DUBLIN--(BUSINESS WIRE)--Sep 20, 2022--
The "Combined Heat and Power (CHP) Market - Forecasts from 2022 to 2027" report has been added to ResearchAndMarkets.com's offering.
The combined heat and power (CHP) market was evaluated at US$11.002 billion for the year 2020, growing at a CAGR of 14.58% reaching the market size of US$28.532 billion by the year 2027.
The market for combined heat and power systems is primarily being driven by the constantly growing end-user requirements for the replacement of conventional energy systems due to considerably high operational as well as maintenance costs and also due to uninterrupted utility supply. Furthermore, the constantly growing usage of natural gas also acts as a catalyst for the combined heat and power systems market growth during the forecast period.
Additionally, the growing demand for energy efficiency, especially across the industrial sector, has further propelled the adoption of these systems in the coming years, which in turn is playing a significant role in shaping the market growth during the next five years. The beneficial features, such as enhanced reliability, efficiency, and safety, offered by these cogeneration systems have also led to an upsurge in their adoption across several countries.
Also, there are many countries in both developed and underdeveloped economies of the world that are now focusing their intention on the reduction of greenhouse gas emissions, which has further led to increased spending in renewable energy projects, which in turn is anticipated to propel the business growth opportunities for manufacturers over the course of the next five years.
According to the United States Environmental Protection Agency, approximately two-thirds of the energy that is primarily used by conventional energy systems is often wasted as discharged heat into the atmosphere. During the electricity distribution process, a significant amount of energy is also wasted in the form of heat. Thus, these systems are considered highly beneficial as they are able to capture the heat and help with distribution losses. These systems are able to improve efficiency by almost 80% which is around 30% higher than the conventional technologies used.
Government regulations
The combined heat and power market is primarily being driven by the growing focus of governments around the globe towards the reduction of carbon footprints with the aim of protecting the environment as heavy dependence on fossil fuels has led to a degradation in the overall environment. . As a result, governments and corporations across the world are investing in exploiting the potential offered by renewable sources of energy, i.e. wind, solar, and hydroelectric energy among others.
Growing investment in the setting up of clean energy power plants coupled with favourable government policies is poised to create significant business opportunities for combined heat and power systems manufacturers over the coming years. For example, in June 2019, the U.K government announced a statutory instrument to amend the Climate Change Act 2008, which includes the reduction of carbon emissions by 80% by 2050.
Natural Gas to hold a healthy market share
By fuel type, the natural gas segment is projected to hold a substantial amount of market share throughout the course of the next five years. The primary factor supporting the significant share of this segment includes natural gas, which is considered one of the cleanest sources of energy and is comparatively less costly than other types of fuel.
Furthermore, the constantly growing usage of natural gas in the energy mix especially in the developing economies of the world is supporting the growth of this segment throughout the forecast period. The coal-based combined heat and power systems are also projected to hold a considerable share in the market.
APAC to show significant growth
Geographically, the European region is anticipated to hold a considerable market share owing to the fact that the region boasts of being one of the most prominent regions inclined towards reducing carbon emissions. Several countries in the region are taking all the necessary steps to curb carbon emissions.
Also, increased investments in clean energy projects are also a key factor supplementing the market growth in the European region during the next five years. Also, stringent regulations regarding the promotion of combined heat and power projects in the form of funding as well as subsidy schemes are also one of the major factors supporting the significant share of the European region in the global market.
Segmentation
By Fuel Type
By Application
By Configuration
By Geography
Key Topics Covered:
1. Introduction
2. Research Methodology
3. Executive Summary
4. Market Dynamics
5. Combined Heat and Power (CHP) Market Analysis, by Fuel Type
6. Combined Heat and Power (CHP) Market Analysis, by Application
7. Combined Heat and Power (CHP) Market Analysis, by Configuration
8. Combined Heat and Power (CHP) Market Analysis, by Geography
9. Competitive Environment and Analysis
10. Company Profiles
Companies Mentioned
For more information about this report visit https://www.researchandmarkets.com/r/bxonsf
View source version on businesswire.com:https://www.businesswire.com/news/home/20220920005808/en/
CONTACT: ResearchAndMarkets.com
Laura Wood, Senior Press Manager
press@researchandmarkets.com
For E.S.T Office Hours Call 1-917-300-0470
For U.S./ CAN Toll Free Call 1-800-526-8630
For GMT Office Hours Call +353-1-416-8900
KEYWORD:
INDUSTRY KEYWORD: UTILITIES ENERGY
SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 09/20/2022 07:45 AM/DISC: 09/20/2022 07:47 AM
http://www.businesswire.com/news/home/20220920005808/en