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Global Combined Heat and Power Market By Capacity (Below 10 MW, 10-150MW, Others), By Prime Mover (Gas Turbine, Steam Turbine, Other), By End User (Residential, Utilities, Others), By Region– Forecast & Opportunities to 2026

Report Description

The global combined heat and power market accounted for a value of USD 22.2 billion in 2019. The global combined heat and power market is projected to grow at a CAGR of 3.5% during the forecast period.

COVID-19 has impacted global combined heat and power market negatively. The production is on halt. The supply chain was also affected due motion restriction and lockdown policies. The raw material supply is facing difficulties. Thus, the CHP market is expected to witness decline during forecast period.

Definition:

The combined heat and power can be defined as cogeneration. It is an energy efficient technology which generates electricity and captures wasted heat in order to provide thermal energy. This thermal energy can be utilized for space heating, cooling and industrial processes etc.

Market Dynamics (Drivers/Opportunities):

The power generation, steam and heat cost has been increasing a lot. There is an extreme requirement for energy efficiency in many industries across the globe. The high demand for desired efficiency with low cost can be fulfilled with combined heat and power. This has drive growth in CHP segment during forecast period.

The large amount of energy is wasted in the form of heat which can be harnessed for other purposes such as facility heating, steam generation and cooling but the utilization of CHP can increases the energy efficiency of a facility by 70%. Thus, this has increased utilization of CHP in various industries and this is likely to drive growth in CHP market during the forecast period.

Market Insights, by Capacity

On the basis of capacity, the combined heat and power market is segmented into below 10 MW, 10-150MW, 15-300MW and above 300MW. The above 300 MW is estimated to register growth at highest CAGR during the forecast period. The adoption of natural gas-fired power generation is increasing immensely this has given rise to large-scale natural gas-fired cogeneration plants. The demand for heat and steam in industries is increasing immensely. All these factors are driving growth in above 300MW market during the forecast period.

Market Insights, by Prime Mover

On the basis of prime mover, the combined heat and power market segmented into fuel cell, gas turbine, steam turbine, micro turbine, reciprocating turbine. The reciprocating turbine segment is expected to grow at a highest CAGR during the forecast period. The rise in distributed power generation in Asia-Pacific and Europe for industrial combined heat & power plants is likely to drive growth in reciprocating turbine segment during the forecast period.

Market Insights, by End-User

On the basis of end-user, the combined heat and power market segmented into residential, on-site industrial, on-site commercial and utilities, district heating & cooling. The utility, district heating and cooling segment is projected to register growth at highest CAGR during the forecast period. The transition towards natural-gas fired power generation in many region. The requirement of heat and steam is increasing in industries and municipal townships. This is likely to drive growth in this segment.

Regional Insights

Europe accounted for XX% of the market share which is largest in 2019. The government in this region has made stringent rules and regulation to minimize the pollution levels. The France has dominated the CHP market in Europe region. The demand of combined heat and power has increased immensely.

However, the Asia-Pacific region is projected to register growth at highest CAGR of XX% during the forecast period. Many large-scale manufacturers have setup their plant in this region. The countries such as China, India, Japan and South Korea are expected to dominate the market in combined heat and power systems in Asia-Pacific region. The government’s regulations are also supporting CHP market in this region to reduce the pollution. All these factors are likely to drive growth in this region.

Key Companies & Market Share Insights

The key market players in combined heat and power market are Centrica PLC, MAN Diesel & Turbo SE, Caterpillar Inc., General Electric Company, Mitsubishi Electric Corporation, Kawasaki heavy industries, Viessmann Werke, Bosch GmbH, Fuel Cell Energy Inc., Siemens AG, ABB Ltd., Wartsila Oyj Abp, Aegis Energy Services, Clarke Energy and Veolia Wartsila.

Segments Covered in the Report

This report forecasts The Global Combined Heat and Power Market, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2020 to 2026. For the purpose of this study, Our Company has segmented the global combined heat and power market report on the basis of capacity, prime mover and end-user.

Combined Heat and Power Market Size & Forecast (2017-2026)

  1. Research Framework
    • Market Definition and Product Overview
    • Market Segmentation
  2. Research Methodology
    • Qualitative Research
      • Primary & Secondary Sources
    • Quantitative Research
      • Primary & Secondary Sources
    • Breakdown of Primary Research Respondents, By Region
      • Secondary Research
      • Primary Research
    • Breakdown of Primary Research Respondents, By Industry Participants
      • Market Size Estimation
      • Assumption for the Study
      • Market Breakdown & Data Triangulation
  3. Executive Summary
    • Market Snapshot
  4. Industry Insights
    • Industry ecosystem analysis
      • ValueChain Analysis
    • Industry impact and forces
      • Growth Drivers
      • Challenges &Restraints
      • Opportunities
    • Disruptive Technological Analysis
    • Regulatory framework
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
    • Growth potential analysis, 2019
    • Porter’s Five forces analysis
    • Pricing Analysis
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
  1. COVID – Impact Analysis
    • North America
    • Europe
    • Asia Pacific
    • Middle East & Africa
    • South America
  2. Combined Heat and Power Market, By Power Rating, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Below 10 MW
  • 10-150MW
  • 15-300MW
  • Above 300MW
  1. Combined Heat and Power Market, By Prime Mover, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Gas Turbine
  • Steam Turbine
  • Micro Turbine
  • Reciprocating Turbine
  1. Combined Heat and Power Market, By End User, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • Residential
  • On-site Industrial
  • On-site Commercial
  • Utilities
  • District Heating & Cooling
  1. Combined Heat and Power Market, By Region, Market Size & Forecast To 2026

