Asia-Pacific Combined Heat and Power Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The Asia-Pacific combined heat and power (CHP) market is expected to register a CAGR of more than 5.9% during 2022 to 2027. The outbreak of COVID-19 in Q1 of 2020 has negatively impacted the market's growth. Governments in the region were forced to implement lockdowns during the first half of 2020, and all non-essential operations remain halted. This adversely impacted the CHP market due to end users' suspension of activities. In addition, production and disruption in the supply chain have slowed down the construction activities, which posed a challenge to the CHP market in the region. For Instance, in November 2020, Bert Energy GmbH announced that its Bert Mobil Gas demo plant scheduled to be commissioned at Sri City in Andhra Pradesh (India) was delayed by over six months due to disruptions caused by COVID-19. Factors such as the positive outlook for natural gas supply and price, increased energy efficiency, and environmental regulatory pressures on power plants and industrial boilers are expected to drive the number of installations of combined heat and power plants across the region. However, factors such as weak grid interconnections and high capital investment remain a significant challenge for Asia-Pacific's combined heat and power market.
Key HighlightsThe Asia-Pacific combined heat and power market is moderately fragmented. Some of the key players in this market include General Electric Company, Siemens Energy AG, Mitsubishi Electric Asia Pte Ltd, MAN Energy Solutions SE, and Caterpillar Inc.
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