Combined Heat and Power Market 2020 In-Depth Analysis of Industry Share, Size, Growth Outlook up to 2026

Global Market Insights, LLC, introduced a study on the Combined Heat and Power Market which encompasses significant inputs with respect to market share, market size, regional landscape, contributing players, and revenue projection of this industry vertical. The report also educates investors regarding the existing tends, prime challenges, and current expansion strategies applied by the key organizations that constitute the hyperactive competitive gamut of this business sphere.

The size of Combined Heat and Power (CHP) Market was registered at USD 32.7 billion in the year 2020 and is anticipated to cross USD 54.1 billion by 2026. Between the period 2020-2026, the Combined Heat And Power (CHP) Market is expected to register a CAGR of 7.4%.CHP systems generate electricity and capture heat that would otherwise be wasted to generate useful thermal energy, which can be used for domestic hot water applications, space heating and cooling, and a range of industrial processes. CHP systems are known to achieve efficiencies of more than 80% compared to conventional power generation technologies in which nearly two-thirds of the energy is wasted in the form of heat.

Browse key industry insights spread across 550 pages with 804 market data tables & 38 figures & charts from the report, “Combined Heat And Power Market Statistics 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, Price Trends, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents: https://www.gminsights.com/industry-analysis/combined-heat-and-power-CHP-market

Many of the Combined Heat and Power Market players have been attempting to replace their coal powered CHP plants with biomass fueled CHP plants, subject to the rising awareness to maintain green environment, corporate social responsibility, and the growing trend toward the use of renewable energy. For instance, the coal-fueled combined power and heat factory of Dong Energy based in Denmark is believed to transform into a biomass-fueled CHP plant by 2026. The Valmet Corporation, a Finnish energy company, is expected to provide Dong Energy with the required equipment for transforming its district heating plant into a bio-based plant. The Finnish firm is also expected to deliver the latter with BFB (bubbling fluidized bed) technology for its 140 MW biomass fueled boiler factory. The one and eight-month steam & district heating agreement signed between Valmet and Dong will help the latter curtail its coal-fired CHP plant operations by 2026, which would undoubtedly provide an impetus to the growth of Combined Heat and Power Market.

With extensive usage of district heating systems across the commercial and residential sectors, Germany combined heat and power industry will experience remarkable expansion in the future. The regional industry in fact, is forecast to generate more than 3 GW of combined heat and power by 2024.

A slew of companies outlining the competitive hierarchy of Combined Heat and Power Market such as MAN Diesel & Turbo SE, General Electric Corporation, FuelCell Energy Corporation, Wartsila, Siemens, ABB, and Aegis Energy, it is observed, have indeed made notable contributions toward the overall Combined Heat and Power Market share. Taking into consideration the new developments and breakthroughs observed across CHP industry, it no longer remains a supposition that combined heat and power industry will carve out a profitable growth path ahead, with a revenue estimation of USD 45 billion by 2024.

On the basis of fuel, combined heat and power industry is segmented into natural gas, coal, and biomass. Biomass fuel segment is estimated to witness a robust CAGR over the coming years on account of favorable schemes and policies by the government, such as renewable energy certificates, road transport fuel certificates, and non-domestic renewable heat incentive.

Biomass fuels prove to be the most efficient and beneficial when used for generating both heat and power through CHP. This can be attributed to advantages such as lower emissions, waste reduction, energy cost savings, the security of a domestic fuel supply, and local economic development. Additionally, biomass is more flexible and reliable than other renewable sources.

Considering the technology landscape, the market can be classified into steam turbine, gas turbine, combined cycle, and reciprocating engine. Steam turbines are anticipated to experience rapid adoption in the next few years owing to high reliability and long working life. The capacity of these turbines varies from 0.5 MW to several hundred megawatts.

Steam turbines are best-suited for medium and large-scale industrial applications where low-cost fuels such as biomass, coal, solid wastes and byproducts, refinery off gases, and refinery residual oil is readily available. As of 2016, nearly 700 sites in the U.S. were using steam turbines for CHP operations, according to the U.S. Department of Energy.

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