The CHP market is projected to reach USD 35. 2 billion by 2026 from an estimated USD 26. 6 billion in initiatives to meet the future electricity demands and focusing on reducing carbon footprint by promoting the use of renewable energy sources to produce energy.
New York, Nov. 16, 2021 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Combined Heat and Power Market by Capacity, Fuel, End User And Region – Global Forecast to 2026” – https://www.reportlinker.com/p05440302/?utm_source=GNW
It provides benefits such as a reduction in dependency on grid support due to on-site electricity generation, enhanced reliability, reduced costs of energy and initial setup, increased resiliency against power disruption, and reduction in harmful emissions.
The 10–150 MW segment by component is expected to grow at the highest CAGR from 2021 to 2026.
Based on the component of CHP systems, the 10–150 MW component is estimated to be the fastest-growing market from 2019 to 2026.This segment consists of larger CHP plants mainly with reciprocating engines such as gas and diesel engines as prime movers, particularly used by industrial, commercial, and utilities end users.
The demand for diesel power engines in this segment comes from utility-scale diesel power plants, large industrial plants, captive generation, and independent power producers (IPPs).
Gas turbine segment by prime mover is expected to emerge as the largest segment for CHP implementation
The gas turbine segment, by prime mover, is projected to hold the highest market share during the forecast period.A gas turbine is a type of internal combustion (IC) engine where inlet air is compressed and sprayed with fuel.
The mixture is thereafter ignited in a combustion chamber and allowed to flow at high temperature and pressure through the turbine.The gaseous mixture passes through the turbine nozzles, which further channelize the kinetic energy of the hot air flow onto the blades.
The turbine blades, which are mounted on a rotor, rotate with the impact of the high-velocity air.The rotary motion is used to turn a shaft, which performs tasks such as driving an electric generator.
Gas turbines are used for power generation and in the mechanical drives used by oil & gas and other industries.
Asia Pacific: The largest CHP market
Asia Pacific is currently the largest CHP market, followed by Europe and North America.China accounted for the maximum share of the Asia Pacific market in 2020.
It is also projected to grow at the highest CAGR from 2021 to 2026. The market is expected to grow due to rapid industrialization, urbanization, and economic growth in the region, leading to the installation of new CHP systems in various emerging economies.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
• By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
• By Designation: C-Level- 30%, Director Level- 25%, and Others- 45%
• By Region: Asia Pacific- 50%, North America- 20%, and Europe- 30%
Note: Others includes sales managers, engineers, and regional managers.
Note: The tiers of the companies are defined on the basis of their total revenues as of 20120. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million
The leading players in the CHP market include GE (US), Siemens Energy (Germany), Veolia (France), Wärtsilä (Finland), 2G Energy (Germany).
The report defines, describes, and forecasts the global CHP market, by capacity, by prime mover, by fuel, by end user and region.It also offers a detailed qualitative and quantitative analysis of the market.
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges.It also covers various important aspects of the market.
These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the CHP market.
Key Benefits of Buying the Report
1. The report identifies and addresses the key markets for CHP, which would help CHP manufacturers review the growth in demand.
2. The report helps system providers understand the pulse of the market and provides insights into drivers, restraints, opportunities, and challenges.
3. The report will help key players understand the strategies of their competitors better and help them in making better strategic decisions.
Read the full report: https://www.reportlinker.com/p05440302/?utm_source=GNW
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