PUBLISHER: Allied Market Research | PRODUCT CODE: 1266321
PUBLISHER: Allied Market Research | PRODUCT CODE: 1266321
The global combined heat power market is envisioned to garner $48,399.1 million by 2031, growing from $24,600.0 million in 2021 at a CAGR of 7.5% from 2022 to 2031.
The combined heat power industry is being driven by unofficial rules and motives, as well as an increase in the use of various gases for power generation. Cogeneration is another phrase for integrated intensity and power. This method produces both intensity and power at the same time. Some of the key forces driving the growth of the combined heat power industry are the increase int the number of organization of combined heat power developments, the need for energy productivity, and the surge in use of government incentives.
However, some of the disadvantages of combined heat power include installing a combined heat power system that is more expensive than installing a standard system. However, over the first few years, when any loan is taken out to pay for the combined heat power*equipment, it gets paid back by the savings. The combined heat power industry is growing due to the multiple benefits it provides, such as cutting manufacturing system costs by reducing redundant power use. Energy can now be recovered by repurposing waste materials. Implementation of combined heat & power (CHP) systems, greater use of government investment to encourage produced electricity, and the need for renewable energy are the factors driving the worldwide combined heat and power market. In addition, government agencies across the globe are attempting to encourage advanced CHP technologies through a number of attractive long-term financial and regulatory incentives, which are likely to boost combined heat power market growth during the forecast period.
The COVID-19 pandemic has resulted in a significant decrease in energy consumption from the residential, commercial, and industrial sectors. The energy industry suffered as the majority of countries around the world, including the US and UK China, and India, imposed lockdown restrictions, shutting down industrial operations and halting various industrial projects, causing supply chains and business operations to be disrupted, leading to a decline in global demand for energy. According to the International Energy Agency (IEA), worldwide demand will fell by 6% in 2020, approximately seven times the decrease experienced during the 2008 global recession.
The key players profiled in this report include: MAN Diesel & Turbo SE, Caterpillar Inc., Mitsubishi heavy Industries ltd., General Electric, Cummins, Bosch Thermotechnology Ltd., ABB Limited, ENER-G Rudox, and Veolia