Global Combined Heat And Power Market 2024 : Trends, Business Growth And Major Driving Factors

"The Business Research Company recently released a comprehensive report on the Global Combined Heat And Power Market Size and Trends Analysis with Forecast 2024-2033. This latest market research report offers a wealth of valuable insights and data, including global market size, regional shares, and competitor market share. Additionally, it covers current trends, future opportunities, and essential data for success in the industry.

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According to The Business Research Company's, The combined heat and power market size has grown strongly in recent years. It will grow from $27.44 billion in 2023 to $29.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to energy efficiency goals, industrial cogeneration, environmental regulations, increased combined cooling, heating, and power (cchp) applications, district heating and cooling projects, waste heat recovery, decentralization of energy generation, increased awareness of chp benefits.

The combined heat and power market size is expected to see strong growth in the next few years. It will grow to $38.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to transition to low-carbon energy systems, smart grid integration, resilience planning in critical infrastructure, urbanization and district energy networks, biogas and biomass chp projects, support for micro-chp in residential settings. Major trends in the forecast period include energy-as-a-service (eaas) models, market consolidation and partnerships, remote monitoring and control, technological advancements, grid resilience and reliability, collaboration between utilities and chp providers, advancements in fuel cell chp systems.

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Market Drivers and Trends:

The increase in energy efficiency is expected to propel the growth of the combined heat and power market going forward. Energy efficiency refers to the efficient use of energy resources to accomplish a specific task or achieve a desired outcome while minimizing energy waste. Combined Heat and Power (CHP), also known as cogeneration, is a process that generates electricity and captures waste heat to provide both electrical and thermal energy. CHP systems are significantly more efficient than traditional methods of generating power. For instance, in November 2021, according to the International Energy Agency, a Paris-based autonomous intergovernmental organisation, the energy efficient digitally enabled automation devices stock is expected to increase on an average of 33% to reach 9 billion in 2021. Therefore, the increase in energy efficiency is driving the growth of the combined heat and power market.

Major companies operating in the combined heat and power market are innovating new technological solutions such as Bloom Energy Server to increase their profitability in the market. The Bloom Energy Server is a fuel cell power generation system. For instance, in February 2023, Bloom Energy, a US-based green energy company launched Bloom Energy Server. This cutting-edge technology can effectively generate electricity to meet a variety of energy demands while having a compact modular footprint. The Bloom Energy Server offers clean, dependable, and reasonably priced energy solutions by delivering onsite power that is dependable, robust, and constant. Because of its flexibility and ability to grow with the energy requirements of various applications, this platform may be used in a variety of locations and sectors. The technique is adaptable with respect to fuel and can produce energy from natural gas, mixed hydrogen, biogas, and hydrogen. It is based on Solid Oxide technology and operates at high temperatures.

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Major Key Players of the Market:

General Electric Company, Siemens AG, Veolia Environnement S.A., Wärtsilä Oyj Abp, 2G Energy AG, Capstone Green Energy Corporation, Caterpillar Inc., Dalkia Aegis EDF Group LLC, Bosch Industriekessel GmbH, Centrica PLC, Cummins Inc., Kawasaki Heavy Industries Ltd., The Viessmann Group, Kohler Co., Elite Energy Systems LLC, MAN Energy Solutions SE, Centrax Gas Turbines, ABB Limited, Tecogen Inc., Aegis Energy Services Inc., Curtis Engine & Equipment Co. Inc., Rolls-Royce Power Systems AG, Mitsubishi Heavy Industries Ltd., Doosan Fuel Cell America Inc., FuelCell Energy Inc., Bloom Energy Corporation, ClearEdge Power Inc., Ceres Power Holdings plc, Ceramic Fuel Cells Limited, Ballard Power Systems Inc., Plug Power Inc., Hydrogenics Corporation, ITM Power plc, AFC Energy plc

Combined Heat And Power Market 2024 Key Insights:

• The combined heat and power market size is expected to see strong growth in the next few years. It will grow to $38.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%.
• Growing Adoption Of Biomass Power Fuels Expansion In The Combined Heat And Power Market
• Innovative Power Solutions Bloom Energy Redefines The Combined Heat And Power Landscape With The Bloom Energy Server
• Asia-Pacific was the largest region in the combined heat and power market in 2023

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This release was published on openPR.