A recent report published by Infinium Global Research on combined heat power market provides in-depth analysis of segments and sub-segments in the global as well as regional combined heat power industry
Pune, India -- (SBWIRE) -- 01/20/2020 -- A recent report published by Infinium Global Research on Combined Heat Power Market (Product - Large Scale, and Small & Micro Scale; Technology - Gas Turbine, Steam Turbine, Micro CHP, Fuel Cells, and Spark Ignition Reciprocating Engine; Fuel - Natural Gas, Coal, Biomass, and Other Fuels; Applications - Industries, and Residential): Global Industry Analysis, Trends, Size, Share and Forecasts to 2025. According to the report, the global combined heat power market is projected to grow at a CAGR of 5.2% over the forecast period of 2019-2025.
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Growing Application Scope in Residential and Commercial Sectors is Estimated to Provide Opportunities for this Industry
Rising use of natural gas for power generation and adoption of renewable technologies for maintaining clean energy supply primary growth factors of the combined heat power (CHP) market. CHP is utilized in various industrial facilities and commercial buildings with equivalent power and thermal loads. The demand for CHP is increasing due to lower energy operating costs, CHP-friendly environmental regulations, and resiliency initiatives. However, the high initial investment cost hampers market growth. Growing application scope in residential and commercial sectors is estimated to provide opportunities for industry participant's growth over the forecast period.
Industry Segment Holds a Large Market Share
The global combined heat power market is segmented on the basis of product, technology, fuel, and application. On the basis of the product, the market is segmented into a large scale and small & micro scale. The large-scale segment holds a large market share owing to major applications in industrial and commercial sectors. Based on technology, the sub-markets include gas turbines, steam turbines, micro CHP, fuel cells, and spark ignition reciprocating engines. Based on fuel, the market is segmented into natural gas, coal, biomass, and other fuels. Natural gas and coal segments hold a large market share due to their cheaper rates as compared to other fuels. By application, the market is categorized into industries and residential. The industry segment holds a large market share owing to the wide use of CHP in industries such as petrochemicals and pharmaceuticals.
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Europe Holds the Largest Market Share
Among the regions, Europe holds the largest market share of the global combined heat power market followed by Asia-Pacific. The stringent environmental regulation to control pollution levels is driving the growth of the market in the European region. The government in some of the APAC countries are supporting CHP installations through policies and R&D initiatives that drive the market growth in this region.
Combined Heat Power Market: Competitive Analysis
Some of the industry participants of the global combined heat power market are Aegis Energy Services Inc., Bosch Thermotechnology Ltd, Caterpillar Inc., ENER-G Rudox, FuelCell Energy Inc., General Electric Company, Kawasaki Heavy Industries Ltd, MAN Diesel & Turbo (MAN SE), Mitsubishi Heavy Industries Ltd, and Siemens AG among the others.
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About Infinium Global Research
The Infinium Global research comprises of a team of well-experienced analysts who have qualified in generating incisive reports. The combined heat power market report offers trends, opportunities, challenges, market size, and forecast for major geographical regions and key countries. Moreover, The IGR-Growth Matrix analysis given in the report brings an insight into the investment areas that existing or new market players can consider. The report provides insights into the market using analytical tools such as Porter's five forces analysis and DRO analysis of the combined heat power market.