From 2021 to 2026, the combined heat and power market share is predicted to expand by USD 8.35 billion, with a compound annual growth rate (CAGR) of 6.57 percent.
This market research report on combined heat and power gives useful insights into the market’s post-COVID-19 impact, which will aid organisations in evaluating their business strategies. COVID-19 has hampered the combined heat and power market’s growth, as countries were required to adopt lockdowns in the first half of 2020. Governments and municipal governments established strict restrictions, and all non-essential activity were halted. Due to the suspension of application activity, this had a negative impact on the CHP market.
Furthermore, during the second quarter, production and supply chain delays were observed, posing a challenge to the CHP market, as CHP systems were still not functioning at full capacity.
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Key Drivers, Trends, and Challenges in the Combined Heat and Power Market
The combined heat and power market is growing due to increased global energy demand, yet constraints such as high upfront capital costs may stymie expansion. Our analysts analysed historical data to determine the primary market drivers and the impact of the COVID-19 pandemic on the combined heat and power industry.
Market Drivers for Combined Heat and Power
One of the primary drivers of combined heat and power industry growth is rising global energy consumption. Heat is the most common end-use of energy, according to the IEA. It’s used to heat homes, as well as in industrial and other applications. In 2017, heat accounted for over half of all energy usage.
Market Trends in Combined Heat and Power
One of the primary trends driving the combined heat and power market is technological advancements. MTT, for example, has been working on recuperated microturbines with up to 30 kW of electrical power capacity for CHP and other applications. Future enhancements comprising cost-cutting programmes will also be carried out while the performance and efficiency of the current micro CHP system design is maintained.
Market Challenges for Combined Heat and Power
One of the challenges impeding the expansion of the combined heat and power business is high upfront capital expenses. There are upfront capital charges on the following key elements during the development of CHP plants. Electricity, on the other hand, can be exported to the grid when there is a surplus. Such surpluses are most common during off-peak or evening hours, when electricity selling prices are at their lowest.
The study examines the competitive landscape of the industry and provides details on a number of key vendors, including:
● 2G Energy AG
● AB Holding Spa
● ABB Ltd
● Ameresco Inc
● Capstone Green Energy Corp
● Caterpillar Inc
● Cummins Inc
● Electricite de France SA
● FuelCell Energy Inc
● General Electric Co
● Helec Ltd
● HoSt Holding BV
One of the primary factors driving the worldwide combined heat and power market is rising global energy demand. Furthermore, the economic and environmental benefits of CHP, as well as favourable government regulations, will accelerate market expansion.
Due to the presence of several industry-focused and varied vendors, the market is fragmented. The market’s capital-intensive structure prevents new companies from entering. Companies that develop CHP plants and supply systems and technologies using various fuels such as natural gas, coal, oil, fuel cells, and biomass are among the market suppliers. Vendors are promoting technologically superior items that generate renewable energy while reducing carbon emissions.
This research report categorizes the combined heat and power market based by Product Type, Application and region.
Based on Product Type, the Combined Heat and Power Market has been segmented as follows: Micro CHP, Industrial CHP, Trigeneration, Combined Heat, And Power District Heating
Based on Application, the Combined Heat and Power Market has been segmented as follows: Hospitals, Universities, Military Installations, Data Centers, Prisons, And Large Office Buildings
Value Chain Analysis of the Combined Heat and Power Market
During the forecast period, our study provides thorough information on the value chain analysis for the combined heat and power (CHP) market, which suppliers can use to gain a competitive edge. In order to optimise profit margins and evaluate company plans, an end-to-end understanding of the value chain is required. During the projected period, the data in our value chain analysis segment can assist vendors reduce costs and improve customer service.
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