Combined Heat and Power Market Size Leading Players, Current Trends, Market Challenges, Growth Drivers
Combined heat and power (CHP) is the use of a heat engine for generating electricity and heat in a single process. It is also referred to as trigeneration and cogeneration. Its energy-efficient nature has led to its installation at various industrial plants as a reliable backup. The global combined heat and power market report by Market Research Future (MRFR) forecasts revenue and growth projections for the period of 2017 to 2023 (forecast period). The COVID-19 pandemic and its implications on the industry and its scope is covered in the report in full detail.
Market Scope
The global combined heat and power market size is expected to accrue revenues at a CAGR of 6.94% during the forecast period. Need for electricity and heat demand, emphasis on energy efficiency, and government subsidies and incentives for encouraging the use of CHP can drive the market demand exponentially. The large number of companies using government incentives for installing CHP units in their facilities can bode well for the market. The technology can cut emission rates, increase power reliability, reduce transmission & distribution losses, and improve the overall performance of the grid. The aim to curb greenhouse gas emissions in industrial, residential, and commercial sectors can drive the demand for CHP in the coming years.
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Regional Analysis
Europe accounts for one of the largest installed bases 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 makes installation relatively easier and more cost-effective. The region is a global leader in micro-CHP engine with innovation and manufacturing centers in Germany, the Netherlands and the U.K. This has been spurring the demand for CHP installations in countries such as Belgium, Germany, Italy, and the Netherlands.
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 APAC region. The Japanese government provides subsidies for the development of this green technology. The demand for small scale CHP systems for residential as well as commercial purposes has led to the region’s dominance in the market. Increasing installation of CHP systems in developing nations such as India, South Korea and China will keep the demand for large-scale CHP systems high during the forecast period.
Competitive Outlook
ABB Limited, Bosch Thermotechnology Ltd., Veolia, Cummins, ENER-G Rudox, General Electric, Caterpillar Inc., Mitsubishi Heavy Industries ltd., and MAN Diesel & Turbo SE are prominent players of the global combined heat and power market.
Segmentation
By type, it is segmented into small scale and large scale. The large scale segment is expected to take the lead in the market owing to demand for huge proportion of power from sugar, chemical, glass, refining, textiles, and paper & pulp industries.
By technology, it is segmented into gas turbine, steam turbine, combined cycle, and others.
By application, it is segmented into residential, commercial, and industrial.
By fuel, it is segmented into biomass, coal, natural gas, and others. Natural gas fueled CHP systems can enjoy immense demand due to dip in natural gas prices and discovery of new gas reserves. The need for clean source of energy can drive the segment growth during the forecast period.
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