A new market study, titled “Discover Global Combined Heat and Power Market Upcoming Trends, Growth Drivers and Challenges” has been featured on WiseGuyReports.
The recent report on the Combined Heat and Power Market published by Wise Guy Reports (WGR) assessed the potential of the said market. The growth prospects have been analysed on the basis of facts and data provided by analysts for a better market understanding. At the same time, various factors have been included as a part of the assessment process. Historic details, market dynamics, demographic changes, various projections, and others have been included as a part of this research method. The research paper also has its focus fixed on strategic moves employed by leading market players to have pointers that would direct towards the course the Combined Heat and Power Market is expected to take during the forecasted period. Such methods have a huge impact in unearthing the internal dynamics and in providing a comprehensive overview. Cogeneration or Combined Heat and power (CHP) market is a system where it generates both heat and electricity simultaneously. CHP systems has high efficiency of 60% to 80% compared to separate power and heat plants. CHP systems are mainly suitable, where there is a continuous need for both energy and heat. Global CHP market is accounted for a market value of USD 20.48 billion in 2017, and is expected to grow at a CAGR of 5.3% to reach USD 31.01 billion by 2025.
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CHP is highly concentrated among few key players such as General Electric, Mitsubishi, Caterpillar, Siemens, E-On and others. General Electric is the major player in the CHP market. The competition in the industry is increasing with rising number of small and established players in the market. Industry players are increasingly launching new products and undergoing Mergers & Acquisitions to be competitive in the market. For instance, EC Power has partnered with Lochinvar to launch a cogeneration product for the North American market from 2019.
Global CHP Market Dynamics:
Increasing environmental concerns for carbon emissions from conventional power generation systems is driving the demand for CHP market globally. The government support for incentive and to promote sustainable practices for power generation is also driving the growth for CHP market. High cost of installations and implementation measures is hampering the growth of CHP market globally.
Global CHP market – Segment Analysis:
Global CHP Market is segmented by technology, fuel type, Application type and by Capacity. By technology the market is segmented in to Combined Cycle, Steam turbine and Gas turbine. Combined cycle technology is the leading segment among others, as they are used in high power and heat requirements. Steam turbine segment is the fastest growing segment with increasing need of heat power in industries/ manufacturing centers. By application, the market is segmented by Industrial, commercial and residential. Industrial sector is the largest segment with increasing manufacturing activities globally where they need process heat and power simultaneously.
Global CHP Market – Geographical Analysis:
By Geography the market is segmented in to North America, South America, Europe, Asia Pacific and rest of the World. Europe is the leading region and accounts for a major share in the Global CHP market in 2017. The growth is mainly due to government support, and favorable policies. Asia Pacific region is estimated to have fastest growth with increasing demand for energy and growing industrialization in the region.
Several macroeconomic and microeconomic factors have been taken into consideration while assessing the trigger points that could make or break the Combined Heat and Power Market. These pointers have been studied well against their demographic background to gauge the real scenario. Such an extensive study is needed to get a good grasp over regional markets and understand the growth pockets that can help in maximize the potential and allow the market in garnering prospects from different quarters.
The Combined Heat and Power Market is a fragmented one. The presence of the existing market titans and the constant influx of the new entrants are expected to make the market a highly competitive one. These companies are expected to launch their own tactical moves to get the maximum privilege. In the process, they would also assist the global market in its expansion. These strategies often include merger, acquisition, product launch, innovation, and other methods. The report has charted the current market trends as well to make a better predictive analysis. Along with these, geographic analysis of the market, to understand the socio-economic factors at play, is playing a pivotal role.
Major Key Points of Global Combined Heat and Power Market
- Global CHP Market – Scope and Methodology
- Global CHP Market –Trends and Developments
- Global CHP Market – Industry Analysis
- Global CHP Market – Segment Analysis
- Global CHP Market – Geography Analysis
- Competitive Landscape
- Company Profiles
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