Combined Heat And Power (CHP) Market To Grow At a Steady CAGR During Forecast Period By 2024

MaketStudyReport.com adds a New Combined Heat And Power (CHP) Market Research Report for the period of 2017-2024 that shows the market is growing at steady CAGR to 2024.

Combined Heat And Power Market size is set to exceed USD 45 billion by 2024.Growing electricity demand along with rapid industrialization and urbanization will drive the combined heat and power market size. Global electricity consumption increased by 15% from 2009 to 2015. Ability to offer improved air quality, high efficiency and reliability are some of the features which will stimulate the product demand.

Rising demand for district heating in cold climatic region including Europe will propel the combined heat and power market. In Denmark, about 70% of district heat is produced by CHP systems. Sustainable energy usage and low heat losses are some of the features which make its adoption preferable over other alternatives.

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U.S. combined heat and power market is predicted to cross 800 MW by 2024. Energy security concerns along with growing penetration of renewable energy will positively impact the regional industry growth. Increasing focus towards the replacement of existing coal fired plants with clean fuel generation to cut carbon footprint will further augment the business. As per Energy Information Administration, 94 coal fired power plants were closed in 2015 with an aim to reduce greenhouse gas emissions.

Combined cycle in 2016 accounted for over 50% of global combined heat and power market share. High efficiency and effective design are some of the salient features which makes its adoption preferable. Retrofitting and replacement of existing power generation plant will further complement the business growth. Saudi Electricity Company (SEC) introduced a 1390 MW Waad AlShamal combined cycle plant which is expected to generate electricity equivalent to power required for 500,000 homes.

Growing measures towards adoption of renewable energy over conventional fuel will favor the biomass combined heat and power market. The Government of UK introduced various schemes including Renewable Heat Incentive and Renewable Obligation Scheme to support the development of clean energy technology and thereby, reduce carbon footprints. Growing deployment of captive power generating stations for affordable and reliable electricity supply will further boost the product demand.

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Major players in the combined heat and power market are MAN Diesel &Turbo, ENER-G Rudox, Caterpillar, Mitsubishi, General Electric, Kawasaki, Bosch Thermotechnology, Viessmann Werke, MWM, Cummins, Veolia, BDR Thermea, Wartsila, ABB, 2G Energy, Aegis Energy, Yanmar, Siemens.

Combined heat and power market research report includes in-depth coverage of the industry with estimates &forecast in terms of volume in MW &and revenue in USD Million from 2014 to 2024, for the following segments:

Global Combined Heat and Power Market, By Fuel:
Natural Gas, Coal, Biomass

Global Combined Heat and Power Market, By End User:
Residential, Space Heating/Cooling, Water Heating, Cooking, Lighting, Commercial, Educational Institution, District Energy, Office Building, Government/Military, Industrial, Chemical, Petroleum Refining, Food, Paper, Primary Metals

Global Combined Heat and Power Market, By Capacity:
1 kW – 0.5 MW, 0.5MW - 5MW, Above 5 MW

Global Combined Heat and Power Market, By Technology:
Combined Cycle, Steam Turbine, Gas Turbine, Reciprocating Engine

The above information has been provided on a regional and country basis for the following:
North America, U.S., Canada, Europe, Germany, UK, France, Italy, Russia, China, India, Japan, Latin America, Brazil, Mexico, MEA

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Related Report:
Geothermal Heat Pump Market 2017 - 2024
Geothermal Heat Pump Market size is set to exceed USD 130 billion by 2024. Growing demand for energy efficient space heating systems from cold climatic regions, especially in North America and Europe, will drive the geothermal heat pump market size. In the U.S., GHP installation in the Southern states accounted for 35%, the North East was 20%, Midwest at 34% and Western region stood at 11%.

https://www.marketstudyreport.com/reports/geothermal-heat-pump-market/?utm_source=RR-PSR

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