The global combined heat power market is envisioned to garner $48,399.1 million by 2031, growing from $24,600.0 million in 2021 at a CAGR of 7.5% from 2022 to 2031.
The combined heat power industry is being driven by unofficial rules and motives, as well as an increase in the use of various gases for power generation. Cogeneration is another phrase for integrated intensity and power. This method produces both intensity and power at the same time. Some of the key forces driving the growth of the combined heat power industry are the increase int the number of organization of combined heat power developments, the need for energy productivity, and the surge in use of government incentives.
However, some of the disadvantages of combined heat power include installing a combined heat power system that is more expensive than installing a standard system. However, over the first few years, when any loan is taken out to pay for the combined heat power equipment, it gets paid back by the savings. The combined heat power industry is growing due to the multiple benefits it provides, such as cutting manufacturing system costs by reducing redundant power use. Energy can now be recovered by repurposing waste materials. Implementation of combined heat & power (CHP) systems, greater use of government investment to encourage produced electricity, and the need for renewable energy are the factors driving the worldwide combined heat and power market. In addition, government agencies across the globe are attempting to encourage advanced CHP technologies through a number of attractive long-term financial and regulatory incentives, which are likely to boost combined heat power market growth during the forecast period.
The COVID-19 pandemic has resulted in a significant decrease in energy consumption from the residential, commercial, and industrial sectors. The energy industry suffered as the majority of countries around the world, including the US and UK China, and India, imposed lockdown restrictions, shutting down industrial operations and halting various industrial projects, causing supply chains and business operations to be disrupted, leading to a decline in global demand for energy. According to the International Energy Agency (IEA), worldwide demand will fell by 6% in 2020, approximately seven times the decrease experienced during the 2008 global recession.
The key players profiled in this report include MAN Diesel & Turbo SE, Caterpillar Inc., Mitsubishi heavy Industries ltd., General Electric, Cummins, Bosch Thermotechnology Ltd., ABB Limited, ENER-G Rudox, and Veolia.
The combined heat power industry is being driven by unofficial rules and motives, as well as an increase in the use of various gases for power generation. Cogeneration is another phrase for integrated intensity and power. This method produces both intensity and power at the same time. Some of the key forces driving the growth of the combined heat power industry are the increase int the number of organization of combined heat power developments, the need for energy productivity, and the surge in use of government incentives.
However, some of the disadvantages of combined heat power include installing a combined heat power system that is more expensive than installing a standard system. However, over the first few years, when any loan is taken out to pay for the combined heat power equipment, it gets paid back by the savings. The combined heat power industry is growing due to the multiple benefits it provides, such as cutting manufacturing system costs by reducing redundant power use. Energy can now be recovered by repurposing waste materials. Implementation of combined heat & power (CHP) systems, greater use of government investment to encourage produced electricity, and the need for renewable energy are the factors driving the worldwide combined heat and power market. In addition, government agencies across the globe are attempting to encourage advanced CHP technologies through a number of attractive long-term financial and regulatory incentives, which are likely to boost combined heat power market growth during the forecast period.
The COVID-19 pandemic has resulted in a significant decrease in energy consumption from the residential, commercial, and industrial sectors. The energy industry suffered as the majority of countries around the world, including the US and UK China, and India, imposed lockdown restrictions, shutting down industrial operations and halting various industrial projects, causing supply chains and business operations to be disrupted, leading to a decline in global demand for energy. According to the International Energy Agency (IEA), worldwide demand will fell by 6% in 2020, approximately seven times the decrease experienced during the 2008 global recession.
The key players profiled in this report include MAN Diesel & Turbo SE, Caterpillar Inc., Mitsubishi heavy Industries ltd., General Electric, Cummins, Bosch Thermotechnology Ltd., ABB Limited, ENER-G Rudox, and Veolia.
Key Benefits For Stakeholders
- This report provides a quantitative analysis of the market segments, current trends, estimations, and dynamics of the global combined heat power market analysis from 2021 to 2031 to identify the prevailing global combined heat power market opportunities.
- The market research is offered along with information related to key drivers, restraints, and opportunities.
- Porter's five forces analysis highlights the potency of buyers and suppliers to enable stakeholders make profit-oriented business decisions and strengthen their supplier-buyer network.
- In-depth analysis of the global combined heat power market segmentation assists to determine the prevailing market opportunities.
- Major countries in each region are mapped according to their revenue contribution to the global market.
- Market player positioning facilitates benchmarking and provides a clear understanding of the present position of the market players.
- The report includes the analysis of the regional as well as global global combined heat power market trends, key players, market segments, application areas, and market growth strategies.
