ID: MRFR/E&P/2970-HCR | February 2021 | Region: Global | 111 pages
Combined heat and power (CHP) market is expected to grow over the CAGR of around 6.94 % during the forecast period.
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 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.
The key players of global combined heat and power market are MAN Diesel & Turbo SE (Germany), Caterpillar Inc.(U.S.), Mitsubishi heavy Industries ltd.(Japan), General Electric (U.S.), Cummins(U.S.), Bosch Thermotechnology Ltd.( U.K),ABB Limited(Switzerland ), ENER-G Rudox (U.S.), Veolia (France )and others.
Global Combined Heat and Power Market
Combined heat and power (CHP) is referred as cogeneration or total energy, and generates usable heat and power in a single process. It represents a series of reliable and cost-effective technologies which makes an important contribution for meeting global heat and electricity demand. The deployment of combined heat and power (CHP) technologies, need for energy efficiency, and the increasing use of government incentives to promote cogeneration are some of the major factors which will drive the growth of the CHP market. CHP is receiving enormous support from various governments around the world in the form of favorable policies and incentives. Governments in different regions are promoting cogeneration technology through various long-term policies, and financial incentives which drive the market in the upcoming period. Furthermore, presence of a large number of companies offering diverse products and services related to CHP installations is fueling competition in the global CHP installation market
Combined heat and power plants are typically embedded close to the end user and helps to reduce transportation and distribution losses, improving the overall performance of the electricity transmission and distribution network. It also acts as energy multiplier, helping to cut carbon emissions, increase power reliability and save money. This technology is widely available, with further opportunities for development and enhancement. Furthermore, only suitable where there is a need for both electricity and hot water on site which acts as a barrier for the growth of the market.
comprises of extensive primary research along with the detailed analysis of qualitative as well as quantitative aspects by various industry experts, key opinion leaders to gain a deeper insight of the market and industry performance. The report gives the clear picture of current market scenario which includes historical and projected market size in terms of value, technological advancement, macro economical and governing factors in the market. The report provides details information and strategies of the top key players in the industry. The report also gives a broad study of the different market segments and regions.
|Market Size||2027: Significant Value|
|CAGR||6.94 %CAGR (2020-2027)|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Fuel, Technology, Type and Application|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||MAN Diesel & Turbo SE (Germany), Caterpillar Inc.(U.S.), Mitsubishi heavy Industries ltd.(Japan), General Electric (U.S.), Cummins(U.S.), Bosch Thermotechnology Ltd.( U.K),ABB Limited(Switzerland ), ENER-G Rudox (U.S.), Veolia (France )|
|Key Market Opportunities||Increased power reliability and save money|
|Key Market Drivers||
Frequently Asked Questions (FAQ) :
The technology is effective in industries that require both electricity and hot water on site. It is supposed to influence the growth of the market greatly.
6.94% CAGR is expected for the market between 2017 and 2023
The technology-based segments of the market are - combined cycle, gas turbine, steam turbine, and others.
The easy availability of natural gas makes the installation of CHP cost-effective. This, in turn, is expected to lead the expansion of the market in Europe.
Mitsubishi Heavy Industries Ltd.(Japan), Bosch Thermotechnology Ltd. (U.K), and ABB Limited(Switzerland) are few of the key players from Europe and Asia Pacific.