The method of generating heat and electricity simultaneously is referred to combined heat and power generation. This is done through burning various fuels such as oil, natural gases and bio fuels. The growing initiatives for the deployment of CHP technologies for enhancing the energy efficiency and the supportive government initiatives to promote cogeneration are the prominent factors responsible for the growth of the combined heat and power market. In addition, rise in deployment of micro-CHP systems and growing trend for generating power from distributed power generation creats huge opportunity for gas turbine-based combined heat and power market.
MARKET SCOPE
The "Global Combined Heat and Power Market Analysis to 2028" is a specialized and in-depth study of the combined heat and power with a special focus on the global market trend analysis. The report aims to provide an overview of the combined heat and power market with detailed market segmentation by capacity, prime mover, fuel, end-user, and geography. The report provides key statistics on the market status of the leading combined heat and power market players and offers key trends and opportunities in the market.
MARKET SEGMENTATION
- On the basis of capacity the market is segmented into below 10 MW, 10-150 MW, 151-300 MW, Above 300 MW
- On the basis of prime mover, the market is segmented as gas turbine, steam turbine, reciprocating engine, fuel cell, microturbine, and other
- On the basis of fuel, the market is segmented as coal, natural gas, biogas/biomass, nuclear, diesel, and others
- On the basis of end-user, the market is segmented as residential, commercial, industrial, utilities
Drivers
- Government incentives and favourable policies promotes combined heat power generation
- Significant benefits of combined heat power systems drives the market growth
- Increased installation and maintenance costs of CHP systems restraints the market growth
The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2020 to 2028 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South and Central America. The combined heat and power market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the combined heat and power market in these regions.
IMPACT OF COVID-19 ON COMBINED HEAT AND POWER MARKET
The outbreak of the COVID-19 pandemic has severely impacted the energy and power industry, which resulted decline market growth in the year 2020. The emergence of the COVID-19 pandemic has slowed the growth of the combined heat and power market, as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This significantly affected the CHP market owing to the suspension of activities of end-users. In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the combined heat and power market, since CHP systems were still not operating at their full capacity. However, from the second half of 2021, the reopening of industrial operations and manufacturing facilities have fueled the energy demand which further augmented the market dynamics for combined heat and power market. During the pandemic recovery period, there has been witnessed government support for generating the power from cogeneration plants wherein favourable policies, incentives and subsidies have strengthened the demand for cogeneration which aids the market growth.
MARKET PLAYERS
The report covers key developments in the combined heat and power market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the combined heat and power market are anticipated to provide lucrative growth opportunities in the future owing to rise in deployment of micro-combined heat power systems.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the combined heat and power market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
- Wärtsilä
- Veolia
- General Electric
- Siemens Energy
- MAN Energy Solutions SE
- Caterpillar
- Clarke Energy
- FuelCell Energy, Inc.
- Capstone Green Energy Corporation
- Cummins Inc.