Dubai, United Arab Emirates -- (SBWIRE) -- 12/02/2020 -- The combined heat and power systems market is projected to record at a moderate CAGR of 4% over the assessment period, 2020-2030. The market growth is primarily due to the incessant development of a comprehensive kind of cogeneration prime movers such as steam turbine systems, gas engines, and gas turbines for various industries.

"On the onset of COVID-19 pandemic, the CHP systems market is exposed to financial risks arising from the crisis. Consecutively, with no near-term resolution for the market is slated to experience low demand prompting slow growth by 2020 end." says the Fact.MR report.

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CHP Systems Market - Key Takeaways

The global market will surpass a market estimation of US$ 26 Billion towards 2030 end.

In terms of application, the industrial category is projected to remain lucrative throughout the assessment year.

By prime mower, gas turbines will be acquiring significant traction over 2020-2030.

Natural gas fuel type will be the frontrunner, registering a value CAGR of about 4%.

Based on product type, 30 MW to 60 MW CHP systems will exceed a market estimation of US$ 14 Bn towards 2030 end.

East Asia to lead the global market, accounting for 34% of the overall share.

CHP Systems Market - Driving Factors

The growing demand for energy efficiencies in the end-use industries promises a positive growth prospect.

Growing awareness concerning clean energy technologies will be complementing market growth

Move towards cost-efficient operations will supplement the need for CHP systems market

CHP Systems Market - Constraints

Higher initial capital costs necessitated for installation hinders the market growth.

Increased maintenance costs of CHP systems due to the complex system assembly, which includes different power generation equipment a major restraint for the market.

Integration of AI and IoT to optimize, stimulate and CHP systems enable operators to monitor equipment in real-time, further driving the market growth.
Anticipated Market Impact by Coronavirus Outbreak

The end-use industries are witnessing a downtrend amid the COVID-19 pandemic which subsequently loses pace for CHP systems market growth for the short term. However, in the approaching years, the market outlook will be positive across the globe, due to the need for lessening in carbon emissions and increased power generation in industries.

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Competition Landscape

CHP systems market players are incessantly focusing on collaborating with various clients to extend their global impression. With such collaborations, players are focusing on extending their customer base and attaining a competitive edge over others.

Major companies identified in the global CHP systems market is Robert Bosch, Sumitomo, Siemens AG, Mitsubishi Heavy Industries, Kawasaki Heavy Industries, Marubeni Corporation, General Electric, Caterpillar Inc., Fluor Corporation, and Veolia Group.

More on the Report

The FACT.MR's market research report provides in-depth insights into the CHP Systems market. The market is scrutinized based on product (up to 30 MW, 30 MW - 60 MW, and above 60 MW), fuel (natural gas, coal, biomass, and other renewable resources), prime mower (gas turbines, steam turbines, gas engines, and fuel cells), and application (industrial, residential, and commercial) across five major regions (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa (MEA)).

Media Release: https://www.factmr.com/media-release/1636/global-combined-heat-and-power-chp-systems-market