Global Combined Heat and Power Market (CHP) was valued US$ 19.62 in 2017 and is estimated to reach US$ 29.01 Bn by 2026 at a CAGR of about 5.90% during a forecast period.
The report Global Combined Heat and Power Market (CHP) based on fuel, end-user, capacity, technology, and region. Based on fuel, the combined heat and power (CHP) market is classified into natural gas, coal, and biomass. In terms of capacity, the combined heat and power (CHP) market is categorized into 1 kW – 0.5 MW, 0.5MW – 5MW, Above 5 MW. On the basis of technology, the combined heat and power (CHP) market is divided into the combined cycle, steam turbine, gas turbine, and reciprocating engine. Based on end-user, the combined heat and power (CHP) market is segmented into district energy, residential, on-site industrial & commercial. Region wise into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Combined heat and power (CHP) is an efficient and clean method in generating electric power and useful thermal energy from a single fuel source. Due to the rise in demand for electricity across the globe, coupled with the increase in concerns for environmental protection, has increased the demand for combined heat and power (CHP) or cogeneration technology. Instead of purchasing electricity from the distribution grid and burning fuel in an on-site furnace or boiler to produce thermal energy, an industrial or commercial facility can use CHP to provide both energy services in one energy-efficient step. Cost-effective performance coupled with easy installation will grow the demand over other technologies including boilers. The high maintenance & installation costs incurred are hampering the market. Also, complicated metering arrangements and network connections will hinder the growth for Global Combined Heat and Power Market (CHP).
Global Combined Heat and Power Market (CHP)
In terms of fuel, natural gas is anticipated to dominate the global Combined Heat and Power Market (CHP) in 2017, owing to its affordable price and low emission rate. As per, the U.S. Department of Energy, a share of natural gas production may expand to 56% by 2040 from 2012 level. Limited land availability for incinerators and landfills along with rising in consumer awareness towards waste management will further stimulate the biomass CHP market.
Based on technology, gas turbine Combined Heat and Power held the highest market share driven by high energy efficiency coupled with low fuel consumption. Replacement of existing coal-fired power stations with modern gas-fired systems to reduce carbon footprint will positively influence the industry landscape. In 2017, two coal-fired units of Appalachian Power’s Clinch River Power Plant in the U.S. were converted to natural gas.
On the basis of end-user, industrial combined heat and power market size is set to exceed USD 22 billion by 2026. Growing development of small-scale industrial sector coupled with high electricity demand will positively influence the business growth. The rise in demand for reliable and cost-effective technologies along with measures towards carbon footprints will propel the commercial CHP market.
In terms of region, North America held the highest market share in 2017. The market growth is coupled with low natural gas prices together with growing demand for high-efficiency power plants that will fuel North America combined heat and power market. Retrofitting and replacement of existing power stations with efficient systems may further boost the product demand. In 2014, Capstone Turbine installed 470 CHP systems in the country, with an aim to reduce carbon footprint.
Some of the key players in the Global Combined Heat and Power Market (CHP) are MAN Diesel & Turbo, ENER-G Rudox, Caterpillar, Mitsubishi, General Electric, and Kawasaki. Manufacturers are focusing on merger and acquisition strategies to expand regional presence and gain the competitive edge. In May 2016, Centrica acquired ENER-G Holdings, an established operator and supplier of CHP solution, to enhance its distributed energy offering.
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Combined Heat and Power Market (CHP) – Global Industry Analysis and Forecast (2022-2029)
Scope of Global Combined Heat and Power Market (CHP)
Combined Heat and Power (CHP) Market by Fuel
- Natural Gas
- Coal
- Biomass
Combined Heat and Power (CHP) Market by Technology
- Cycle
- Steam Turbine
- Gas Turbine
- Reciprocating Engine
Combined Heat and Power (CHP) Market by Capacity
- 1 kW – 0.5 MW
- 0.5MW – 5MW
- Above 5 MW
Combined Heat and Power (CHP) Market by End-User
- District Energy
- Residential
- On-Site Industrial & Commercial
Combined Heat and Power (CHP) Market by Geography
- North America
- Europe
- Asia-Pacific
- Middle East & Africa
- Latin America
Key Players operating in Global Combined Heat and Power Market (CHP)
- MAN Diesel & Turbo
- ENER-G Rudox
- Caterpillar
- Mitsubishi
- General Electric
- Kawasaki
- Bosch Thermotechnology
- Viessmann Werke
- FuelCell Energy
- MWM
- Cummins
- Veolia
- BDR Thermea
- CENTRAX Gas Turbines
- Wartsila
- ABB
- 2G Energy
- Aegis Energy
- Yanmar
- Siemens
This Report Is Submitted By : Maximize Market Research Company
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