Presently, the global combined heat and power (CHP) systems market is witnessing a downturn, as the demand for this equipment is directly linked to the growth of the industrial, commercial, and residential sectors. Growing concerns regarding the COVID-19 pandemic have affecting ongoing projects that have been stalled, which is impacting the delivery of CHP systems. However, continuous development of a comprehensive range of cogeneration prime mowers such as gas turbines, gas engines, and steam turbine systems for several industries is anticipated to aid market growth. Further, the combined heat and power systems market in developing Asian countries is expected to gain significant traction due to the development of new technologies and products that reduce environmental burden. This, in turn, is anticipated to create significant opportunities for the CHP systems market by the end of 2030.
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As per Fact.MR analysis, the global combined heat and power systems market is estimated to be valued at US$ 26 Bn by the end of the forecast period (2020-2030).
Key Takeaways from CHP Systems Market Study
- Under the impact of COVID-19, the global combined heat and power systems market is expected to create an absolute $ opportunity of more than US$ 8 Bn, and is expected to expand at a value CAGR of around 4% during the forecast period.
- By product, 30 MW to 60 MW CHP systems will account for 59% of the overall demand pie in 2020, and are foreseen to surpass a market valuation of US$ 14 Bn by the end of 2030.
- By prime mower, gas turbines are projected to progress at a value CAGR of around 4%, and are expected to be valued 1.8X more than steam turbines by the end of 2030.
- By fuel type, natural gas is projected to account for 62% of the total sales in 2020, and is anticipated to create an absolute $ opportunity of more than US$ 5 Bn during the forecast period.
- The CHP systems market in Europe is projected to be valued 1.5X more than North America. However, East Asia is estimated to account for a major chunk of demand by the end of the forecast period.
- By application, the industrial segment is projected to surpass a market valuation of US$ 13 Bn by the end of 2030, and is anticipated to expand at a value CAGR of around 3% over the forecast period.
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Key Segments Covered
· Product
-
- CHP Systems Up to 30 MW
- CHP Systems 30 MW to 60 MW
- CHP Systems Above 60 MW
· Fuel
-
- Natural Gas powered CHP Systems
- Coal powered CHP Systems
- Biomass powered CHP Systems
- Other Renewable Resources powered CHP Systems
· Prime Mower
-
- Gas Turbines powered CHP Systems
- Steam Turbines powered CHP Systems
- Gas Engines powered CHP Systems
- Fuel Cells powered CHP Systems
· Application
-
- Industrial CHP Systems
- Residential CHP Systems
- Commercial CHP Systems
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The report covers following Combined Heat and Power (CHP) Systems Market insights and assessment that are helpful for all participants involved in the Combined Heat and Power (CHP) Systems Market:
- Data on recently introduced regulations and their impact on key industries and on demand in Combined Heat and Power (CHP) Systems Market
- Latest industry Combined Heat and Power (CHP) Systems Market with key analysis of market drivers, trends, and influencing factors
- Key trends Analysis of Combined Heat and Power (CHP) Systems Market and changing consumer preferences in major industries.
- Changing Combined Heat and Power (CHP) Systems Market demand and consumption of diverse products
- Major trends underlining funding by key investors in numerous countries
- New investment opportunities in diverse technology and product or service types
- Comprehensive data and Competitive analysis of Combined Heat and Power (CHP) Systems Market major players
- Combined Heat and Power (CHP) Systems Market sales in US will grow at a steady pace, driven by growing consumer confidence and economic recovery
- Combined Heat and Power (CHP) Systems Market demand forecast in Europe remains stable, as many countries such as UK, France, and Germany focus on boosting growth
For More Insights- https://www.prnewswire.com/news-releases/coal-handling-system-sales-set-to-grow-at-4-2-in-2021-as-automation-penetration-deepens-factmr-study-301210084.html
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