Combined Heat And Power Market | Details Analysis By Top Key Players - Caterpillar Inc., Mitsubishi heavy Industries ltd., General Electric, Kawasaki Heavy Industries Ltd
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.
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The combined heat and power (CHP) market has, of late, been witnessing a plethora of strategic M&As and remunerative pacts, that underline the efforts undertaken by major companies to exploit the profitability landscape of CHP industry. For instance, ExxonMobil Corporation, a U.S. based oil & gas corporation, has entered into an agreement with General Electric Corporation to supply lubricants for latter’s Jenbacher type 2, 3, and 9 gas engines, which find extensive applications across combined heat and power market. The new lubricants, a Mobil Pegasus family of premium gas engine oils, have been touted to not only help the gas engines improve the device performance, but will also apparently lead to the development of contemporary lubricant technologies in the years ahead.
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In yet another major development taking place across combined heat and power (CHP) market, Wartsila, a Finnish corporation, recently declared its decision of providing a 28-MW combined heat and power (CHP) plant to Agnico Eagle Mines Limited, a Canada-based gold producer, to support the Meliadine gold mine venture in the country. The power plant is proposed to include 34 dual fuel engines running natural gas and power generation & CHP equipment supply. As per the firm’s deal with the Canadian government, the plant will operate in the first half of 2019 – while it would run on light fuel oil in the beginning, it could switch over to the use of natural gas as a fuel in the next few years.
Combined heat and power (CHP) industry has experienced an upward transition over the past few years with new plant establishments across various geographical locations. For instance, a 20 MW fuel cell combined heat and power plant had been inaugurated in the capital city of South Korea in the first quarter of 2017. Posco Energy, a key South Korean player in the power industry, has constructed the Noeul green energy company plant with the help of FuelCell Energy Incorporation, a U.S. based fuel cell manufacturer. The plant is endowed with the capacity to provide power for nearly 43,000 households and heat for about 9000 homes across South Korea, and has been estimated to have a sizable impact on the overall South Korea combined heat and power (CHP) industry.
With extensive usage of district heating systems across the commercial and residential sectors, Germany combined heat and power industry will experience remarkable expansion in the future. The regional industry in fact, is forecast to generate more than 3 GW of combined heat and power by 2024.
A slew of companies outlining the competitive hierarchy of CHP market such as MAN Diesel & Turbo SE, General Electric Corporation, FuelCell Energy Corporation, Wartsila, Siemens, ABB, and Aegis Energy, it is observed, have indeed made notable contributions toward the overall CHP market share. Taking into consideration the new developments and breakthroughs observed across CHP industry, it no longer remains a supposition that combined heat and power industry will carve out a profitable growth path ahead, with a revenue estimation of USD 45 billion by 2024.
Chapter 4 Combined Heat and Power Market, By Fuel
4.1 Global market share by fuel, 2016 & 2024
4.2 Natural Gas
4.2.1 Natural Gas market, 2014 - 2024
4.2.2 Natural Gas market volume, by region, 2014 – 2024
4.2.3 Natural Gas market revenue, by region, 2014 – 2024
4.3.1 Coal market, 2014 - 2024
4.3.2 Coal market volume, by region, 2014 – 2024
4.3.3 Coal market revenue, by region, 2014 – 2024
4.4.1 Biomass market, 2014 - 2024
4.4.2 Biomass market volume, by region, 2014 – 2024
4.4.3 Biomass market revenue, by region, 2014 – 2024
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