(MENAFN- EIN Presswire) Combined Heat Power
Combined Heat & Power Market is anticipated to exceed USD 48.4 billion by 2031
OREGON, PORTLAND, UNITED STATES, May 29, 2023 /einpresswire.com / --
The global combined heat & power market size was valued at $24.6 billion in 2021, and is estimated to reach $48.4 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031. The demand for combined heat power is anticipated to rise due to the expansion of commercial sectors that drives the economies' inflation.
The growing usage of natural gas for power production as well as the increasing need for energy efficiency in industries are the primary drivers of the worldwide combined heat power market growth.
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The key players profiled in the combined heat power market report are MAN Diesel & Turbo SE, Caterpillar Inc., Mitsubishi heavy Industries ltd., General Electric, Cummins, Bosch Thermotechnology Ltd., ABB Limited, ENER-G Rudox, and Veolia.
IT parks, colleges, hospitals, airports, shopping centers, and other commercial buildings have combined heat power units installed to cost-effectively produce electricity and power needed to be independent energy producers.
By technology, the combined cycle segment emerged as the global leader in 2021 and it is projected to show the fastest growth in the upcoming years.
By application, the industrial segment emerged as the global leader in 2021 and it is anticipated to show the fastest growth in the upcoming years.
The combined heat and power market has great opportunities due to the phenomenal economic growth occurring globally.
By capacity, the up to 10 MW segment emerged as the global leader in 2021 and it is expected to show the fastest growth in the upcoming years.
By fuel type, the natural gas segment emerged as the global leader in 2021 and it is anticipated to be the fastest growing segment during the forecast period.
The implementation of a combined heat power project requires significant financial investment that is unaffordable without government funding or help, which could restrict the development of the combined heat power market.
Customers are hesitant to move away from their current alternatives as a result of the cost differences between different prime mover technologies.
Prime mover technology that runs on the several fuels such as diesel, natural gas, and hydrogen, may also restrain the market.
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The most frequently used fuel in combined heat power innovation is flammable gas. Its cost is expected to rise in comparison to other options due to its exceptional proficiency.
Governments throughout the world are attempting to boost the percentage of cleaner energies in their electricity sector, which is expected to probably increase demand for petroleum gas.
Strict administrative rules and fossil fuel targets are expected to embrace greener energies, such as petroleum gas, increasing the entire industry's use of flammable gas as a fuel this factor is anticipated to boost the combined heat power market opportunities during the upcoming year.
Impact of COVID-19 on the Global Combined Heat Power Industry
COVID-19 impacted every industry and the combined heat power producing companies ceased their operations owing to import-export restrictions, lockdown imposed across several countries, shortage of labor; and the fear of contracting the novel coronavirus, which led to sluggish demand in the market.
The global industry has been significantly impacted, as several nations suffered due to decline in workforce across multiple business verticals. Several industry participants have indicated that various scale combined heat power projects have fallen behind schedule as a consequence of the COVID-19 crisis.
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Social distancing norms, closed borders, and production constraints due to the pandemic across various countries such as China, India, and the U.S. have affected the global market.
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