Combined Heat and Power Market to Hit $40 Billion by 2024: Global Market Insights, Inc.
SELBYVILLE, Delaware, Aug. 28, 2019 /PRNewswire/ -- Global Market Insights, Inc., announces a report on 'Combined heat and power market Trends and Forecast up to 2024'. The study covers the fuel, end-user, capacity, technology, and regional landscapes of this industry. Worldwide Combined Heat and Power industry is set to achieve 7%+ CAGR up to 2024, owing to growing electricity demand and rising awareness toward sustainability.
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Escalating demand for electricity, in the face of an increasing focus towards sustainability eco-friendliness, is opening up new avenues of growth for combined heat and power market. The momentum facilitated by this unique, yet lucrative situation would be predominantly fueling market size.
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Despite the growing prominence of renewables, a predominant majority of energy generated throughout the world comes from conventional fuel sources like coal, oil and natural gas. Human reliance of fossil fuels is having a severely detrimental effect on the environment.
Conventional power plants are also highly inefficient at using the resources to their optimal potential. A feasible solution to the aforementioned challenges is replacing traditional power plants with combined heat and power systems.
Combined heat and power facilities make better make better use of fuel sources, making energy savings that can be anywhere between 15% to 40% in total. This makes combined heat and power facilities both financially and environmentally viable. This capability is expected to ensure overall growth of the combined heat and power market over the forthcoming years.
When looking at the global combined heat and power sector through a regional perspective, the Asia Pacific combined heat and power (cogeneration) industry outlook is slated to undergo a momentous period of growth. Home to a predominant majority of global population, energy demands throughout the region have been increasing considerably over the past years.
Moreover, owing to factors like economic growth, technological innovation, environmental concerns and geopolitical shifts, the APAC energy ecosystem is currently going through a pivotal point. The region also majorly depends on coal for addressing a significant chunk of its energy demands. According to the World Economic Forum, the average age of coal plants throughout Asia is approximately 11 years. This means that it would be a few more decades before they can be retired.
Browse key industry insights spread across 300 pages with 418 market data tables & 11 figures & charts from the report, "Combined Heat and Power Market" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/combined-heat-and-power-CHP-market
With regulations set by the Paris Agreement to reduce carbon emissions, Asia's coal power plants pose a daunting challenge. Many countries across the APAC are looking towards cogeneration as an important energy efficiency solution that addresses the situation effectively.
According to the United Nations Development Programme, countries like India and Bangladesh are already introducing requirements for combined heat and power. Currently, Bangladesh roughly holds a 1,200 MW combined heat and power potential.
Meanwhile, India, through its Power Sector Technology Strategy, is promoting upgrades and retrofits to current power plants and prototyping Integrated Gasification Combined Cycle at CHP units and clean coal power plants.
The combined heat and power market in Latin America is another regional segment that is projected to showcase commendable progress during the forecast timeframe. According to the World Bank, sufficient evidence exists to showcase that the region holds a substantial untapped energy-efficiency potential.
Combined heat and power have great potential across many Latin American countries. In Mexico, for instance, approximately 80% of the nation's cogeneration in its end use segment of industrial has not yet been developed. In fact, combined heat and power in Pemex's sites alone is expected to be somewhere around 3,600 MW; over 6% of the country's combined installed electricity capacity.
All in all, attributing to the integral nature of fuel sources like coal and the untapped potential across regional markets such as APAC and LATAM, the global combined heat and power industry is slated to undergo a flourishing period of growth.
What does the research report offer?
This combined heat and power market report facilitates an in-depth analysis of all industry segments comprising fuel type, technology, capacity, region as well as competitive landscape. The report offers insights on the market based on numerous key parameters, including market segmentation, growth drivers, industry outlook, industrial landscape defined through regional drivers and global trends that fuel the commercialization graph of the overall market landscape.
Prominent drivers with regards to the combined heat and power service segment provides a remunerative projection of growth all across the forecast time period, substantially expanding trends as well as the market share of respective segments.
Through a regional frame of reference, the combined heat and power market report is segmented into Canada, U.S., UK, Finland, Germany, Russia, Sweden, Denmark, Japan, China, South Korea, India, South Africa, Saudi Arabia, Brazil and Mexico. The industry landscape across the aforementioned regions are further classified on the basis of the customer base, availability of market players and market contribution alongside numerous other aspects.
Moreover, the combined heat and power market report also elaborates extensively on a number of insightful parameters that enable stakeholders to implement new business practices with considerable ease. The combined heat and power industry report also includes crucial information about SWOT analysis, a number of different growth driving factors and more.
The aforementioned research further provides market analysis, a detailed executive summary, overview of several global trends, key industry insights as well as market segmentation insights in the combined heat and power industry.
Moreover, other deliverables with respect to the competitive spectrum and the regulatory frame of reference have also been included within the aforementioned combined heat and power research report along with several innovative business strategies integrated by prominent industry players in their respective business practices across the industry landscape.
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About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider; offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
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SOURCE Global Market Insights, Inc.
