Selbyville, Delaware, March 15, 2022 (GLOBE NEWSWIRE) —
the combined heat and power (CHP) market the size is expected to register a valuation of $32 billion by 2028, according to the most recent study by Global Market Insights Inc.. The increasing use of gas technology over conventional fuels will drive the growth of the global market. In addition, favorable government programs and initiatives to deploy sustainable and energy-efficient technologies to meet emissions targets and reduce electricity bills are poised to further spur industry expansion.
Low carbon emissions and clean energy generation from biomass will drive its acceptance as a fuel in the combined heat and power market in years to come. Government standards favorable to the acceptance of renewable fuels to curb skyrocketing carbon emissions will act as a remarkable factor in driving technological growth. Additionally, the introduction of initiatives and programs including renewable energy certificates, non-domestic renewable heat incentives, and the availability of central financial assistance to deploy biofuel will increase market value.
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Growing demand for finished products from industries such as oil and gas, chemical, food and beverage, paper and others will positively influence product penetration in the industrial sector. The high demand for electricity together with the growing development of the small-scale industrial sector is expected to positively influence the combined heat and power demand in the market. Additionally, ongoing efforts to renovate old industrial complexes will drive the demand for efficient technologies, including cogeneration systems, thus propelling the progress of the industry.
Cogeneration power plants with a capacity of 5 MW are expected to witness substantial growth over the forecast period due to increasing industrialization in developing countries and implementation of stringent emission standards across the world. The implementation of carbon credits and schemes relating to clean energy are some of the major elements that complete the deployment of these units in the territories. However, many countries, including the United States and the United Kingdom, are primarily focused on replacing traditional power generation plants with energy-efficient plants using natural gas and biomass as fuel, which which, in turn, will increase the demand for high-capacity power plants. Cogeneration systems.
The combined heat and power market in Asia Pacific is estimated to witness significant growth due to continued efforts by regulators to reduce reliance on coal for power generation, which in turn will accelerate the requirement for environmentally friendly technologies, including cogeneration. High population growth in countries like India and China will compel policy makers to deploy efficient methods of power generation, which will further contribute to technology penetration in these countries. Additionally, liberal industrial development policies will increase the rate of adoption of cogeneration in the region.
Major companies operating in the market include ABB, Siemens, General Electric, Kawasaki Heavy Industries, Caterpillar Inc., Yanmar Holdings Co., Ltd., Wartwsila, MAN Energy Solutions SE, Bosch Industriekessel GmbH, Cummins, Inc., and MWM.
Some key findings of the Combined Heat and Power Market report include:
- Decreasing reliance on conventional coal-fired power plants will increase demand for cleaner technologies, including cogeneration.
- Strict emission standards will incentivize policy makers to adopt sustainable technologies, which is expected to drive industry growth over the forecast period.
- The increasing use of biomass plants across Europe to complement technology deployment over the forecast period.
- Rising demand for district heating applications in commercial and residential buildings to generate economical heating will drive technology demand.
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Table of contents (ToC) of the report:
Chapter 3 Combined Heat and Power Market Overview
3.1 Industry Segmentation
3.2 Industry Ecosystem Analysis
3.3 Innovation and sustainability landscape
3.4 Regulatory landscape
3.5 Impact of COVID-19 on Industry Outlook
3.6 Industry impact forces
3.6.1 Drivers of growth
3.6.2 Industry Pitfalls and Challenges
3.7 Analysis of growth potential
3.8 Porter’s analysis
3.9 Competitive Landscape, 2021
3.10 PESTEL analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, USA, is a global provider of market research and advisory services, offering syndicated and custom research reports as well as consulting services. growth. Our business intelligence and industry research reports provide clients with in-depth insights and actionable market data specially designed and presented to aid in strategic decision-making. These comprehensive reports are designed using proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.