Global Combined Heat and Power Market - Forecasts from 2022 to 2028
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During the forecast period of 2022-2027, the global combined heat and power market is predicted to grow at a CAGR of more than 7.5 percent. The COVID-19 pandemic resulted in a drop in demand for combi...
ned heat and power systems due to lower electricity demand as a result of lockdowns to contain the virus, which resulted in the closure of commercial and industrial facilities. Furthermore, the pandemic reduced discretionary expenditure, which had a negative impact on the market.
The number of combined heat and power plants installed around the world is predicted to increase due to factors such as the favourable prognosis for natural gas supply and pricing, increasing energy efficiency, and environmental regulatory demands on power plants and industrial boilers, among others. Despite numerous efforts over the years to remove technical and regulatory barriers and promote wider adoption of combined heat and power, factors such as grid interconnection and significant initial capital investment, among others, will continue to be a significant challenge for the combined heat and power market in the United Kingdom during the forecast period.
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According to the US Environmental Protection Agency, nearly two-thirds of the energy consumed by conventional energy systems is frequently squandered as heat vented into the atmosphere. A considerable quantity of energy is squandered in the form of heat throughout the electricity distribution process. As a result, these systems are regarded as extremely advantageous because they are capable of capturing heat and reducing distribution losses. These systems are capable of increasing efficiency by about 80%, which is roughly 30% higher than the current technology.
However, one of the principal constraints likely to limit market growth over the next five years is the fact that these systems have very high upfront and maintenance costs. Furthermore, the introduction of COVID-19 is expected to restrict market growth to some level, as a halt in industrial activity has resulted in a drop in power demand in many regions of the world. Furthermore, the economic shock generated by COVID has had a negative influence on new energy capital investments around the world. As a result, all of the above variables are expected to have a negative influence on the economy. As a result, all of the aforementioned factors are expected to have a negative influence on market growth in the future years.
Competitive Environment
The market for combined heat and power is somewhat fragmented. The following are some of the major participants in this market: General Electric Company, Kawasaki Heavy Industries Ltd., Bosch Thermotechnology GmbH, Viessmann Werke Group GmbH & Co KG , and Siemens Energy AG.
The business overview, financial performance (for public firms) during the last few years, main goods and services offered, as well as recent deals and investments of these key participants in the combined heat and power sector are all detailed in the company profiles section.
Based On Product Type : Micro CHP, Industrial CHP, Trigeneration, Combined Heat, And Power District Heating
Based On Application : Hospitals, Universities, Military Installations, Data Centers, Prisons, And Large Office Buildings
Government rules and regulations
The combined heat and power industry is primarily being driven by governments throughout the world placing a greater emphasis on reducing carbon footprints in order to safeguard the environment, as a significant reliance on fossil fuels has resulted in environmental damage. As a result, governments and corporations all over the world are investing to fully realise the promise of renewable energy sources such as wind, solar, and hydroelectric power, among others. In the future years, rising investment in the construction of clean energy power plants, combined with favourable government policies, is expected to offer considerable economic prospects for combined heat and power system manufacturers. For example, the UK government announced in June 2019 a formal instrument to alter the Climate Change Act 2008, which includes an 80 percent reduction in carbon emissions by 2050.
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