The global combined heat and power market accounted for a value of USD 27.3 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.
For more details, visit: 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
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.
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.
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.
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.
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.
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.
- What are the expected industry trends over the next three to five years?
- Which of the combined heat and power capacity is likely to lead by 2025?
- Which of the end-user segments is expected to have the maximum potential to during the forecast period?
- Which region is going to have the highest smart meters market share by 2025?
- What are different organic and inorganic strategies implemented by companies to gain increased market share?