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Combined Heat and Power Market Is Set to Experience Revolutionary Growth with latest Technology By 2024
Combined Heat and Power Market
The Combined Heat and Power Market is valued at 24 Billion USD in 2016 and is set to witness gain over 7.3% CAGR by 2024.Combined heat and power (CHP) industry has experienced an upward transition over the past few years with new plant establishments across various geographical locations. For instance, a 20 MW fuel cell combined heat and power plant had been inaugurated in the capital city of South Korea in the first quarter of 2017.
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Posco Energy, a key South Korean player in the power industry, has constructed the Noeul green energy company plant with the help of FuelCell Energy Incorporation, a U.S. based fuel cell manufacturer. The plant is endowed with the capacity to provide power for nearly 43,000 households and heat for about 9000 homes across South Korea, and has been estimated to have a sizable impact on the overall South Korea combined heat and power (CHP) industry.
Alongside the growing number of developments witnessed across the Asian countries, it is more likely that the combined heat and power (CHP) industry will also experience substantial growth across European and American belts. The rising government focus for replacing coal powered factories with clean fuel power generation plants with an aim to curb the release of greenhouse gases into the atmosphere will provide an impetus to the growth of combined heat and power (CHP) industry across the U.S. As per the reports from reliable sources, nearly 94 coal-powered plants were shut down in 2015 with the intention of contributing toward the maintenance of a green & clean environment. On that note, it is prudent to state that the U.S. CHP industry will produce 800 MW of combined heat and power by 2024.
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The combined heat and power (CHP) market has, of late, been witnessing a plethora of strategic M&As and remunerative pacts, that underline the efforts undertaken by major companies to exploit the profitability landscape of CHP industry. For instance, ExxonMobil Corporation, a U.S. based oil & gas corporation, has entered into an agreement with General Electric Corporation to supply lubricants for latter's Jenbacher type 2, 3, and 9 gas engines, which find extensive applications across combined heat and power market. The new lubricants, a Mobil Pegasus family of premium gas engine oils, have been touted to not only help the gas engines improve the device performance, but will also apparently lead to the development of contemporary lubricant technologies in the years ahead.
The Valmet Corporation, a Finnish energy company, is expected to provide Dong Energy with the required equipment for transforming its district heating plant into a bio-based plant. The Finnish firm is also expected to deliver the latter with BFB (bubbling fluidized bed) technology for its 140 MW biomass fueled boiler factory. The one and eight-month steam & district heating agreement signed between Valmet and Dong will help the latter curtail its coal-fired CHP plant operations by 2023, which would undoubtedly provide an impetus to the growth of CHP market.
Partial Table of Contents (ToC) of the report:
Chapter 4 Combined Heat and Power Market, By Fuel
4.1 Global market share by fuel, 2016 & 2024
4.2 Natural Gas
4.2.1 Natural Gas market, 2014 - 2024
4.2.2 Natural Gas market volume, by region, 2014 - 2024
4.2.3 Natural Gas market revenue, by region, 2014 - 2024
4.3 Coal
4.3.1 Coal market, 2014 - 2024
4.3.2 Coal market volume, by region, 2014 - 2024
4.3.3 Coal market revenue, by region, 2014 - 2024
4.4 Biomass
4.4.1 Biomass market, 2014 - 2024
4.4.2 Biomass market volume, by region, 2014 - 2024
4.4.3 Biomass market revenue, by region, 2014 - 2024
Browse complete table of content of this report @ https://www.gminsights.com/toc/detail/combined-heat-and-power-CHP-market
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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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