The global combined heat and power (CHP) is expected to grow at an impressive CAGR of 6.94% during the prognosis period (2017-2023), Market Research Future (MRFR) asserts. The rising call for sustainable energy has resulted in the shifting of a trend where demand for the combined heat and power sector is higher than conventional energy.
Drivers and Restraints:
CHP is experiencing a spur owing to demand generated by various industrial verticals. CHPs are generally placed near the end-users and lower down the transportation cost and enhances the electricity transmission and distribution network performance. CHP is also reliable, widely available and reduces carbon footprint. These factors play in favor of CHP market growth on a global scale.
Government initiatives are also commendable. Across the world, CHP is now enjoying favorable policies and incentives. Governments are also promoting various long-term policies and introducing cogeneration technology which are steering the market towards greater opportunities.
The market leaders are all getting involved in expanding their business as the segment has huge potential. For instance, EC Power of Europe is teaming up with Lochinvar of the U.S. to start CHP projects. On the other hand, General Electronics (GE) has announced an agreement that has been signed with GreenTech Energy Company (GTE). As a result, GE is going to supply Jenbacher gas engines to Russia.
The key market players are Caterpillar Inc.(U.S.), MAN Diesel & Turbo SE (Germany), General Electric (U.S.), Cummins(U.S.), Bosch Thermotechnology Ltd.( U.K), and Mitsubishi Heavy Industries Ltd. (Japan).
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General Electronics has recently termed the time as the time of CHP. This method of heat and energy generation has been revolutionizing the market for quite some time. Industries are also relying heavily on CHP. Recently, Bosch has launched industry’s first connected control for commercial boilers which can easily connect with CHP mode. Veolia is helping Scottish water attain self-sufficiency by boosting the energy generation capacity with renewable energy derived from a blend of anaerobic digestion of sludge and biogas fired CHP plants.
The global market of CHP is segmented by fuel, technology, type, end-user, and regions.
By fuel, the market is segmented into natural gas, coal, biomass, and others. The cry to conserve fossil fuel is going to boost the use of natural gas in coming years. Limited land for incineration and landfills have spurred the demand for better waste management. As a consequence, biomass is expected to enjoy a boost during the prognosis period.
Technology-wise, the market includes the combined cycle, steam turbine, gas turbine and others. Gas turbines enjoy the maximum market share owing to its high energy efficiency and low fuel consumption. The segment is also enjoying favors from industries which are switching over to gas turbines form traditional coal fire power stations.
End-user based segmentation include residential, commercial, and industrial. Rapid industrialization has resulted in mushrooming small-scale industries which are generating the demand for CHP. The demand for cost-effective and eco-friendly technology in commercial sector is also going to act as a market influencer.
Based on type, the market is segmented into large-scale CHP and small-scale CHP. Industries consume the large-scale ones, and the small-scale is for commercial and residential.
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The global CHP market is segmented by North America, Asia Pacific (APAC), Europe, and Rest-of-the-World (RoW).
Europe accounts for the maximum market share and will continue to do so in the coming years owing to the easy availability of natural gas in the region. It makes the method more cost-effective and installation, easier. The region has multiple manufacturing centers such as in Germany, Netherlands and the U.K. and the demand is ever growing in surrounding countries.
APAC also accounts for a considerable amount of the market share owing to Japan’s adoption of the same technique in industries across verticals. The country has a huge base of the small-scale industry with CHPs. Increasing installation of CHP in India and China can ensure the future growth in the region during the forecast period.
In North America, the natural gas price has gone down significantly which can boost the market growth of CHP. Packaged CHP systems for smaller systems are revolutionizing the North American market. In the U.S., Kentucky has seen the potential of CHP in reducing energy bills and currently, is working towards making a profit by installing CHP in various places. Countries such as Canada and the U.S. can offer high expansion prospects to the micro CHP market during this prognosis period.
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