Combined Heat And Power Market size to exceed $45bn by 2024 Notable players are Caterpillar, Mitsubishi, General Electric, Kawasaki, Bosch Thermotechnology, Viessmann Werke, FuelCell Energy, MWM, Cummins, Veolia, Wartsila, ABB, 2G Energy, Aegis Energy, Ya
Growing electricity demand along with rapid industrialization and urbanization will drive the combined heat and power market size. Global electricity consumption increased by 15% from 2009 to 2015. Ability to offer improved air quality, high efficiency and reliability are some of the features which will stimulate the product demand.
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Rising demand for district heating in cold climatic region including Europe will propel the combined heat and power market. In Denmark, about 70% of district heat is produced by CHP systems. Sustainable energy usage and low heat losses are some of the features which make its adoption preferable over other alternatives.
U.S. combined heat and power market is predicted to cross 800 MW by 2024. Energy security concerns along with growing penetration of renewable energy will positively impact the regional industry growth. Increasing focus towards the replacement of existing coal fired plants with clean fuel generation to cut carbon footprint will further augment the business. As per Energy Information Administration, 94 coal fired power plants were closed in 2015 with an aim to reduce greenhouse gas emissions.
Major players in the combined heat and power market
3. General Electric
5. Bosch Thermotechnology
6. Viessmann Werke
10. BDR Thermea
13. 2G Energy
14. Aegis Energy
15. Yanmar, Siemens
Combined cycle in 2016 accounted for over 50% of global combined heat and power market share. High efficiency and effective design are some of the salient features which makes its adoption preferable. Retrofitting and replacement of existing power generation plant will further complement the business growth. Saudi Electricity Company (SEC) introduced a 1390 MW Waad AlShamal combined cycle plant which is expected to generate electricity equivalent to power required for 500,000 homes.
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Growing measures towards adoption of renewable energy over conventional fuel will favor the biomass combined heat and power market. The Government of UK introduced various schemes including Renewable Heat Incentive and Renewable Obligation Scheme to support the development of clean energy technology and thereby, reduce carbon footprints. Growing deployment of captive power generating stations for affordable and reliable electricity supply will further boost the product demand.
Measures to modernize existing heating system to reduce energy loss will stimulate the Russia combined heat and power market. Stringent government norms towards greenhouse gas emission will further complement the industry landscape. The Government of Russia adopted a target to curb emissions to 75% by 2020 from 1990 levels.
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Brazil combined heat and power market is predicted to witness growth over 8% by 2024. Growing investment towards development of small-scale manufacturing industries will augment the business landscape. Flourishing sugar industries in the region would positively stimulate the product growth. CHP fueled by biomass could produce 17% of Brazil electricity by 2030.
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