LONDON--(BUSINESS WIRE)--Technavio has been monitoring the global combined heat and power (CHP) market since 2016 and the market is poised to grow by 124.76 GW in terms of units during 2019-2023, progressing at a CAGR of nearly 3% during the forecast period.
Read the 124-page research report with TOC on "Combined Heat and Power (CHP) Market Analysis Report by Fuel (coal, natural gas, and others), and by Geography (the Americas, APAC, and EMEA), and Segment Forecasts, 2019 - 2023"
The market is driven by the various economic and environmental benefits of CHP. In addition, the rising need for clean energy fuels is anticipated to further boost the growth of the combined heat and power (CHP) market.
CHP is used in the generation of electricity and is an energy-efficient technology. It minimizes wastage by capturing heat and utilizes to provide thermal energy in the form of steam or hot water. This technology is preferred over conventional electricity generation as it minimizes the emission of GHGs and other pollutants and eliminates the need for new T&D infrastructure. These economic and environmental benefits are expected to drive the market during the forecast period.
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Major Five Combined Heat and Power (CHP) Market Companies:
GENERAL ELECTRIC owns and operates businesses under various segments such as power, renewable energy, oil & gas, aviation, healthcare, transportation, lighting, and capital. The company designs and develops cogeneration engineering equipment. It is also involved in CHP equipment sourcing and analysis of cost benefits.
MAN SE owns and operates businesses under various segments such as MAN Truck & Bus, MAN Latin America, MAN Diesel & Turbo, Renk, and Corporate Center. The company offers engine-based CHP and combined cooling and heating of power plants that are designed to meet the overall thermal demands of the end consumer.
MITSUBISHI HEAVY INDUSTRIES, LTD.
MITSUBISHI HEAVY INDUSTRIES, LTD. has business operations under various segments, namely power systems, industry & infrastructure, aircraft, defense & space, and others. The company offers gas engine plants with enhanced power thermal efficiencies by combining high-quality power generation and heat recovery capabilities.
Siemens operates under power and gas, energy management, building technologies, mobility, digital factory, process industries and drives, and Siemens Healthineers. The company offers a portfolio of services ranging from consultation to plant design to a full turnkey solution for CHP plants.
Wärtsilä offers a wide range of offerings under segments including services, energy solutions, and marine solutions. The company constructs CHP plants that are designed to fulfil applications such as steam generation, district heating, hot or chilled water, or a combination of all.
Technavio has segmented the combined heat and power (CHP) market based on the type and region.
Combined Heat and Power (CHP) Fuel Outlook (Revenue, USD Million, 2019 - 2023)
- Natural gas
Combined Heat and Power (CHP) Regional Outlook (Revenue, USD Million, 2019 - 2023)
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