Market overview
In 2019 the combined heat and power market was valued at the rate of USD9.4 billion globally and was predicted to grow CAGR of 3.1% from 2020 to 2027. The process of generating heat and electricity simultaneously is referred to as combined heat and power generation. This is performed by burning various fuels such as oil, natural gases and biofuels.
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Over the past few years, the market trends of the combined heat and power generation market have been attractive and investing in this market can be very profitable. The cost cutting in the manufacturing processes by reducing the energy consumption is the only benefits of cogeneration methods over the conventional methods. Cost-cutting acts as a operational force for this market where energy can be saved by utilizing waste resources. Rising energy prices and strict protocols act as limiting forces for the combined heat and power market. The pandemic covid-19 has negatively impacted the demand for energy from the residential, commercial, and industrial sectors.
Globally lockdown restrictions were imposed in countries and shut down of manufacturing operations, resulting in breakage of supply chains and business operations, which led to a decrease in the energy demand. The combined heat and power market is negatively impacted. Most of the CHP manufacturers and suppliers face a lot of trouble due to supply chain breakage, production stops, lack of workers, and cash flow constraints. So this pandemic resulted in financial losses for the market. The demand for CHP has been rapidly increasing after the lifting of lockdowns by the governments. It is predicted to grow at a good rate in the upcoming years.
Market segmentation
The combined heat and power market is segmented by technology, product, fuel, application and region.
By Technology
- Gas Turbine
- Steam Turbine
- Micro CHP
- Fuel Cells
- Spark Ignition Reciprocating Engine
By Product
- Large Scale
- Medium and Small Scale
By Fuel
- Natural Gas
- Coal
- Biomass
- others
By Application
- Industries
- Residential
Regional analysis
· Europe had the largest revenue share of more than 50.0% in 2019. This region is predicted to dominate the revenue share over the estimated period. The strict government regulations to cut pollution rates in countries such as Germany, the UK, and France are expected to operate the demand for installation of CHP in Europe. In 2019 North America CHP installation demand was 110.5GW and is predicted to reach 142.9 GW by 2027.
· Asia Pacific region was considered for over 27.0% in 2019 and is expected to witness moderate growth rates with an estimated CAGR of over 4.3% from 2020 to 2027.
· Some of the main key players of the market are Siemens, Centrica, Cummins, Caterpillar, Wartsila, Clarke Energy, General Electric, Tecogen, Elite Energy Systems etc.
Industry news
The nation is pushing to rapidly combine its grid with the European Union to keep electricity flowing if other major plants are taken down by Russia due to the recent war between Russia and Ukraine.
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