Global Combined Heat and Power (CHP) Market 2019-2023
About this market
Several favorable government initiatives will drive the CHP market in the forthcoming years. Governments across the globe are putting forth regulations for increasing the adoption of CHP for reducing the GHG emissions and improving the efficiencies of power-generating systems. These regulations have been supporting the use of CHP due to its cost-effective reduction in GHG emissions and improved fuel efficiencies, thus, leading to the CHP market growth throughout the forecast period. Technavio’s analysts have predicted that the combined heat and power market will register a CAGR of close to 3% by 2023.
Economic and environmental benefits
One of the growth drivers of the global combined heat and power market is the economic and environmental benefits. The rising demand for energy and the environmental and economic benefits of using CHP are expected to propel the growth of the global combined heat and power market during the forecast period.
Challenges associated with CHP installation
One of the challenges in the growth of the global combined heat and power market is the challenges associated with CHP installation. The lack of awareness raises concerns over site permissions required for developing CHP plants, which may restrict the growth of the market.
For the detailed list of factors that will drive and challenge the growth of the combined heat and power market during 019-2023, view our report.
The market appears to be moderately fragmented and with the presence of several market players. This market research report will help clients identify new growth opportunities and design unique growth strategies by providing a comprehensive analysis of the market’s competitive landscape and offering information on the products offered by companies.
Technavio Announces the Publication of its Research Report – Global Combined Heat and Power Market 2019-2023
Technavio recognizes the following companies as the key players in the global combined heat and power market: GENERAL ELECTRIC, MAN SE, MITSUBISHI HEAVY INDUSTRIES, LTD., Siemens, and Wärtsilä.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is the rising popularity of distributed energy generation.”
According to the report, one of the major drivers for this market is the rising world energy demand.
Further, the report states that one of the major factors hindering the growth of this market is the challenges associated with CHP installation.
MITSUBISHI HEAVY INDUSTRIES, LTD.