Combined Heat And Power (CHP) Market is growing at CAGR of ~6.94% to reach a billion dollar figure in coming years

Market Highlights
Combined Heat and Power plants are typically embedded close to the end user and helps to reduce transportation and distribution losses, improving the overall performance of the electricity transmission and distribution network. It also acts as energy multiplier, helping to cut carbon emissions, increase power reliability and save money. This technology is widely available, with further opportunities for development and enhancement. Furthermore, only suitable where there is a need for both electricity and hot water on site which acts as a barrier for the growth of the market. Presence of a large number of companies offering diverse products and services related to CHP installations is fueling competition in the Global CHP Installation Market.

Global Combined heat and power (CHP) Market is predicted to grow at approximately 6.94% by 2023

Market Research Analysis
Cogeneration is appropriate where a facility has a continuous demand for heating or cooling as well as demand for electrical or mechanical power. It is generally installed on-site for large facilities, such as factories, institutions, commercial buildings, multi-unit residential buildings and district energy systems. Cogeneration (CHP) is a well-proven technology and recognized as a cleaner alternative to traditional centralized generation. Each cogeneration system is adapted to meet the needs of an individual building or facility and it is modified according to its location, size, and energy requirements of the site. CHP is not only limited for specific type of facility but also used in operations with sustained heating requirements. CHP process can be applied to both renewable and fossil fuels. The specific technologies employed, and the efficiencies they achieve will vary, but in every situation CHP offers the capability to make more efficient and effective use of valuable primary energy resources.

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Key Players
The key players of global combined heat and power (CHP) market are
• MAN Diesel & Turbo SE (Germany),
• Caterpillar Inc.(U.S.),
• Mitsubishi heavy Industries ltd.(Japan),
• General Electric (U.S.),
• Cummins(U.S.),
• Bosch Thermotechnology Ltd.( U.K),
• ABB Limited(Switzerland ),
• ENER-G Rudox (U.S.),
• Veolia (France )and others.

CHP generates electricity whilst also capturing usable heat that is produced in this process. This contrasts with conventional ways of generating electricity where vast amounts of heat is simply wasted. Cogeneration systems can be powered by a variety of fuels, including natural gas, coal, oil, and alternative fuels such as biomass. Recent trend shows that natural gas is the predominant fuel for CHP systems, but biomass and other fuels, such as wastes or by-products from industrial processes, agriculture, or commercial activities are expected to gain a larger share with growing environmental and energy security concerns.

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The global combined heat and power market has been analyzed based on fuel, technology, type, application and regions. On the basis of fuel, the global combined heat and power market has been segmented as natural gas, coal, biomass and others. Based on technology, it is classified as, combined cycle, steam turbine, gas turbine and others. On the basis of type, it is segmented into large scale and small scale. Based on application, it is further classified as residential, commercial and industrial. Geographically, Europe accounts for one of the largest installed bases of cogeneration power plants in the world and continue to dominate the market of combined heat and power (CHP)

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