Key Market Segments
By Technology
- Combined Cycle
- Steam Turbine
- Gas Turbine
- Reciprocating Engine
- Others
By Application
- Commercial
- Residential
- Industrial
- Utility
By Fuel Type
- Natural Gas
- Coal
- Biomass
- Others
By Capacity
- Up to 10 MW
- 10-150 MW
- 151-300 MW
- Above 300 MW
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Spain
- Italy
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia-Pacific
- LAMEA
- Brazil
- Saudi Arabia
- UAE
- South Africa
- Rest of LAMEA
Key Market Players
- General Electric
- Simens AG
- Veolia
- Wartsila
- Mitsubishi Electric Corporation
- 2G Energy AG
- Bosch Ltd
- bdr thermea
- Tecogen Inc
- FuelCell Energy, Inc.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: COMBINED HEAT POWER MARKET, BY FUEL TYPE
CHAPTER 5: COMBINED HEAT POWER MARKET, BY CAPACITY
CHAPTER 6: COMBINED HEAT POWER MARKET, BY TECHNOLOGY
CHAPTER 7: COMBINED HEAT POWER MARKET, BY APPLICATION
CHAPTER 8: COMBINED HEAT POWER MARKET, BY REGION
CHAPTER 9: COMPETITIVE LANDSCAPE
CHAPTER 10: COMPANY PROFILES
List of Tables
List of Figures
Executive Summary
According to the report titled, “Global Combined Heat Power Market," the global combined heat power market was valued at $24.6 billion in 2021, and is estimated to reach $48.4 billion by 2031, growing at a CAGR of 7.2% from 2022 to 2031.Combined heat power, also known as cogeneration, is a group of technologies that generate both electricity and useful heat at the same moment. This combined creation of heat and power is far more efficient than separate generation of electricity and useable heat, since combined heat power offers increased energy efficiency, lower operating costs, lower CO2 emissions, and other benefits. The installation of combined heat power saves a significant amount of energy, which is suitable for a variety of end users. The produced energy is utilized to cool residential and commercial structures as well as for space heating. These installations are less expensive, have lower distribution losses, and achieve a high rate of efficiency.
Automation in combined heat and power systems serves companies in a variety of ways, including optimization of district heating networks, steam systems, and safety systems. Additionally, it is used to increase plant production and needs less effort than the previous method. Because of automation, power plants can predict flue gas emissions, allowing them to respond pro-actively and rapidly to potential problems. The emphasis on industrial automation and resource efficiency, as well as the use of cutting-edge technologies such as IoT and AI in industrial settings, are expected to be the primary drivers of development in the global market for combined heat and power automation. Furthermore, the notion of linked organisations is growing, which is driving overall market growth.
Combined heat and power plants create electricity by combining energy from several sources. A type of renewable energy is combined heat power, which produces hot water utilising renewable energy sources. A renewable combined heat and power system might be powered by biomass, solar, wind, hydroelectricity, geothermal, nuclear, and landfill gas. The utilisation of a renewable energy source delivers the best efficiency gains. These are the primary variables that are expected to increase the combined heat power market share throughout the projected period.
The combined heat power industry is expected to be driven by a change in consumer preferences toward replacing traditional power sources due to operational costs and consistent utility supply. Continued investment in captive energy generation, along with customers' desire for renewable energy sources, are expected to drive market growth. Rise in concern about greenhouse gas emission levels, along with improved stability and dependability across all co-generation system applications, are anticipated to drive new product adoption even further. In addition, growing investment opportunities in renewable energy sources to address climate change is expected to foster the combined heat power market.
A distributed generating system is a fixed or portable system with less than 100 MW of capacity. Gas turbines are an essential part of distributed power generation technology, which also includes reciprocating engines, solar panels with turbines, and fuel cells. Due to their higher efficiency and steady generation capacity, gas turbines have an advantage over other dispersed generation technologies in terms of backup power capacity and onsite producing demands. The rising popularity of distributed power generation creates a substantial potential for the combined heat and power market.
Technological developments by major players, significant expenditure in product development, and the launch of cost-effective goods are factors that are expected to provide new opportunities for players during the forecast period. In addition, business growth activities such as strategic mergers and acquisitions are intended to enhance the target market's revenue traction. For instance, in 2021, Toplana Zenica, the newly installed combined heat and power plant, began operations. The new facility has removed the use of coal for district heating and instead makes use of waste gases from the ArcelorMittal Zenica steel factory. The CHP plant has a power output of 14.45 MW and a heat capacity of 112.5 MW.
The key players profiled in the study include MAN Diesel & Turbo SE, Caterpillar Inc., Mitsubishi heavy Industries ltd., General Electric, Cummins, Bosch Thermotechnology Ltd., ABB Limited, ENER-G Rudox, and Veolia. The players in the market are actively engaged in the adoption of various strategies such as acquisitions, product launches, and expansion to remain competitive and gain advantage over competitors in the market.
Key Market Insights
- On the basis of fuel type, the natural gas segment had a dominating market share in 2021 and is estimated to be the fastest growing segment during the forecast period.
- On the basis of capacity, the up to 10 MW segment accounted for a dominating market share in 2021.
- On the basis of technology, the combined cycle segment accounted for a dominating market share in 2021.
- On the basis of application, the industrial cycle segment had a dominating market share in 2021.
- On the basis of region, Europe was the highest revenue contributor in 2021.
Companies Mentioned
- General Electric
- Simens AG
- Veolia
- Wartsila
- Mitsubishi Electric Corporation
- 2G Energy AG
- Bosch Ltd
- bdr thermea
- Tecogen Inc
- FuelCell Energy, Inc.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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