(USD Million 2017,2018, 2019, 2020, 2021-e-2026-p)

  • Introduction
  • North America Market Size & Forecast To 2026
    • Market Overview
    • COVID-19 Impact
    • By Capacity
    • By Prime Mover
    • By End-User
    • By Country
      • USA
        • By End-User
      • Canada
      • Mexico
    • South America Market Size & Forecast To 2026
      • Market Overview
      • COVID-19 Impact
      • By Capacity
      • By Prime Mover
      • By End-User
      • By Country
        • Brazil
          • By End-User
        • Argentina
        • Chile
        • Rest of South America
      • Europe Market Size & Forecast To 2026
        • Market Overview
        • COVID-19 Impact
        • By Capacity
        • By Prime Mover
        • By End-User
        • By Country
          • UK
            • By End-User
          • Germany
          • France
          • Italy
          • Rest of Europe
        • APAC Market Size & Forecast To 2026
          • Market Overview
          • COVID-19 Impact
          • By Capacity
          • By Prime Mover
          • By End-User
          • By Country
            • China
              • By End-User
            • India
            • Japan
            • South Korea
            • Australia
            • Rest of APAC
          • Middle East & Africa Market Size & Forecast To 2026
            • Market Overview
            • COVID-19 Impact
            • By Capacity
            • By Prime Mover
            • By End-User
            • By Country
              • Saudi Arabia
                • By End-User
              • UAE
              • Qatar
              • Kuwait
              • South Africa
              • Rest of Middle East & Africa
  1. Competitive Landscaping
    • Competitive Benchmarking
      • Market Share Analysis, 2019
      • Global Presence and Growth Strategies
        • Mergers & Acquisitions
        • New Product Launches
        • Investments Trends
        • R&D Initiatives
  1. Company Profile
    • Veolia Wartsila
      • Company Overview
      • Financial Overview
      • Product Portfolio
      • Recent Developments
      • SWOT Analysis
      • Strategic Outlook
    • Centrica PLC
    • MAN Diesel & Turbo SE
    • Caterpillar Inc.
    • General Electric Company
    • Mitsubishi Electric Corporation
    • Kawasaki heavy industries
    • Viessmann Werke
    • Bosch GmbH
    • Fuel Cell Energy Inc.
    • Siemens AG
    • ABB Ltd.
    • Wartsila Oyj Abp
    • Aegis Energy Services
    • Clarke Energy
  2. Appendix
    • Interrelated Market

 

Research Methodology

1.1     Research Methodology

The process of market research at PAN Market Consulting is very intuitive being iterative in nature and usually follows the path where Information gathered from secondary research is used to build data models, which are than validated from primary participants. Then same cycle repeats where, according to inputs from primary participants, additional secondary research is done, and new information type is again incorporated into data model. The process continues till desired level of information is not generated.

To calculate the market size, the report considers the revenue generated from the sales of the product/services. The revenue generated from the sales of product/services has been calculated through primary and secondary research. The report also analyses the key players operating in the market at the global level which are identified through secondary research and a corresponding detailed analysis of the top vendors in the market. The market size calculation also includes product segmentation determined using secondary sources and verified through primary sources.

1.2     Secondary Research

The secondary research source that are typically referred to include, but are not limited to:

  • Company websites, annual reports, financial reports, broker reports, investor presentations and SEC filings
  • Internal and external proprietary databases, relevant patent and regulatory databases
  • National government documents, statistical databases and market reports
  • News articles, press releases and web-casts specific to the companies operating in the market

The source for secondary research includes but is not limited to Factiva, Hoovers and Statista

SecondaryResearch

1.3     Primary Research

We conduct primary interviews on an ongoing basis with industry participants and commentators in order to validate data and analysis. A typical research interview fulfills the following end users:

  • It provides first-hand information on the market size, market trends, growth trends, competitive landscape, future outlook etc.
  • Helps in validating and strengthening the secondary research findings
  • Further develops the analysis team’s expertise and market understanding
  • Primary research involves E-mail interactions, telephonic interviews as well as face-to-face interviews for each market, category, segment and sub-segment across geographies

The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: CEOs, VPs, marketing/ product managers, market intelligence managers and national sales managers
  • Purchasing managers, technical personnel, distributors and resellers
  • Outside experts: Investment bankers, valuation experts, research analysts specializing in specific markets
  • Key opinion leaders specializing in different areas corresponding to different industry end users

1.4     Models

Where no hard data is available, we use modeling and estimates in order to produce comprehensive data sets. A rigorous methodology is adopted in which the available hard data is cross referenced with the following data products to produce estimates:

  • Demographic data: Population split by segment
  • Macro-economic indicators: GDP, etc.
  • Industry indicators: Expenditure, product stage & infrastructure, sector growth and facilities.

Data is then cross checked by the expert panel.

1.4.1 Company Share Analysis Model

Company share analysis is used to derive the size of global market. As well as study of revenues of companies for last three to five years also provide the base for forecasting the market size and its growth rate. This model is built in following steps:

ResearchMethodology1

1.4.2 Revenue Based Modeling

Revenue based models can be built in two ways – Top-Down or Bottom-Up irrespective of industry. Market size estimated from company share analysis acts as a validation point for bottom-up approach whereas it acts as starting point for top-down approach.

ResearchMethodology2

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