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Combined Heat and Power (CHP) Systems Market – Opportunities in Key Application Sectors by 2030
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commercial, and residential sectors. Growing concerns regarding the COVID-19 pandemic have affecting ongoing projects that have been stalled,
which is impacting the delivery of CHP systems. However, continuous development of a comprehensive range of cogeneration prime mowers such as gas turbines, gas engines, and steam turbine systems for several industries is anticipated to aid market growth.
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This, in turn, is anticipated to create significant opportunities for the CHP systems market by the end of 2030.
As per Fact.MR analysis, the global combined heat and power systems market is estimated to be valued at US$ 26 Bn by the end of the forecast period (2020-2030).
Key Takeaways from CHP Systems Market Study
Under the impact of COVID-19, the global combined heat and power systems market is expected to create an absolute $ opportunity of more than US$ 8 Bn, and is expected to expand at a value CAGR of around 4% during the forecast period.
By product, 30 MW to 60 MW CHP systems will account for 59% of the overall demand pie in 2020, and are foreseen to surpass a market valuation of US$ 14 Bn by the end of 2030.
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By prime mower, gas turbines are projected to progress at a value CAGR of around 4%, and are expected to be valued 1.8X more than steam turbines by the end of 2030.
By fuel type, natural gas is projected to account for 62% of the total sales in 2020, and is anticipated to create an absolute $ opportunity of more than US$ 5 Bn during the forecast period.
The CHP systems market in Europe is projected to be valued 1.5X more than North America. However, East Asia is estimated to account for a major chunk of demand by the end of the forecast period.
By application, the industrial segment is projected to surpass a market valuation of US$ 13 Bn by the end of 2030, and is anticipated to expand at a value CAGR of around 3% over the forecast period.
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