Combined Heat and Power Market Size is Expected to Reach at USD 33,801 Million by 2030, registering a CAGR of 6.3%, Owing to Increasing Government Incentives and Programs to Promote CHP
Acumen Research and Consulting recently published report titled “Combined Heat and Power Market Size, Share, Analysis Report and Region Forecast, 2022 – 2030”
TOKYO, Aug. 14, 2022 (GLOBE NEWSWIRE) — 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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|Market||Combined Heat and Power Market|
|Combined Heat and Power Market Size 2021||USD 19,756 Million|
|Combined Heat and Power Market Forecast 2030||USD 33,801 Million|
|Combined Heat and Power Market CAGR During 2022 – 2030||6.3%|
|Combined Heat and Power Market Analysis Period||2018 – 2030|
|Combined Heat and Power Market Base Year||2021|
|Combined Heat and Power Market Forecast Data||2022 – 2030|
|Segments Covered||By Capacity, By Fuel, By Technology, By End Use, And By Region|
|Combined Heat and Power Market Regional Scope||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
|Key Companies Profiled||Mitsubishi Hitachi Power Systems, GE Power, Siemens, Veolia, Wartsila, 2G Energy, Man Diesel & Turbo, Clarke Energy, Caterpillar Energy Solutions (MWM), AB Holding, FuelCell Energy, and Capstone.|
|Report Coverage||Market Trends, Drivers, Restraints, Competitive Analysis, Player Profiling, Regulation Analysis|
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 Dynamics
The combined heat and power (CHP) market is expanding because it offers numerous benefits such as lowering manufacturing system costs by decreasing redundant power consumption. Currently, energy can be reclaimed by reusing waste resources. The implementations of combined heat and power (CHP) systems, increased use of government investment to promote electricity generated, and the requirement for renewable energy are the factors propelling the expansion of the global combined heat and power market. Government agencies in various regions are trying to promote CHP advanced technologies through a variety of favorable long-term financial and policy incentives, which are expected to boost combined heat and power (CHP) market growth during the evaluation period. Furthermore, the rapid growth in the number of major corporations that would provide CHP construction services is going to accelerate market growth.
Aside from that, the installation of a combined heat and power (CHP) power station requires a large initial capital investment. Additional hardware such as heat exchangers, boilers, absorption chillers, and other components are required for this CHP plant. The cost of a CHP system is 240% of the expense of a power generation facility that has the same ability and prime mover, impeding the market growth.
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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.
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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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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