Author: Himanshu Patni
10 January 2023
Combined Heat and Power is also known as cogeneration. It is defined as the concurrent production of electricity or mechanical power and useful thermal energy from a single source of energy. In addition, the system recovers lost energy by using the combined heat, which is otherwise wasted, to power plants or buildings that are connected to the energy plant through a stream pipe network. This wasted combined heat is applied to facility loads in the process of combined heating, steam, hot water, or chilled water. Thus, the Global Combined Heat And Power Market is expected to witness a CAGR of around 6% during the forecast period (2022–2028).
However, Covid – 19 has devasted the global economy due to which many sectors experienced a downfall as the supply of power got reduced. In addition, the consumption of electricity, production of the value chain, food processing units, and any others impacted the combined heat and power market as the production of power got severely less. Furthermore, many industries such as energy, and chemicals had cut operating expenses and capital expenditures due to the uncertain economic drop. As the industries are in progress from a certain period the production and growth of the combined heat and power market are on a growth path, and it is expected to grow during the forecasted period.
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Based on capacity, the market is fragmented into up to 10 MW, 10-150 MW, 151-300 MW, and above 300 MW. During the forecast period, up to 10 MW segment is likely to held significant share in the combined heat and power market owing to the demand mainly coming from personal, industrial, and commercial end-users. Since the residential combined heat and power market systems range from just 1.5kW to 0.5MW and typically require natural gas to operate which is leading the market growth of up to 10 MW combined heat and power systems. Therefore, it helps to reduce energy costs compared to other conventional systems. In addition, Up to 10 MW is driven by the government’s micro-CHP program for fuel cells. Unlike reciprocating engines and gas turbines, fuel cells generate electricity without burning fuel. For instance, AB Holding, 2G Energy, FuelCell Energy and Capstone typically offer cogeneration solutions in this power range.
Based on fuel, the market is fragmented as natural gas, coal, biomass, and others. During the forecasted period, the natural gas industry is expected to drive the combined heat and power market. As the price of natural gas is expected to gain competence compared to other fuels on account of its high efficiency, increased production across the globe, and significantly low carbon emissions. Globally, governments are attempting to increase the percentage of cleaner fuels in their energy mix, which will eventually bring up demand for natural gas in the coming years. Additionally, the growing demand will lead regulators to enhance the production of natural gas, which in turn, will proliferate the market expansion globally which will drive the growth of the market.
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Based on technology, the market is fragmented as gas turbines, steam turbines, reciprocating engines, combined cycles, and others. During the forecasted period, the combined cycle industry is expected to drive the combined heat and power market. It is utilized in power plants to lessen energy losses as waste heat built up in exhaust gases is employed to generate additional electricity. These systems are employed mostly in industrial sectors including petrochemicals, chemicals, cement, paper, pulp, sugar, and pharmaceuticals where there is a strong need for energy. The key factors considered are the ability to operate without fuel, the cheap installation and maintenance costs, the thermal output, the start-up time, the availability of fuel, the level of emission, and how energy-efficient the technology is in comparison to others.
Based on end-user, the market is fragmented into residential, commercial, and industrial. During the forecasted period, the industrial sector is expected to drive the combined heat and power market. With the increasing installations of combined heat and power systems in different applications including, petrochemical and pharmaceutical industries. In addition, encouragement of directives to surge combined heat and power installation across solar power units and expand the residential and commercial sector supported by industrialization benefit the industrial segment. Furthermore, the combined heat and power units are mainly used in industries due to the increasing need for power.
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For a better understanding of the market adoption of the combined heat and power, the market is analyzed based on its worldwide presence in the regions such as North America; Europe; Asia-Pacific; and the Rest of World. The Asia-Pacific region is expected to have a major share in the combined heat and power industry. This is mainly due to the rapid industrialization and urbanization as well as the increasing market demand for clean fuel energy boosted the market’s growth in the region leading to the growth of new combined heat and power systems in the emerging economies. For instance, in November 2020, Bert Energy GmbH unveiled a Bert Mobil Gas demo scheduled for commissioning in Sri City, Andhra Pradesh, India. In addition, the natural gas supply and price outlook, increased energy efficiency, and environmental regulations for power plants and industrial boilers are expected to positively drive cogeneration installations across the region. However, factors such as weak grid connectivity and high capital expenditures remain major challenges for the cogeneration market in the Asia-Pacific region.
Some of the major players operating in the market include Bosch Thermotechnology Limited, General Electric Co., ABB Ltd., Siemens AG, Cummins, Mitsubishi Heavy Industries, Man Energy Solutions, Caterpillar Inc, Wartsila Corp., and Veolia. Several M&As along with partnerships have been undertaken by these players to develop the Combined Heat and Power market.
Global Combined Heat and Power Market Segmentation
Market Insight, by Capacity
Market Insight, by Fuel
• Natural Gas
• Coal• Biomass• Others
Market Insight, by Technology
Market Insight, by End-User
• Residential
• Commercial• Industrial
Market Insight, by Region
Top Company Profiles
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