Combined Heat and Power MARKET SIZE, SHARE, AND ANALYSIS TO EXPAND AT 5.9% CAGR THROUGH 2030
No. of Pages- 110+
List of tables- 20+
List of Figures- 20+
According to the research report, the global combined heat and power market was valued at USD 26.39 billion in 2021 and is expected to reach USD 43.80 billion by 2030, to grow at a CAGR of 5.9% during the forecast period.
Combined heat and power, or CHP, is the process of producing electricity or mechanical power at high efficiencies. The procedure is carried out using gases and biofuels. The technology is used to recover lost energy by applying waste heat in the form of process heating, steam, hot water, or even chilled water. The market trends of the combined heat and power generation market are determined in this report. CHP can be utilized to provide heat to the power plant or buildings, or multiple end-users.
It can also be attached to other distributed energy technologies like solar photovoltaics (PV) and energy storage. One of the major advantages of CHP is that the technology requires less cost in manufacturing processes. This is because CHP uses waste resources which saves both energy and cost, thereby driving the growth of the combined heat and power market. The installation of combined heat and power (CHP) technologies is flourishing the growth of the market.
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Combined Heat and Power Market: Growth Drivers
The rise in the usage of natural gas for power generation is driving the market growth.
The continuous efforts to curb the dependency on energy reliability coupled with the development of cleaner generation technologies to reduce soaring emissions are fueling the growth of the combined heat and power market. An increasing number of government regulations along with the rise in usage of natural gas for power generation are boosting the Combined Heat and Power (CHP) market over the forecast period. Growth in the number of government incentives for promoting cogeneration is accelerating market growth.
The growing presence of major companies that provide CHP installation services is further propelling the growth of the market. Moreover, rising awareness about energy conservation standards across developed and emerging nations is expected to positively influence the market expansion. In addition, lower operating costs and dependable utility supply are expected to drive the market growth during the foreseen period.
Top Global Market Players:
- 2G Energy Services
- Aegis Energy Services Inc.
- CENTRAX Gas Turbines
- Clarke Energy Inc.
- Cummins Inc.
- Doosan Fuel Cell America Inc.
- Elite Energy Systems
- General Electric
- Viessmann Werke
Combined Heat and Power Market: Report Segmentation
Insight by Fuel
The natural gas-based CHP systems dominate the market
Based on fuel, the natural gas-based CHP systems held a significant market share in 2021 due to the properties of natural gas, including easy transportation and deployment and less carbon footprint. Natural gas is a clean energy source that curbs carbon emissions, and it is available at a low price. The latest investments in American shale gas manufacturing are expected to fuel the supply of natural gas-based CHP.
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Insight by End-Use
The utility segment records the fastest growth.
On the basis of end-use, the utility segment witnesses the fastest growth in the global combined heat and power market. The utilities segment utilizes CHPs because they provide a low-cost electric and thermal energy supply. Utility power can be used to deliver power to access networks or to provide electricity to nearby spaces. They are highly efficient.
Insight by Technology
The fuel cell segment will account for the largest market share.
Depending on the technology, the fuel cell segment is expected to witness the largest market share in the global combined heat and power market over the forecast period. A fuel cell is majorly used in energy generation in which fuel’s chemical energy is converted into electrical power. Water, electricity, and combined heat are some of the by-products of the fuel cell.
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Geographical Overview: Combined Heat and Power Market
Asia Pacific witnessed the largest market share in 2021
Based on geography, Asia Pacific dominated the global combined heat and power market in 2021. The dominating regions cover countries including Japan, China, South Korea, India, Australia, and others. The factors such as rapid industrialization and urbanization and growing demand for clean fuel energy are expected to enhance the market’s development in the region. Also, the introduction of new CHP systems across emerging nations is another factor expected to boost regional market growth.
China and India are the leading countries in the Asia Pacific region with the largest energy consumers. This can be attributed to infrastructural expansions, power generation projects, and technological developments. Moreover, rising spending on large new gas-fired cogeneration plants and large coal-fired plants coupled with the increasing demand for electricity is anticipated to propel the global combined heat and power market growth in the region. In addition, stringent guidelines in order to curb carbon emissions and decentralized power generation are expected to accelerate market growth in the Asia Pacific.
- In March 2021, The European Marine Energy Centre (EMEC) and Highlands and Islands Airports Limited (HIAL) made a partnership to decarbonize combined heat and power at Kirkwall Airport through green hydrogen technology.
- In February 2021, Siemens signed an agreement with the Guangdong Energy Group to supply F-class gas turbine island equipment for the China Zhaoqing Dinghu Combined Heat and Power (CHP) generation project.
Combined Heat and Power Market: By Fuel Outlook
- Natural Gas
Combined Heat and Power Market: By Technology Outlook
- Gas Turbine
- Fuel Cell
- Reciprocating Engine
- Combined Cycle
- Steam Turbine
Combined Heat and Power Market: By End-Use Outlook
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