UK Combined Heat and Power (CHP) Market Revenues to Reach USD 93.98 million by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence
Hyderabad, Aug. 17, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “UK Combined Heat and Power (CHP) Market Report (2023-2028),” the market is estimated at USD 69.80 million in 2023. It is expected to register a CAGR of 6.13% during the forecast period.
Combined heat and power (CHP) is a technology that generates heat and electricity simultaneously, from the same energy source, in particular homes or buildings. The mounting emphasis on energy-efficient technology that generates electricity and expanding investments in CHP-based power projects are estimated to drive the growth of the market studied.
|Market Size (2023)||USD 69.80 million|
|Market Size (2028)||USD 93.98 million|
|Forecast Units||Value (million)|
|Report Scope||Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends|
|Key Market Drivers||Mounting emphasis on energy-efficient technology.|
|Expanding investments in CHP-based power projects.|
Who are the Top Companies in the UK Combined Heat and Power (CHP) Market?
The UK CHP market is moderately fragmented.
The noteworthy players holding the UK CHP market are:
- Caterpillar Inc.
- Centrica PLC
- General Electric Company
- Mitsubishi Power Ltd
- Siemens Energy AG
- Ramboll Group
- Helec Limited
- Tedom AS
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Key Highlights from the UK Combined Heat and Power (CHP) Market Report:
Commercial and Transportation Segment to Grow Significantly
- In the commercial end-user segment, the CHP systems are, in general, installed at hotels, supermarkets, office buildings, sports centers, hospitals, data centers, and shopping centers, providing energy independence and security. Commercial systems are primarily internal combustion engine CHPs with higher electrical efficiency. Nonetheless, with declining costs and the rising efficiency of fuel cell technology, fuel cell-based CHP systems are also becoming increasingly adopted by commercial end-users.
- The hydrogen-based fuel cell (CHP) technology is becoming increasingly essential as manufacturers commit to developing this type of power train. Similar to electric cars, hydrogen-powered fuel cell electric vehicles (FCEVs) are classed as ultra-low emission vehicles (ULEVs) since water vapor is the only substance that comes from the exhaust.
Increasing Natural Gas Prices Expected to Restrain the Market
- The utilization of natural gas in gas engines is characterized by the lowest carbon dioxide emissions levels of all fossil fuels, which is in line with the United Kingdom’s goal to reduce greenhouse gas emissions. According to the UK Department for Business, Energy, and Industrial Strategy, employing natural gas as a fuel for CHP units reduce nitrogen oxide emissions and contains no sulfur or contaminants.
- Factors such as soaring demand for natural gas in Asia and South America, reduced gas supply from Russia to the European markets due to the invasion of Russia on Ukraine, low gas stocks, and a series of breakdowns at various electrical facilities, consumers in the United Kingdom faced a significant increase in gas prices.
What are the Latest Developments in the UK Combined Heat and Power (CHP) Market?
- In May 2023, DS Smith officially revealed the new Kemsley CHP plant with E.ON. The company collaborated with energy provider E.ON to launch a CHP plant at DS Smith’s paper mill in Kent.
- In May 2023, Centrica partner 2G Energy introduced its 100% hydrogen-powered CHP engine at the UK’s first ‘Road to Net Zero Tour.’ This project will pave the way for low-carbon hydrogen to replace fossil fuels in a large portion of the energy mix.
Mordor Intelligence has Segmented the UK Combined Heat and Power (CHP) Market Based on End User and Type:
- By End User (Market Size and Forecast based on Value (USD million), 2018-2028)
- Industrial Sector
- Commercial and Transportation Sector
- Other End Users (Agriculture, Community Heating, Leisure, etc.)
- By Type (Market Size and Forecast based on Value (USD million), 2018-2028)
- Gas Turbine
- Steam Turbine
- Other Types (Reciprocating Engine and Organic Rankine Cycle CHP)
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the UK Combined Heat and Power (CHP) Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
- UK Combined Heat And Power (CHP) Market- Mordor Intelligence
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