Combined Heat Power Market Is Expected to Reach $48.4 Billion by 2031: Says AMR
Growing popularity of natural gas as a cost-effective and environmentally friendly alternative to oil & coal and increasing government laws to support the use of CHP technology to reduce greenhouse gas emissions drive the growth of the global combined heat power market.
Portland, OR, Feb. 21, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global combined heat power market was estimated at $24.6 billion in 2021 and is expected to hit $48.4 billion by 2031, registering a CAGR of 7.2% from 2022 to 2031. The report provides a detailed analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive landscape, and evolving market trends. The market study is a helpful source of information for the frontrunners, new entrants, investors, and shareholders in crafting strategies for the future and heightening their position in the market.
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Report coverage & details:
|Market Size in 2021||$24.6 Billion|
|Market Size in 2031||$48.4 Billion|
|No. of Pages in Report||280|
|Segments Covered||Application, Fuel Type, Capacity, Technology, and Region|
|Drivers||Growing popularity of natural gas as a cost-effective and environmentally friendly alternative to oil & coal|
|Increasing government laws to support the use of CHP technology to reduce greenhouse gas emissions|
|Restraints||Lack of awareness about the site permissions necessary to install these systems|
|The fact that installation of these systems is only appropriate for establishments that require both power and hot water|
|Opportunities||Surge in usage of natural gas for power production and increase in demand for energy efficiency in industries|
- The outbreak of the pandemic had a negative impact on the operations of the industrial and manufacturing sectors, which hampered the growth of the global automation in combined heat power market.
- The electronics sector was also severely hampered, as operations in the majority of manufacturing facilities came to halt. However, the market has now got back on track.
The global combined heat power market is analyzed across application, fuel type, capacity, technology, and region. The report takes in an exhaustive analysis of the segments and their sub-segments with the help of tabular and graphical representation. Investors and market players can benefit from the breakdown and devise stratagems based on the highest revenue-generating and fastest-growing segments stated in the report.
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By application, the industrial segment held the highest share in 2021, garnering more than half of the global combined heat power market revenue. The same segment would also showcase the fastest CAGR of 7.9% throughout the forecast period. The commercial, residential, and utility segments are also assessed through the report.
By fuel type, the natural gas segment contributed to nearly two-thirds of the global combined heat power market share in 2021, and is projected to rule the roost by 2031. The same segment would also display the fastest CAGR of 7.7% throughout the forecast period. The other segments discussed in the report include coal and biomass.
By technology, the combined cycle segment accounted for the highest share in 2021, generating nearly half of the global combined heat power market revenue. The same segment would also portray the fastest CAGR of 8.1% during the forecast period. The steam turbine, gas turbine, and reciprocating engine segments are also analyzed through the study.
By region, Europe held the major share in 2021, garnering more than two-fifths of the global combined heat power market revenue. Asia-Pacific, simultaneously, would showcase the fastest CAGR of 8.9% from 2022 to 2031. The other provinces studied through the report include North America and LAMEA.
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The key market players analyzed in the global combined heat power market report include Caterpillar Inc., Mitsubishi heavy Industries ltd., Veolia, General Electric, Bosch Thermotechnology Ltd., ABB Limited, MAN Diesel & Turbo SE, ENER-G Rudox, and Cummins. These market players have embraced several strategies including partnership, expansion, collaboration, joint ventures, and others to highlight their prowess in the industry. The report is helpful in formulating the business performance and developments by the top players.
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Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Business Intelligence Solutions.” AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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