May 25, 2020
According to the research report titled Combined Heat And Power (CHP) Market Size By Fuel, By End Use, By Capacity, Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026’, available with Market Study Report LLC, global combined heat & power (CHP) market is expected to record substantial growth during 2020-2026.
Increasing preference towards sustainable energy technologies along with rising environmental concerns are major factors driving the growth of combined heat & power market. CHP is a type of energy-efficient technology which can be deployed with fewer geographic limitations. These systems produce electricity and capture heat, which can be employed for various industrial processes, space heating & cooling, and domestic hot water applications. CHP systems offer better efficiencies as compared to conventional power generation systems.
By fuel, biomass fuel segment is presumed to expand substantially during the forecast period. Favorable government initiatives and regulations pertaining to biomass fuel based CHP systems, including non-domestic renewable heat incentive, road transport fuel certificates, and sustainable energy certificates are propelling the segmental growth. Moreover, biomass fuel offers local economic development, domestic fuel supply security, energy cost savings, waste reductions and lower emissions, and hence are ideal for producing power and heat through CHP systems. They also provide with reliability and flexibility as compared to other sustainable sources of energy.
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In terms of technology, steam turbines segment is expected to experience decent growth in the forthcoming years. Longer working life and high reliability offered by steam turbines is favoring the market outlook. Moreover, CHPs based on this technology are widely used in large and medium sized industrial applications where low-cost fuels including solid wastes, coal, and biomass are easily available.
The demand for combined heat & power systems with reciprocating engine technology is expected to grow significantly during the forecast period. The technology provides with reduced exhaust emissions and high thermal efficiency and hence, is widely adopted in diesel engines and gas turbines.
The major companies in global combined heat and power industry are 2G Energy AG, BDR Thermea Group, Centrax Gas Turbines, Mitsubishi Hitachi Power Systems Ltd., Viessmann Werke GmbH Co., Fuel Cell Energy Inc., ENER-G Rudox, Aegis Energy Services Inc., MWM, Edina, Cummins Inc., Bosch Thermotechnology, General Electric, ABB , Siemens, Veolia, Yanmar, Caterpillar, MAN Diesel & Turbo SE, and Kawasaki Heavy Industries among others.