Combined Heat And Power Market is anticipated to surpass USD 45 Bn by 2024
Date: 2018-10-01   Author: Rahul Sankrityayan  Category: #market

Combined Heat And Power Market is anticipated to surpass USD 45 Bn by 2024

Global Combined Heat And Power Market is expected to grow at over 8% CAGR to surpass USD 45 billion by 2024. Rapid urbanization and industrialization along with growing electricity demand will fuel industry growth. Global electricity consumption rises by 15% from 2009 to 2015. High reliability and efficiency and improved air quality are some of the features which make the system preferable.

Increasing demand for district heating in cold prone region including Europe will stimulate the combined heat and power market. Its low heat losses and sustainable energy usage features will boost the product demand.

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U.S. combined heat and power market is expected to witness growth over 6% by 2024. Increasing concern for energy security coupled with growing renewable energy penetration will augment the regional industry growth. Rising focus towards the replacement of old coal fired plants with renewable energy plants to reduce greenhouse gas emission will further propel the business. As per EIA, about 90 coal power generation plants were closed in 2015 with the aim to cut carbon footprints.

Combined cycle combined heat and power market was valued over USD 12 billion in 2016. Effective design and high efficiency are some of the features which makes its adoption favorable over other alternatives. Saudi Electricity Company is developing a combined cycle plant, Waad AlShamal of 1390 MW which is expected to power 500,000 homes.

Growing focus towards renewable energy adoption over conventional fuel will propel the biomass combined heat and power market. Increasing deployment of captive power stations for reliable and affordable electricity supply will positively impact the product demand. The Government of UK introduced schemes including Renewable Obligation Scheme and Renewable Heat Incentive to encourage the development of sustainable energy technology thereby reducing carbon footprints.

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Measures to renovate existing heating system to increase efficiency and lower energy loss will drive the Russia combined heat and power market. Strict government norms for greenhouse gas emission will augment the business outlook. The Government of Russia set a target to decrease carbon emissions to 75% by 2020 from the level of 1990.

Growing investment for the development of small level manufacturing industries will stimulate Brazil combined heat and power market. Increasing sugar industries in the country would positively impact the product growth. Around 15% of Brazil electricity could be produced by biomass CHP by 2030.

Notable industry participants in the combined heat and power market are Wartsila, General Electric, ENER-G Rudox, MAN Diesel & Turbo, Mitsubishi, Caterpillar, Bosch Thermotechnology, Kawasaki, MWM, Cummins, BDR Thermea, Veolia, Viessmann Werke, ABB, Aegis Energy, 2G Energy, Siemens, Yanmar.



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Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for AlgosOnline, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in t...

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