Combined Heat and Power Market Overview:
It is expected that the Combined Heat and Power Market will gain worth USD 51.26 billion in 2030 with CAGR of 6.83% during forecast period of 2022-2030.
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 market report by Market Research Future (MRFR) contains growth enablers, challenges, opportunities, and trends for the period of 2022 to 2030 (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 driving need for energy efficiency among soaring costs of power and use of subsidies by governments for power cogeneration schemes can favor the market greatly. Favorable policies and incentives introduced by various nations and a wide product and service portfolio by market players can navigate the market through tough waters. Installation of CHP units across chemical, paper & pulp, and other industries can drive the market demand till 2030.
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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 2030.
However, high capital costs for installation and other equipment such as boilers and heat exchangers can restrain market growth.
The technology-based segments of the market are steam turbine, gas turbine, combined cycle, and others.
By type, it is divided into large scale and small scale.
By application, it is segmented into industrial, commercial, and residential.
The industrial segment is expected to prosper owing to the integration of gas turbines in a bid to curtail energy consumption. The use of gas-powered systems for drilling and extraction of shale can drive the segment growth in the global CHP market.
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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 2030. 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.
Bosch Thermotechnology Ltd., General Electric, Veolia, MAN Diesel & Turbo SE, ABB Limited, Cummins, ENER-G Rudox, Mitsubishi Heavy Industries ltd., and Caterpillar Inc. are key players of the global CHP market. Agreements and partnerships are prime stratagems of players looking to dominate the market and sustain their standing.
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