CHP Market 2021: Challenges, Growth Drivers
According to Market Research Future (MRFR), the global combined heat and power market size is estimated to grow over the CAGR of around 6.94 % from 2017 to 2023 (forecast period). The study discusses the prospects, strengths, threats, and future business risks and offers a concise overview of the market situation with the effects of COVID-19.
Combined heat and power (CHP) are referred to as cogeneration or total energy and generates usable heat and power in a single process. It is a collection of reliable and cost-effective technologies that make an essential contribution to meeting global demand for heat and electricity.
Market Dynamics
The deployment of combined heat and power (CHP) technologies, the need for energy efficiency, and the growing use of government incentives to encourage cogeneration are some of the main factors driving the CHP industry's growth. CHP receives tremendous support from various governments around the world in the form of favorable policies and incentives. Governments in different regions are encouraging cogeneration technology through a variety of long-term policies and financial incentives that will boost the demand in the coming period. In addition, the presence of a large number of companies offering a variety of products and services related to CHP installations is boosting competition in the global CHP installation market.
Combined heat and power plants are usually embedded close to the end-user and help reduce transport and distribution losses, increasing the overall efficiency of the electricity transmission and distribution network. It also serves as an energy multiplier, minimizing carbon emissions, improving power reliability, and saving money. This technology is widely available, with more prospects for growth and improvement. Furthermore, it is only suitable if there is a need for electricity and hot water on-site, which is an obstacle to the market's development.
Market Segmentation
The global combined heat and power (CHP) market has been segmented into fuel, type, technology, and application.
By fuel, the global combined heat and power (CHP) market has been segmented into natural gas, coal, biomass, and others.
Based on type, the global combined heat and power (CHP) market has been segmented into large scale and small scale.
Based on technology, the global combined heat and power (CHP) market has been segmented into a combined cycle, gas turbine, steam turbine, and others.
Based on the application, the global combined heat and power (CHP) market has been segmented into residential, commercial, and industrial.
Regional Analysis
Regionally, the global combined heat and power CHP market has been segmented into Europe, North America, Asia Pacific, and the Middle East & Africa.
Europe is one of the largest installed bases of cogeneration power plants in the world and continues to dominate the combined heat and power (CHP) market. The easy availability of natural gas in Europe makes installation relatively simpler and more cost-efficient. The region is a worldwide leader in micro-CHP engines with innovation and manufacturing centers in Germany, the Netherlands, and the United Kingdom. This has stimulated the demand for CHP installations in countries such as Belgium, Germany, Italy, and the Netherlands. Furthermore, high demand for small-scale CHPs in Japan, combined with their increasing installation across diverse industries, has boosted demand for the CHP installation in the region. The Japanese government is offering subsidies for the development of this green technology. The demand for small-scale CHP systems for both residential and commercial purposes has led to market dominance in the region. The growing installation of CHP systems in developing nations like India, South Korea, and China will keep the demand for large-scale CHP systems high during the forecast period.
Key Players
The industry giants in the global combined heat and power (CHP) market are MAN Diesel & Turbo SE (Germany), General Electric (U.S.), Caterpillar Inc. (U.S.), Mitsubishi heavy Industries ltd. (Japan), Cummins (U.S.), ABB Limited (Switzerland ), Bosch Thermotechnology Ltd. ( U.K), ENER-G Rudox (U.S.), Veolia (France ), and others.
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