Combined Heat And Power (CHP) Market Size By Fuel (Natural Gas, Coal, Biomass), By End Use (Residential [Space Heating/Cooling, Water Heating, Cooking, Lighting], Commercial [Educational Institution, District Energy, Office Building, Government/Military], Industrial [Chemical, Petroleum Refining, Food, Paper, Primary Metals]), By Capacity (1 kW – 0.5 MW, 0.5MW - 5MW, Above 5 MW), By Technology (Combined Cycle, Steam Turbine, Gas Turbine , Reciprocating Engine), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026

Published Date: Feb 2020  |  Report ID: GMI1537  |  Authors: Ankit Gupta, Riya Gupta

Report Format: PDF   |   Pages: 550   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry Trends

Combined Heat and Power Market size exceeded USD 32 billion in 2019 and is anticipated to grow at a rate of over 7% up to 2026. Ongoing demand for captive power generation coupled with customer inclination toward sustainable energy will augment the industry growth. Rising concerns towards GHG emissions in line with enhanced reliability, safety and efficiency across cogeneration systems will further strengthen the product adoption. Moreover, rapid investments toward renewable technologies to curb carbon emissions will drive the industry outlook. For instance, in 2017, Chinese government abandoned around 100 imminent coal fired power plants with a projected capacity of 120 GW.
 

Combined Heat and Power Market

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Combined heat and power (cogeneration) plants generate electricity and capture useful thermal energy in an integrated system. The energy produced is used for space heating & cooling across commercial and residential infrastructure along with district energy systems and other industrial processes. In addition, these systems incur minimal distribution losses and achieve efficiency over 80%.
 

Combined Heat And Power (CHP) Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: 32.7 Billion (USD)
Historical Data for: 2016 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 7.4% 2026 Value Projection: 54.1 Billion (USD)
Pages: 550 Tables, Charts & Figures: 842
Geographies covered (16): U.S., Canada, Mexico, UK, Finland, Russia, Germany, Denmark, Sweden, China, Japan, South Korea, India, Saudi Arabia, South Africa, Brazil
Segments covered: Fuel, End Use, Capacity, Technology
Companies covered (22): Kawasaki Heavy Industries, MAN Diesel & Turbo SE, Wärtsilä, Caterpillar, Yanmar, Veolia, Siemens, ABB, GE, Bosch Thermotechnology, Cummins, Inc., Edina, MWM, Aegis Energy Services, Inc., ENER-G Rudox, Fuel Cell Energy Inc., Viessmann Werke GmbH Co., Mitsubishi Hitachi Power Systems Ltd., The Dürr Group, Centrax Gas Turbines, BDR Thermea Group, 2G Energy AG
Growth Drivers:
  • North America
    • Reducing dependency on conventional coal fired plant
    • Stringent emission norms
  • Europe
    • Growing adoption of biomass power plants
    • Increase demand for district heating
  • Asia Pacific
    • Increasing industrialization and urbanization
    • Increasing clean energy demand
Pitfalls & Challenges:
  • Lack of grid infrastructure

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Favorable government norms toward smart infrastructure will witness increased power demand across developing regions

Combined Heat and Power Market By Fuel

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Increasing demand for decentralized energy generation along with widespread accessibility with broad range of designs and capacities will drive the combined heat and power market trends. Competitive gas prices, highly efficient systems and low operating costs are some of the key parameters which will positively influence the product adoption across the globe. Moreover, favorable government norms including tax rebates, financial assistance and feed in tariff will boost the industry landscape.
 

Refurbishment of existing energy generation plants across the globe will drive the industry outlook

Natural gas based combined heat and power market is anticipated to exceed USD 16 billion by 2026. Retrofitting and revamping of existing power generation plants along with declining prices owing to rising hydrocarbon production will strengthen the industry outlook. Furthermore, low fuel consumption, increased efficiency and ease in operation are some of the major features strengthening the product deployment.
 

Ongoing technological advancements along with increasing investments across research and development sector will positively augment the CHP industry statistics. For instance, in 2018 ENER-G developed an innovative technology named E-Power, optimizing CHP systems performance for providing cost savings, maintenance and high performance. In addition, introduction of various government schemes including road transport fuel certificates and non-domestic renewable energy incentives will complement the demand for biomass CHP plants.
 

Growing inclination toward smart heating systems along with R&D technological programs will complement the business outlook

Rising adoption of gas fired systems owing to low carbon emissions coupled with the growing customer inclination toward clean energy will positively drive the product penetration. Replacement of conventional energy generation systems with highly efficient cogeneration plants will boost the industry growth. For instance, UK government has announced its ambitious plans to curb the carbon emission in line with abandonment of conventional power generation plants by 2025.
 

Effective design, environment friendly and easy configuration are some of the major factors complementing the combined cycle power plants. Ongoing adoption of smart heating networks along with integrated heat and electrical power generation plants will positively drive the product adoption. For instance, U.S government’s R&D programs including the FutureGen 2.0 projects and Climate Change Technology platform which will promote the Integrated Gasification Combined Cycle (IGCC) technology.
 

Government incentives and rebates across the CHP industry will complement the business outlook

Commercial applications will witness an upsurge on account of growing electricity demand across the globe in line with widespread adoption of district heating networks across the European region. Introduction of stringent infrastructure emission regulations coupled with increasing state financial incentives and favorable net metering norms will foster the deployment of CHP facilities across developed nations. In 2017, the Arizona Corporation Commission (ACC) introduced energy equipment property tax exemption, which provide rebates, grants and incentives of USD 400/kW – USD 500/kW to commercial and industrial customers across CHP installation.
 

