Combined Heat And Power (CHP) Market Overview The combined heat and power (CHP) market is anticipated to garner a CAGR of 6.94% during the forecast period (2017-2023). Combined heat and power (CHP) can be referred to as a cluster of technologies used for the concurrent generation of electricity. It is a series of cost-effective and reliable technologies, which makes a crucial contribution to meet global electricity and heat demand. Market Potential and Pitfalls The Combined Heat And Power (CHP) Market is likely to experience a sturdy growth due to the increased government incentives for the promotion of cogeneration, high demand for energy efficiency, and deployment of CHP technologies across the globe. The combined heat and power market is receiving support from governments across the world in the form of favorable incentives and policies. Governments are also promoting cogeneration technology with the help of several financial incentives and long-term policies, thereby promoting the growth of CHP market in the foreseeable future. Strong commitments from the government for developing CHP has resulted in R&D initiatives and CHP installations, which further encourages the growth of the market. Moreover, the presence of companies providing services and products related to the installation of CHP is augmenting competition in the global market. On the contrary, the dearth of awareness raises concern over site permission, which is required for the development of CHP plants is likely to restrict the growth of the CHP market across the globe. Global Combined Heat and Power (CHP) Market: Segmental Analysis The combined heat and power market is bifurcated on the basis of type, technology, fuel, and application. By type, the combined heat and power market is segmented into small scale and large-scale CHP. By technology, the CHP market is segmented into steam turbine, combined cycle, gas turbine, and others. By fuel, the CHP market is segmented into coal, natural gas, biomass, and others. Among these, natural gas is likely to gain prominence as it is the most-preferred fuel type for electricity generation. Moreover, as natural gas is a clean source of energy and is available at low rates, the natural gas-based CHP installation market is considered to gain impetus. By application, the market consists of commercial, residential, and industrial. Among these, the industrial sector is estimated to generate the highest revenue owing to the rising installation of these systems in applications like pharmaceutical and petrochemical industries. The growing preference for CHP by the end users over other power generation, coupled with the low price of natural gas will boost the market growth. Regional Frontiers Geographically, the combined heat and power (CHP) market spans across regions, namely, Europe, North America, Asia Pacific, and the Rest of the World.
Considering the global scenario, Europe is considered to be one of the largest installed bases of CHP in the world. The region will retain its dominance due to the easy availability of natural gas, which makes installation cost-effective and easier. Europe is considered a worldwide leader in micro-CHP engine, with manufacturing and innovation centers in the Netherlands, Germany, and the UK. Such factors are likely to encourage the growth of the regional market in the long run. The Asia Pacific is likely to gain prominence in the foreseeable future, due to the surging demand for small-scale CHPs in Japan. The rising rate of installation for CHP across industries is encouraging the demand for CHP installation. The Japanese government also offer subsidies for developing green technology. There is a high demand for small scale CHP systems for commercial and residential purposes, which has further promoted the growth of the regional market. Moreover, the increased installation of CHP systems, especially in developing countries like South Korea, India, and China will trigger the demand for CHP in the region. Industrial Updates May 2019: FlexEnergy Inc. has recently declared that the company has commissioned a Combined Heat and Power solution for a private university, which is situated in California. The university has purchased three Flex Turbine GT333S gas turbine generators as the primary component for CHP solution. Competitive Dashboard The top players dominating the global combined heat and power (CHP) market are Caterpillar Inc. (U.S.), MAN Diesel & Turbo SE (Germany), General Electric (U.S.), Mitsubishi Heavy Industries Ltd. (Japan), Bosch Thermotechnology Ltd. (U.K), Cummins (U.S.), ABB Limited (Switzerland), Veolia (France), ENER-G Rudox (U.S.), and others. About Market Research Future: At Market Research Future (MRFR), we enable our customers to unravel the complexity of various industries through our Cooked Research Report (CRR), Half-Cooked Research Reports (HCRR), Raw Research Reports (3R), Continuous-Feed Research (CFR), and Market Research & Consulting Services. Contact: Market Research Future +1 646 845 9312 Email: sales@marketresearchfuture.com