Combined Heat and Power Market to reach USD 33,801 Million - Risk-adjusted numbers with COVID-19 analysis change scenario

The Global Combined Heat and Power (CHP) Market Size Accounted for USD 19,756 Million in 2021 and is predicted to be worth USD 33,801 Million by 2030, with a CAGR of 6.3% during the Forthcoming Period from 2022 to 2030.

The combined heat and power (CHP) market is expected to be driven by a change in consumer preference toward replacing traditional power sources due to operational costs and unbroken utility supply. Continued participation in captive energy production, combined with consumers' preference for renewable energy sources, will drive market growth. Rising concern about Greenhouse Gas (GHG) emission levels in combination with enhanced stability and reliability all over co-generation system applications will endorse the new product adoption even further. Moreover, rapid investment opportunities in renewable energy sources to prevent climate change will drive the CHP market.

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Global Combined Heat and Power Market Overview

Combined heat and power (CHP) is the technology that is used to production of both heat and electricity from a single source of fuel. CHP systems have significant environmental benefits since they grab and use heat that otherwise would have been lost during energy production, requiring less petroleum to make the same amount of electricity. Since less fuel is combusted, fewer greenhouse gas emissions like carbon dioxide (CO2) as well as other toxic gases like sulfur dioxide are released into the atmosphere. When a CHP system is used, less electricity is acquired from the power system, reducing exposure to cost spikes. A CHP technology can be designed to run on a variety of sources of fuel, such as natural gas, coal, biogas, and biomass; thereby, a facility could include alternate energy sources functionality to safeguard itself from rising petroleum prices. CHP systems are now more popular for onshore energy generation systems in manufacturing as well as in remote areas with distributed energy resources. CHP systems can produce enough electrical energy while supplying the external charge to offset the commercial and industrial demand for air conditioning units in building structures.

Global Combined Heat and Power Market Regional Outlook

The global combined heat and power market is divided into Asia-Pacific, Latin America, Europe, North America, and the Middle East and Africa. According to a combined heat and power industry analysis, Asia-Pacific will account for a sizable portion of the CHP market in 2021. The market is expected to expand as a result of the region's rapid industrialization and urbanization, population growth, and productivity expansion, which will result in the deployment of new CHP systems across various growing economies. Due to infrastructure growth and expansion, continuing energy production investments, and technological advancements, the CHP market is predicted to expand in countries such as India and China. Large modern gas-fired electricity generating plants & huge coal-fired facilities, as well as increasing electricity demand, are anticipated to propel growth in the Asia-Pacific CHP market over a coming couple of years.

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Market Segmentation

The global combined heat and power market has been fragmented by Acumen Research and Consulting based on capacity, fuel, technology, and end use. In terms of capacity, the segment is separated into Up to 10 MW, 10 MW to 150 MW, 150 MW to 300 MW, and Above 300 MW. Based on the fuel, the industry is divided into natural gas, biomass, coal, and others. By technology, the market is classified into gas turbine, reciprocating engine, microturbine, steam turbine, and fuel cell. By end use, the segment is categorized into residential, industrial, and commercial.

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Combined Heat and Power Market Players

Some of the prominent combined heat and power market companies are Mitsubishi Hitachi Power Systems, Siemens, Wartsila, Man Diesel & Turbo, Caterpillar Energy Solutions (MWM), Fuel Cell Energy, GE Power, Veolia, 2G Energy, Clarke Energy, AB Holding, and Capstone.

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