Oct 8, 2020 9:00 AM ET
iCrowd Newswire – Oct 8, 2020
Zion Market Research has published a new report titled “Combined Heat and Power Market by Fuel (Natural Gas, Coal, Biomass, and Others), by Technology (Gas Turbine, Steam Turbine, Fuel Cell, and Others), and by End-Use (Residential, Industrial, and Commercial): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018—2024”. According to the report, the global combined heat and power market was valued at approximately USD 16.21 billion in 2017 and is expected to generate around USD 23.17 billion by 2024, at a CAGR of around 5.24% between 2018 and 2024.
The process of combined heat and power is also known as cogeneration and can be best described as an efficient method for producing energy. The acceptance of energy-efficient techniques and favorable government initiatives for sustainability is likely to fuel the combined heat and power market across the globe in the future. Combined heat and power system structures with cogeneration use a heat engine to produce thermal heat and electricity, which can further be utilized by various end-users of the industrial, commercial or residential sectors. This, in turn, is anticipated to further fuel this market’s growth in the years ahead. The method of generating electricity and thermal energy simultaneously is known as combined heat and power. The initiative for energy generation, the deployment of sustainable energy technologies, and the growing adoption of eco-friendly ways of power generation are the primary factors that are likely to boost this market’s growth in the future. The rising demand for cost-effective, reliable, and energy-efficient power by the industrial sector is projected to stimulate the combined heat and power market growth in upcoming years.
By fuel, the combined heat and power market is segmented into coal, biomass, natural gas, and others. The natural gas segment is likely to dominate the combined heat and power market in the upcoming years, owing to the easy availability of natural gas and less pollution caused by natural gas usage in comparison to coal and biomass. On the basis of technology, the combined heat and power market is classified into a steam turbine, gas turbine, fuel cell, and others. Gas turbines are projected to dominate the combined heat and power market in the upcoming period due to their high energy-efficiency and low fuel consumption. By end-use, this global market is segmented into industrial, residential, and commercial. The industrial usage of combined heat and power is anticipated to dominate the market globally, owing to the expansion of small-scale firms and high electricity demand.
By region, North America is predicted to provide significant growth opportunities in the combined heat and power market in the years ahead, owing to the growing demand for energy efficient power plants to reduce carbon emission in the region. The European region is anticipated to hold a substantial revenue share in the global combined heat and power market in the years ahead. The Asia Pacific combined heat and power market is projected to register the highest rate of growth over the forecast timeframe, owing to rapid industrialization and urbanization.
Some key industry players of the combined heat and power market include General Electric, Kawasaki, Bosch Thermotechnology, MAN Diesel & Turbo, ENER-G Rudox, Caterpillar, Mitsubishi, Wartsila, ABB, 2G Energy, Aegis Energy, Yanmar, and Siemens AG, among others.
This report segments the global combined heat and power market into:
Global Combined Heat and Power Market: Fuel Analysis
- Natural Gas
Global Combined Heat and Power Market: Technology Analysis
- Gas Turbine
- Steam Turbine
- Fuel Cell
Global Combined Heat and Power Market: End-use Analysis
Global Combined Heat and Power Market: Regional Analysis
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
You can Buy This Report from Here @ https://www.zionmarketresearch.com/buynow/su/combined-heat-and-power-market/news
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Keywords: Combined Heat and Power Market