Natural Gas based CHP Systems to Generate an Absolute Opportunity Worth US$ 5 Bn
Fact.MR's recently published report on the Combined Heat and Power (CHP) Systems market offers a comprehensive analysis of the leading segments in terms of product, fuel, prime mower, application & region. In addition, it provides in-depth information about the market dynamics, including drivers, restraints, latest trends, and growth opportunities.
NEW YORK, Jan. 21, 2022 /PRNewswire/ -- Fact.MR – A Market Research and Competitive Intelligence Provider: The global combined heat and power systems (CHP) market will likely expand 1.5x until 2031, despite initial skepticism about how the business would function during a worldwide pandemic. Total combined heat and power system sales are expected to exceed US$ 26 billion.
According to Fact.MR, demand for CHP is high in the industrial sector, which has the most growth potential. Energy efficiency advocates have set a target of raising CHP capacity to 20% by 2031.
Based on application, the industrial sector has the most installed CHP capacity, accounting for 1/3 of revenue share and having the most expansion potential.
Demand for CHP systems has increased in recent years as the need for energy-efficient equipment in end-use sectors has grown. In comparison to a traditional power plant, which runs at around 45% efficiency, a CHP facility typically performs at 80 percent efficiency, resulting in lower operating costs.
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Manufacturers are incorporating AI and IoT into CHP plants to reduce energy waste in the power sector, which is expected to increase demand in the future years. According to the International Finance Corporation (IFC), AI has the potential to reduce energy waste, lower costs, and make renewable energy sources more accessible in power grids around the world.
CHP systems, according to the EPA, have the technological and cost-effectiveness potential to be a viable alternative for power supplies in residential, commercial, municipal, institutional, and manufacturing buildings.
Furthermore, rich economies are pioneering the use of artificial intelligence in the power sector. DeepMind, a Google subsidiary, for example, has been using machine learning algorithms to anticipate power output 36 hours ahead of time. As a result, the global demand for CHP systems is expected to provide profitable prospects for producers.
The global demand for power is rising, having doubled in the last two decades. In the next 25 years, it is expected to grow at twice the rate of overall energy demand.
The expanding need for energy, the availability of efficient power generation technologies, the rising demand for natural gas-fired power plants, the influence of the shale gas revolution, and the reduction in carbon dioxide emissions are all factors contributing to this advancement.
By 2031, the global market for combined heat and power systems is expected to grow 1.5 times its current size.
By product, 30-60 MW CHP systems accounted for 59% of global demand in 2020.
Through 2031, gas turbine CHP systems are expected to grow at a CAGR of about 3.8 percent.
By fuel type, natural gas-based CHP systems are expected to create an absolute opportunity worth US$ 5 billion by 2031.
By application, the industrial segment is expected to be the most valuable, surpassing US$ 13 billion by 2031.
By 2031, the US market for CHP systems is expected to be worth US$ 520 million.
As of 2020, sales in China totaled $5 billion, owing to the significant incidence of coal-fired plants.
Extensive developments in the energy sector have spurred the combined heat and power systems demand globally.
Market growth is expected to be boosted by a shift in preference toward replacing traditional energy systems due to lower operating costs and reliable utility supply.
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Leading players are embracing cutting-edge marketing strategies, technology breakthroughs, mergers and acquisitions, and other novel ways.
In March 2021, The European Marine Energy Centre (EMEC) and Highlands and Islands Airports Limited (HIAL) teamed up to use green hydrogen technology to decarbonize heat and power at Kirkwall Airport.
2G Energy was chosen as the first company in the UK to deliver a CHP plant that generates 100% hydrogen heat and power.
Key Players in the Combined Heat and Power (CHP) Systems Market are
2G Energy Inc.
Capstone Turbine Corporation
Aegis Energy Services, Inc.
General Electric Company
Aegis Energy, Services Inc.
Generac Holdings Inc.
Primary Energy Recycling Corporation
More Valuable Insights on Combined Heat and Power (CHP) Systems Market
Fact.MR provides an unbiased analysis of the combined heat and power (CHP) systems market, presenting forecast statistics for the period from 2021-2031. The study divulges compelling insights on the global combined heat and power (CHP) systems market with a detailed segmentation on the basis of:
Key Questions Covered in Combined Heat and Power (CHP) Systems Market Report
The report offers insight into the combined heat and power (CHP) systems market demand outlook for 2022-2032.
The market study also highlights projected sales growth for combined heat and power (CHP) systems market between 2022 and 2032.
Combined heat and power (CHP) systems market survey identifies key growth drivers, restraints, and other forces impacting prevailing trends and evaluation of current market size and forecast and technological advancements within the industry.
Combined heat and power (CHP) systems market share analysis of the key companies within the industry and coverage of strategies such as mergers & acquisitions, joint ventures, collaborations or partnerships, and others.
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