“The CHP market is projected to grow at a CAGR of 5.48%, from 2018 to 2023.”
The CHP market is projected to reach USD 27.01 billion by 2023, at a CAGR of 5.48%, from 2018 to 2023. Increasing demand for energy efficiency in the industries and rising use of natural gas for power generation are the major drivers of the CHP market. High installation and maintenance cost can hinder the growth of the CHP market.
“The utilities, district heating & cooling subsegment of the end-user segment is expected to grow at the highest CAGR, from 2018 to 2023.”
The utilities, district heating & cooling of the end-user segment is expected to grow at the highest CAGR, during the forecast period, owing to the growing need for process steam in industries. Rise of natural gas fired power generation in North America and Asia Pacific is expected to offer a lucrative opportunity for the CHP market.
“Asia Pacific: The largest market for CHP in 2018”
The market in Asia Pacific is currently the largest for CHP systems followed by the European market. Rapid economic growth in China along with the transition from coal-based generation to gas-fired power generation is expected to drive the CHP market in the Asia Pacific region.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects.
The distribution of primary interviews is as follows:
- By Company Type: Tier 1: 35%, Tier 2: 45%, Tier 3: 20%
- By Designation: C-Level: 55%, Manager-Level: 25%, and Others: 40%
- By Region: North America: 45%, Asia Pacific: 27%, Europe: 20%, and Rest of the World: 8%
Note: Others includes sales managers, marketing managers, product managers, and product engineers,
The tier of the companies is defined on the basis of their total revenue as of 2016. Tier 1: USD 1 billion, Tier 2: From USD 1 billion to USD 500 million, and Tier 3:
The leading players in the CHP market include GE (US), Siemens (Germany), Veolia (France), 2G Energy (Germany), FuelCell Energy (US), Wartsila (Finland), Caterpillar Energy Solutions (Germany), MAN Diesel & Turbo (Germany), AB Holding (Italy), Capstone(US), Clarke Energy(UK), and MHPS (Japan).
The report defines, describes, and forecasts the global CHP market by type, application, gas, end-user, and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the CHP market.
Why buy this report?
- The report identifies and addresses key markets for CHP, which would help manufacturers review the growth in demand.
The report helps system providers understand the pulse of the market and provide insights into drivers, restraints, opportunities, and challenges. The report will help key players understand the strategies of their competitors better and will help in making strategic decisions.