Combined Heat And Power (CHP) Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Combined Heat & Power Market
The combined heat and power market size was valued at USD 14.98 billion in 2021, and the market is now projected to grow from USD 15.42 billion in 2022 to USD 23.83 billion by 2029, exhibiting a CAGR of 6.4% during the forecast period of 2022-2029.
The international market has also been significantly affected, as several nations have suffered an extensive loss in the work force across numerous business verticals. COVID-19 pandemic has also taken a substantial toll on the worldwide economy due to lockdown measures and severe travel limitations to diminish its spread. Many workforces across several segments have lost their jobs, and many countries have experienced a substantial scarcity in the total workforce in diverse sectors.
Massive carbon emission has unpleasantly affected the overall ecosystem causing an upsurge in sea level and temperature. Several governments and private entities are insistently working to lessen growing carbon emissions by implementing highly efficient, clean, and maintainable energy technology which is projected to enhance the combined heat and power market growth.
The mounting reception of gas-fired methods inferable from low fossil fuel byproducts joined with the developing client propensity in the direction of clean energy will certainly motivate the CHP infiltration. Substitution of conventional energy-producing systems with extremely efficient cogeneration plants will benefit the business enlargement.
Comprehensive Analysis of Combined Heat & Power Market
The market can be segmented in various ways depending on the focus of study such as by type, by technology and by application. Based on the type, the market is segmented into natural gas, coal, biomass, and others. By technology, the market is segmented into combined cycle, steam turbine, gas turbine, reciprocating engine, and others. Based on the application, the market is segmented into utilities, residential, and commercial & industrial.
Asia Pacific region is dominating the combined heat and power market share due to increasing demand for district vitality and chilling systems under moving climatic circumstances along with constant mechanical improvements.
The key players are dynamically contributing in strategic events that are aimed at maintaining strong market position and growing market share by merger, partnerships and others. These players include
Wartsila Corporation (Finland), ENER-G Rudox (U.S.), MAN Diesel & Turbo (Germany), General Electric (U.S.), Mitsubishi Power (Japan), Kawasaki Heavy Industries, Ltd. (Japan), Bosch Thermotechnik GmbH (Germany), Viessmann Werke (Germany), FuelCell Energy (U.S.), Cummings (U.S.), Veolia (France), BDR Thermea Group (Netherlands), CENTRAX Gas Turbines (U.K.), 2G Energy AG (Germany), ABB Group (Switzerland), Siemens AG (Germany) these market players spending severely on research and development in order to arise with more new technology so that they can maintain and improve their existing market.
In October 2020, Siemens Energy carried two gas turbines for a nourishment fixing control plant that Tate and Lyle possessed in Lafayette, Indiana, U.S. The two turbines will be the base of another consolidated CHP activity replacing its coal-terminated containers. By creating power nearby and improving heat that would naturally be wasted the new CHP activity will enlarge energy production and expressively reduce energy costs and fossil fuel byproducts.
Segmentation Table
ATTRIBUTE DETAILS
Study Period 2018-2029
Base Year 2021
Estimated Year 2022
Forecast Period 2022-2029
Historical Period 2018-2020
Unit Value (USD Billion)
Segmentation By Fuel Type, Technology, Application, and Region
By Fuel Type Natural Gas
Coal
Biomass
Others
By Technology Combined Cycle
Steam Turbine
Gas Turbine
Reciprocating Engine
Others
By Application Utilities
Residential
Commercial & Industrial
By Geography North America (By Fuel Type, Technology, Application, Country)
- U.S. (By Application)
- Canada (By Application)
Europe (By Fuel Type, Technology, Application, Country)
- U.K. (By Application)
- Germany (By Application)
- Italy (By Application)
- Spain (By Application)
- Russia (By Application)
- Rest of Europe (By Application)
Asia Pacific (By Fuel Type, Technology, Application, Country)
- China (By Application)
- India (By Application)
- Japan (By Application)
- Australia (By Application)
- Southeast Asia (By Application)
- Rest of Asia Pacific (By Application)
Latin America (By Fuel Type, Technology, Application, Country)
- Brazil (By Application)
- Mexico (By Application)
- Rest of Latin America (By Application)
Middle East & Africa (By Fuel Type, Technology, Application, Country)
- GCC (By Application)
- South Africa (By Application)
- Rest of Middle East & Africa (By Application)
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