New York, USA, May 08, 2023 (GLOBE NEWSWIRE) -- According to a report published by Research Dive, the global combined heat power market is predicted to generate a revenue of $48,399.1 million and rise at a CAGR of 7.2% over the estimated timeframe from 2022 to 2031.
As per our analysts, the rising industrialization and urbanization throughout the world have increased the electricity demand which is expected to bolster the growth of the global combined heat power market throughout the analysis timeframe. Moreover, the increasing trend of distributed power generation due to their better efficiency and stable generation capacity is expected to create massive growth opportunities over the estimated period. However, the increased installation and maintenance costs of combined heat power may hamper the growth of the market throughout the forecast period.
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Segments of the Combined Heat Power Market
The report has divided the market into segments based on fuel type, capacity, technology, application, and region.
Fuel Type: Natural Gas Sub-Segment to be Most Productive
The natural gas sub-segment is predicted to have the fastest growth during the analysis timeframe. This is mainly because natural gas is a useful fuel for CHP systems owing to its greater availability and lower carbon emissions. Moreover, the increasing government focus on adopting cleaner fuels in their energy mix is expected to fortify the growth of the market sub-segment over the estimated period.
Capacity: Up to 10 MW Sub-Segment to be Most Beneficial
The up to 10 MW sub-segment held the greatest market share in 2021. This is mainly because up to 10 MW energy systems offer reduced energy costs compared to other traditional systems. In addition, the government’s micro-CHP fuel cell effort can generate up to 10 MW of power without burning fuel which is expected to augment the growth of the market sub-segment during the forecast period.
Technology: Combined Cycle Sub-Segment to be Most Profitable
The combined cycle sub-segment registered the highest revenue in 2021. This is mainly due to the increasing demand for combined cycle systems in industries with high energy demands such as chemicals, paper, sugar, refining, medicines, and many more. Moreover, various beneficial advantages of combined cycle systems such as cheap installation & maintenance costs, low pollution, higher energy efficiency, and many more are expected to propel the growth of the combined heat power market sub-segment over the analysis period.
Application: Industrial Sub-Segment to be Most Gainful
The industrial sub-segment generated the biggest revenue in 2021 and is expected to continue steady growth over the estimated period. The increasing installation of combined heat power energy systems in various industrial applications has various advantages such as non-fuel operation, lower maintenance costs, minimal emissions, greater fuel availability, and many more which are predicted to fuel the growth of the market sub-segment during the forecast period.
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Asia-Pacific Region Held the Maximum Market Share in 2021
The Asia-Pacific region of the combined heat power market accounted for the largest revenue in 2021. This is mainly due to the rising demand for district energy and cooling systems in the region under moving climatic conditions. Additionally, the continuous mechanical developments and the derived conclusion from fuel adaptability are predicted to drive the regional growth of the market over the analysis timeframe.
Covid-19 Impact on the Combined Heat Power Market
The outbreak of the Covid-19 pandemic has brought several uncertainties across several businesses. It has also devastated the combined heat power market. The disruptions in the supply chain, closure of manufacturing plants, and economic slowdown have lowered the demand for combined heat power during the pandemic. Moreover, the prolonged lockdowns imposed by the governments due to the rising cases of Covid-19 have made it difficult for manufacturers to reach their consumers which was the major factor that declined the growth of the market throughout the crisis.
Key Players of the Combined Heat Power Market
The major players of the combined heat power market include
- Cummins
- Bosch Thermotechnology Ltd.
- General Electric
- ABB Limited
- Mitsubishi Heavy Industries Ltd.
- ENER-G Rudox
- Caterpillar Inc.
- Veolia
- MAN Diesel & Turbo SE
These players are broadly working on the development of new business strategies such as mergers and acquisitions, partnerships and collaborations, and product development to attain a leading position in the global industry.
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For instance, in April 2022, MAN Energy Solutions SE, a German multinational company producing large-bore gas and diesel engines, announced its collaboration with Amazon Web Services, Inc., a subsidiary of Amazon that provides on-demand cloud computing platforms. With this collaboration, the companies aimed to improve operational efficiency across marine, power, and industrial applications with real-time monitoring and predictive maintenance platform.
Further, the report also summarizes other vital aspects including SWOT analysis, the product portfolio, the financial performance of the key players, and the latest strategic development.
More about Combined Heat Power Market:
- How is Combined Heat and Power (CHP) Reshaping the Energy Industry for a Greener Future?
- Global Combined Heat Power Market to Experience Noteworthy Growth with Enhanced Funding for Natural Gas Production and Related Infrastructure
