Global Combined Heat and Power (CHP) Market – Overview
Combined heat and power (CHP), also known as total energy and cogeneration, is a technology which generates electricity. It is installed at facilities with the need for electricity and thermal energy. The global Combined Heat and Power (CHP) Market report by Market Research Future (MRFR) contains growth enablers, challenges, opportunities, and trends for the period of 2018 to 2023 (forecast period).
The COVID-19 outbreak and its impact on the industry are explored in the report as well. The focus on energy efficiency and emphasis on low wastage of energy are salient features explored in the report. The combined heat and power market is expected at 6.94 % CAGR across the assessment period 2017 to 2023. Global “Combined Heat and Power (CHP) Market” report is a comprehensive research that provides a detailed analysis of global Combined Heat and Power market size, market share, trends, segmentation market growth, cost structure, impact of domestic and global market players, revenue and forecast 2023.
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- Bosch Thermotechnology Ltd.,
- General Electric,
- MAN Diesel & Turbo SE,
- ABB Limited,
- ENER-G Rudox,
- Mitsubishi Heavy Industries ltd., and
- Caterpillar Inc.
The large reserves of natural gas and installation of CHP systems for distributing power across grids can bode well for the market. Awareness of energy conservation measures and large potential in North America and Asia Pacific is likely to drive the market growth. The electrification of infrastructure and vehicles can create an energy crunch which can fuel the market demand for CHP systems. The focus on curtailing carbon emissions and approval for natural gas-driven power generation plants can provide the market ample scope for expansion till 2023.
The increase in the expansion of the combined heat and power market can be attributed to the increase in combined heat and power plants across the analysis period in the years to come. The surge in the application of combined heat and power to reduce transportation issues and distribution losses, thereby improve the overall performance in electricity transmission and distribution across network can spur the expansion of the market in the years to come.
The segment analysis of the global Combined Heat and Power Market is done by fuel, technology, end-user, and type.
The fuel-based segments of the combined heat and power market are natural gas, biomass, coal, and others. The increase in the demand for natural gas can cause the natural gas segment to rise at the highest pace in the years to come. The increase in the application of biomass can promote the rise of the combined heat and power market in the years to come.
The type based, the combined heat and power market segments are large scale and small scale. The increased need for large scale combined heat and power solutions can impel the expansion of the combined heat and power market in the years to come. The small-scale CHP type segment can gain considerable traction in the years ahead.
The technology-based segments of the combined heat and power market are turbine, combined cycle, gas turbine, steam, and others. The increase in the demand for gas turbine, following combined cycle can impel the combined heat and power global market in the years to come.
The end-user based, Combined Heat and Power (CHP) Market segments are Commercial, Residential, and Industrial. The increased industrial adoption of combined heat and power solution to fuel the expansion of the market across the review period. The rise in the application of CHP in commercial space can promote the market in the years to come.
Europe accounts for the largest market share owing to the installation of cogeneration power plants in the world and continue to dominate the market of combined heat and power (CHP). The easy availability of natural gas in Europe and the inclination towards energy conservation can be attributed to the flurry of investments. The region is a global leader in micro-CHP engine with innovation and manufacturing centers in the Netherlands, Germany, and the U.K..
APAC is anticipated to generate revenues for the global combined heat and power (CHP) market till 2023. Moreover, high demand for small-scale CHPs in Japan, coupled with their increasing installation across diverse industries, has been boosting demand for the CHP installation in the region. The subsidies provided by the country for the development of this green technology and installation of small-scale CHP systems for residential and commercial buildings has led to the region’s dominance in the market. Increasing installation of CHP systems in South Korea, China, and India will keep the demand for large-scale CHP systems high during the forecast period.
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