Combined Heat and Power (CHP) Market Construction Equipment Market 2019 | Top Players are Bosch Thermotechnology, Mitsubishi, Cummins, MAN Diesel & Turbo, ABB, 2G Energy, and Siemens

Shifting trends toward sustainable energy coupled with escalating demand for decentralized power plants is catering combined heat and power market demand globally. In a bid to respond to the growing electricity demand of the increasing population, a paradigm shift toward renewable energy sources is observed. Combined heat and power (CHP) is a clean and efficient approach of generating electric power and useful thermal energy from the same fuel source. Superior reliability, high efficiency, and improved air quality are some of the attributing features that have allowed an upswing in the product demand. As per a report by Global Market Insights, Inc., “Combined heat and power market worth USD 20 billion in 2016 is slated to exceed USD 45 billion by the end of 2024.

The remarkable expansion of combined heat and power market is quite evident from its extensive deployment in industrial, residential, as well as in commercial buildings. Industrial manufacturing units that are a good fit for CHP include chemical, food processing, metal manufacturing, and petroleum refining. Overall combined heat and power market share from industrial sector is anticipated to cross USD 20 billion by 2024. In commercial sector, CHP integration covers hospitals, universities, waste water plants, military campuses, etc. BGE Smart Energy Savers Program, in U.S., provides incentives amounting up to USD 2.5 million to both industrial and commercial building customers who are integrating on-site CHP systems.

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Combined cycle based CHP market accounted for more than half the overall revenue share in 2016. Replacement and remodeling of existing power generating units have positively influenced combined cycle oriented business expansion. In this regard, Saudi Arabia has established a strong ground by introducing 1390 MW capacity combined cycle power plant which is estimated to generate electricity that will feed the power requirements of 500000 homes. Brazil is another geography, where combined cycle CHP witnesses a substantial
adoption.

Increasing investment in the development of small-sized manufacturing units in the region has augmented the business opportunity. Combined heat and power industry in Brazil is expected to grow significantly at an annual rate of 8% in the next seven years. It is also estimated that biomass-fueled CHP will provide 17% of the country’s overall electricity requirement by 2030. Germany CHP market capacity as per estimation is also set to exceed 3GW by 2024.

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Combined Heat and Power (CHP) Market, Growth drivers
• North America
o Reducing dependency on conventional coal fired plant
o Stringent emission norms
• Europe
o Growing adoption of biomass power plants
o Increase demand for district heating
• Asia Pacific
o Increasing industrialization and urbanization
o Increasing clean energy demand

Growing global dependency on renewable energy sources in response to the soaring electricity demand will definitely add a remarkable value to the combined heat and power industry. Some of the prominent players of CHP market include Caterpillar, Bosch Thermotechnology, Mitsubishi, Cummins, MAN Diesel & Turbo, ABB, 2G Energy, and Siemens. Growing global dependency on renewable energy sources in response to the soaring electricity demand will definitely add a remarkable value to the combined heat and power industry. Some of the prominent players of CHP market include Caterpillar, Bosch Thermotechnology, Mitsubishi, Cummins, MAN Diesel & Turbo, ABB, 2G Energy, and Siemens.

Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.

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