast and dollar values of the global combined heat power market. According to the report, the global combined heat power market is projected to grow at a CAGR of 5.2% over the forecast period of 2019-2025.
Combined heat power (CHP) represents a series of reliable and cost-effective technologies that makes a significant contribution to meeting global heat and electricity demand. CHP is a clean energy solution that directly addresses a number of national priorities by reducing energy-operating costs, greenhouse gas emissions and increasing energy efficiency. CHP reduces the need for new transmission and distribution infrastructure and uses ample clean domestic energy sources such as natural gas and biomass. CHP is utilized in various industrial facilities and commercial buildings with equivalent power and thermal loads. Industrial manufacturing facilities include food-processing, chemicals, refining, and metal manufacturing. For commercial buildings, CHP is present at hospitals, multifamily buildings, colleges and universities, wastewater treatment plants1 and military campuses.
Increasing demand for energy efficiency in industries is the major driving factor of the combined heat power market. Furthermore, factors such as lower energy operating costs, CHP-friendly environmental regulations, resiliency initiatives, federal and state policies and incentives, utility support, and project replicability are the other driving factors of the market. CHP reduces strain on the electric grid and lowers greenhouse gas (GHG) and other harmful emissions that led to an increase in the demand for the combined heat power. Stringent government regulation to control CO2 gases into the environment is estimated to drive demand over the forecast period. However, the high initial investment cost is restraining the growth of the market. Moreover, the development of distributed power generation in North America and the Asia Pacific is expected to provide growth opportunities to the market players.
Geographically, Europe dominates the global combined heat power market owing to the stringent environmental regulation to control pollution levels in this region. Installation of combined heat power is relatively easier & more cost-effective in Europe due to the easy availability of natural gas. Asia-Pacific is expected to grow with a healthy CAGR in the future. The government in some of the APAC countries are supporting CHP installations through policies and R&D initiatives that drive the market growth in this region.
The report on the global combined heat power market covers segments such as product, technology, fuel, and applications. On the basis of product, the sub-markets include large scale and small & micro scale. On the basis of technology, the sub-markets include gas turbine, steam turbine, micro CHP, fuel cells, and spark ignition reciprocating engine. On the basis of fuel, the sub-markets include natural gas, coal, biomass, and other fuels. On the basis of applications, the sub-markets include industries, and residential.
The report provides profiles of the companies in the market such as Aegis Energy Services Inc., Bosch Thermotechnology Ltd, Caterpillar Inc., ENER-G Rudox, FuelCell Energy Inc., General Electric Company, Kawasaki Heavy Industries Ltd, MAN Diesel & Turbo (MAN SE), Mitsubishi Heavy Industries Ltd, Siemens AG, and other companies.
The report provides deep insights into the demand forecasts, market trends, and micro and macro indicators. In addition, this report provides insights into the factors that are driving and restraining the growth in this market. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of combined heat power market. Moreover, the study highlights current market trends and provides forecast from 2019-2025. We also have highlighted future trends in the market that will affect the demand during the forecast period. Moreover, the competitive analysis given in each regional market brings an insight into the market share of the leading players.