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(Construction.IndustryNews247.Com, October 25, 2019 ) Market Overview
Cogeneration or Combined Heat and power (CHP) market is a system where it generates both heat and electricity simultaneously.
CHP systems have a high efficiency of 60% to 80% compared to the separate power and heat plants. CHP systems are mainly suitable, where there is a continuous need for both energy and heat.
Market Dynamics
Increasing environmental concerns for carbon emissions from conventional power generation systems is driving the demand for CHP market globally.
The government support for incentive and to promote sustainable practices for power generation is also driving the growth for CHP market.
The high cost of installations and implementation measures is hampering the growth of CHP market globally.
Market Segmentation
Global CHP Market is segmented by technology, fuel type, Application type and by Capacity.
By technology, the market is segmented into Combined Cycle, Steam turbine, and Gas turbine. Combined cycle technology is the leading segment among others, as they are used in high power and heat requirements.
Steam turbine segment is the fastest growing segment with an increasing need for heat power in industries/ manufacturing centers.
By application, the market is segmented by Industrial, commercial and residential. The industrial sector is the largest segment with increasing manufacturing activities globally where they need process heat and power simultaneously.
Geographical Analysis
By Geography the market is segmented into North America, South America, Europe, Asia Pacific and rest of the World. Europe is the leading region and accounts for a significant share in the Global CHP market in 2017.
The growth is mainly due to government support, and favorable policies. Asia Pacific region is estimated to have the fastest growth with increasing demand for energy and growing industrialization in the area.
Competitive Analysis
CHP concerning among a few key players such as General Electric, Mitsubishi, Caterpillar, Siemens, E-On and others. General Electric is the dominant player in the CHP market.
The competition in the industry is increasing with the rising number of small and established players in the market.
Industry players are increasingly launching new products and undergoing Mergers & Acquisitions to be competitive in the market. For instance, EC Power has partnered with Lochinvar to launch a cogeneration product for the North American market from 2019.
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Source: EmailWire.Com 
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