UK Combined Heat and Power (CHP) Market Revenues to Reach USD 93.98 million by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence

Hyderabad, Aug. 17, 2023 (GLOBE NEWSWIRE) — UK Combined Heat and Power (CHP) Market Report (2023-2028)

According to a new market research report titled “UK Combined Heat and Power (CHP) Market Report (2023-2028),” the market is estimated at USD 69.80 million in 2023. It is expected to register a CAGR of 6.13% during the forecast period.

Introduction to Combined Heat and Power (CHP)

Combined heat and power (CHP) is a technology that generates heat and electricity simultaneously, from the same energy source, in particular homes or buildings. The mounting emphasis on energy-efficient technology that generates electricity and expanding investments in CHP-based power projects are estimated to drive the growth of the market studied.

Report Summary:

Top Companies in the UK Combined Heat and Power (CHP) Market

The UK CHP market is moderately fragmented. The noteworthy players holding the UK CHP market are:

• Caterpillar Inc.
• Centrica PLC
• General Electric Company
• Mitsubishi Power Ltd
• Siemens Energy AG
• Ramboll Group
• Helec Limited
• Tedom AS

Key Highlights from the UK Combined Heat and Power (CHP) Market Report:

Commercial and Transportation Segment to Grow Significantly

• In the commercial end-user segment, the CHP systems are, in general, installed at hotels, supermarkets, office buildings, sports centers, hospitals, data centers, and shopping centers, providing energy independence and security. Commercial systems are primarily internal combustion engine CHPs with higher electrical efficiency. Nonetheless, with declining costs and the rising efficiency of fuel cell technology, fuel cell-based CHP systems are also becoming increasingly adopted by commercial end-users.
• The hydrogen-based fuel cell (CHP) technology is becoming increasingly essential as manufacturers commit to developing this type of power train. Similar to electric cars, hydrogen-powered fuel cell electric vehicles (FCEVs) are classed as ultra-low emission vehicles (ULEVs) since water vapor is the only substance that comes from the exhaust.

Increasing Natural Gas Prices Expected to Restrain the Market

• The utilization of natural gas in gas engines is characterized by the lowest carbon dioxide emissions levels of all fossil fuels, which is in line with the United Kingdom’s goal to reduce greenhouse gas emissions. According to the UK Department for Business, Energy, and Industrial Strategy, employing natural gas as a fuel for CHP units reduce nitrogen oxide emissions and contains no sulfur or contaminants.
• Factors such as soaring demand for natural gas in Asia and South America, reduced gas supply from Russia to the European markets due to the invasion of Russia on Ukraine, low gas stocks, and a series of breakdowns at various electrical facilities, consumers in the United Kingdom faced a significant increase in gas prices.

Latest Developments in the UK Combined Heat and Power (CHP) Market

• In May 2023, DS Smith officially revealed the new Kemsley CHP plant with E.ON. The company collaborated with energy provider E.ON to launch a CHP plant at DS Smith’s paper mill in Kent.
• In May 2023, Centrica partner 2G Energy introduced its 100% hydrogen-powered CHP engine at the UK’s first ‘Road to Net Zero Tour.’ This project will pave the way for low-carbon hydrogen to replace fossil fuels in a large portion of the energy mix.

Market Segmentation

Mordor Intelligence has segmented the UK Combined Heat and Power (CHP) Market based on end user and type:

• By End User (Market Size and Forecast based on Value (USD million), 2018-2028)
  • Industrial Sector
  • Commercial and Transportation Sector
  • Other End Users (Agriculture, Community Heating, Leisure, etc.)
• By Type (Market Size and Forecast based on Value (USD million), 2018-2028)
  • Gas Turbine
  • Steam Turbine
  • Other Types (Reciprocating Engine and Organic Rankine Cycle CHP)

In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry.

About Mordor Intelligence:

Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.

SDGs, Targets, and Indicators

1. Which SDGs are addressed or connected to the issues highlighted in the article?

• SDG 7: Affordable and Clean Energy
• SDG 9: Industry, Innovation, and Infrastructure
• SDG 11: Sustainable Cities and Communities
• SDG 13: Climate Action

The article discusses the UK Combined Heat and Power (CHP) market, which is related to the generation of affordable and clean energy (SDG 7). It also mentions the emphasis on energy-efficient technology and expanding investments in CHP-based power projects, which align with SDG 9. Additionally, the article highlights the use of CHP systems in commercial buildings, such as hotels and office buildings, which relates to creating sustainable cities and communities (SDG 11). Finally, the mention of reducing greenhouse gas emissions and utilizing natural gas as a fuel for CHP units connects to SDG 13 on climate action.

2. What specific targets under those SDGs can be identified based on the article’s content?

• SDG 7.2: Increase the share of renewable energy in the global energy mix.
• SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable.
• SDG 11.6: Reduce the environmental impact of cities through sustainable transport systems and energy-efficient buildings.
• SDG 13.2: Integrate climate change measures into national policies, strategies, and planning.

The targets identified are based on the actions required to achieve the respective SDGs mentioned above. These targets include increasing the share of renewable energy, upgrading infrastructure and industries for sustainability, reducing the environmental impact of cities, and integrating climate change measures into policies and planning.

3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?

• Percentage of renewable energy in the UK’s energy mix.
• Investment in energy-efficient technology and CHP-based power projects.
• Reduction in greenhouse gas emissions from CHP units.
• Adoption of sustainable transport systems and energy-efficient buildings in cities.

The article implies indicators that can be used to measure progress towards the identified targets. These indicators include the percentage of renewable energy in the UK’s energy mix, investment in energy-efficient technology and CHP-based power projects, reduction in greenhouse gas emissions from CHP units, and the adoption of sustainable transport systems and energy-efficient buildings in cities.

Table: SDGs, Targets, and Indicators

Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.

Source: globenewswire.com

Join us, as fellow seekers of change, on a transformative journey at https://sdgtalks.ai/welcome, where you can become a member and actively contribute to shaping a brighter future.