Ongoing utilization of combined heat and power systems across cooking, lighting and space heating & cooling across residential sector will positively influence the industrial growth. Increasing penetration of compact heating systems in developing economies on account of biomass usage as a fuel will further boost the product deployment. Furthermore, rapid industrialization and commercialization across Asia Pacific region owing to increased purchasing power & per capita income along with improved living standards is set to drive the business scenario.
 

Ongoing technological enhancements across CHP systems will strengthen the product landscape

0.5 MW – 5 MW capacity segment of the combined heat and power market is anticipated to exceed USD 26 billion by 2026. Rapid urbanization along with increased power consumption by industrial, commercial and utility sectors will complement the product deployment. Furthermore, ongoing demand for reliable and continuous energy supply for effective manufacturing operations will drive the installation of combined heat and power systems. Rising adoption of renewable energy consumption over high sulfur fuels along with government norms pertaining to low carbon emission will positively influence the combined heat and power industry demand.
 

Ongoing technological advancement across reciprocating engines to enhance small and large engines electric efficiency by 30% - 45% will stimulate the combined heat and power market trends. Furthermore, growing inclination toward adoption of biomass fueled systems coupled with rising applicability of CHP systems across colder regions will complement the product penetration. For instance, the Department of Energy (DOE) in 2018, announced deployment of 81 GW of CHP plants at over 3,500 sites across the U.S.
 

Asia Pacific region is set to dominate the regional combined heat and power industry trends

Asia Pacific Combined Heat and Power Market, By Technology, By 2026 (USD Million)

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In 2019, North America and Europe region collectively held over 50% of CHP market share. Favorable state incentives, resiliency initiatives, policies and CHP-inclined environment regulations are some of the key measures which will further drive the product adoption. In 2019, The U.S. government announced an updated program ‘Self-Generation Incentive Program (SGIP)’ across gas generation projects to enhance adoption of renewable fuel owing to minimum blend of fuel mixture by 50% renewables.
 

Increasing demand for district heating and cooling systems on account of shifting climatic conditions along with ongoing technological innovations owing to fuel flexibility and improved efficiency will boost the combined heat and power market demand across Germany. Furthermore, rising cogeneration plants applicability across industrial and commercial sectors to achieve low carbon footprint coupled with the global emission reduction targets will complement the product adoption.
 

Demand of technological advanced CHP systems acting as the focal point of industry players

Eminent players operating across the CHP market includes Wartsila, MAN Diesel & Turbo, ABB, Mitsubishi, Yanmar, General Electric, 2G Energy, Aegis Energy, ENER-G Rudox, Caterpillar, Bosch Thermotechnology, Kawasaki, Cummins, Fuel Cell Energy, CENTRAX Gas Turbines, Viessmann Werke, MWM, Veolia, BDR Thermea, and Siemens.
 

Combined Heat and Power market research report includes in-depth coverage of the industry with estimates & forecast in terms of “MW” & “USD” from 2016 to 2026, for the following segments:

By Fuel

  • Natural Gas
  • Coal
  • Biomass
  • Others

By End use

  • Residential
    • Space Heating/Cooling
    • Water Heating
    • Cooking
    • Lighting and others
  • Commercial
    • Educational Institution
    • District Energy
    • Office Buildings
    • Government/Military
    • Others
  • Industrial
    • Chemicals
    • Petroleum Refining
    • Food
    • Paper
    • Primary Metals
    • Others

By Capacity

  • 1 kW – 0.5 MW
  • 0.5MW-5MW
  • Above 5 MW

By Technology

  • Combined Cycle
  • Steam Turbine
  • Gas Turbine
  • Reciprocating Engine
  • Others

The above information has been provided for the following regions and country:

  • North America
    • U.S
    • Canada
    • Mexico
  • Europe
    • U.K
    • Finland
    • Russia
    • Sweden
    • Germany
    • Denmark
  • Asia Pacific
    • China
    • Japan
    • South Korea
    • India
  • Rest of World
    • South Africa
    • Brazil
    • Saudi Arabia
       

Frequently Asked Questions (FAQ) :

According to credible reports, combined heat and power (chp) market would record a crcr of 7.4% over the anticipated time span.
According to report, combined heat and power (chp) market size is estimated to be pegged at $54.1 billion by 2026.
The combined heat and power (CHP), also known as cogeneration, generates electricity and captures useful thermal energy in an integrated system. The energy produced is used for space heating & cooling across commercial and residential infrastructure along with district energy systems and other industrial processes.
The global CHP industry value will witness over 7.4% CAGR from 2020 to 2026.
Wartsila, MAN Diesel & Turbo, ABB, Mitsubishi, Yanmar, General Electric, 2G Energy, Aegis Energy, ENER-G Rudox, Caterpillar, Bosch Thermotechnology, Kawasaki, Cummins, Fuel Cell Energy, CENTRAX Gas Turbines, Viessmann Werke, MWM, Veolia, BDR Thermea and Siemens are top companies operating in the global market for combined heat and power (CHP).

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Premium Report Details

  • Published Date: Feb 2020
  • Pages: 550
  • Tables: 804
  • Charts / Figures: 38
  • Companies covered: 22
  • Countries covered: 16

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