Combined Heat and Power Market to Observe Strong Growth by 2029 | GE, Siemens Energy, Veolia, Wärtsilä

According to a research report "Combined Heat and Power Market by Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine), Capacity (Up to 10 MW, 10-150 MW, 151-300 MW, Above 300 MW), Fuel, End User and Region - Global Forecast to 2029" published by MarketsandMarkets, the Combined heat and power market is projected to reach USD 39.2 billion by 2029 from an estimated USD 30.4 billion in 2024, at a CAGR of 5.2% during the forecast period.

The demand for combined heat and power (CHP) is growing due to its efficiency in generating electricity and capturing waste heat for heating or cooling purposes, reducing energy costs and emissions. It offers benefits like increased energy efficiency, lower operational costs, and enhanced grid resilience. CHP systems are used in various sectors including industrial facilities, commercial buildings, hospitals, universities, and residential complexes to meet energy needs sustainably.

Browse 414 market data Tables and 62 Figures spread through 333 Pages and in-depth TOC on "Combined Heat and Power Market - Global Forecast to 2029"

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Coal, by fuel, is expected to grow by the second largest segment during the forecast period.

Based on fuel, the combined heat and power market has been segmented into coal, natural gas, biogas/biomass, nuclear, diesel and others. Coal is the second-largest primary fuel source for power generation globally, contributing to about 40% of worldwide electricity production. The rise in coal-fired power plants, particularly in China and India, is driving the demand for steam turbines, thereby fueling the market for Combined Heat and Power Systems (CHPS). Due to factors such as infrastructure development projects and increased demand for electricity, coal remains a prominent choice for power generation despite concerns over coal shortages and high prices.

The utilities segment by end user is expected to grow at the second largest during the forecast period.

This report segments the combined heat and power market based on end user into utilities, industrial, commercial, and residential. The utilities segment is expected to grow as the second largest in the combined heat and power market due to its ability to offer both electricity and thermal energy at low costs. Combined Heat and Power (CHP) systems are increasingly favored by utilities. Their high efficiency, reaching up to 80%, compared to traditional thermal plants, makes them a key technology for utilities seeking to monetize heat generation and enhance operational efficiency. The rising adoption of large-scale centralized CHP systems by utilities reflects their realization of the commercial and technical benefits, driving the growth of the CHP market.

South America is expected to be the second fastest-growing region in the combined heat and power market.

South America is expected to be the second fastest-growing region in the combined heat and power market during the forecast period. The South American region has been subdivided into three key countries: Brazil, Argentina and Rest of South America. Rest of South America includes Colombia, Ecuador, Bolivia, and Chile. The combined heat and power market is flourishing in South America due to a surge in offshore exploration and oil & gas activities, coupled with significant investments required to meet rising power demands, South America emerges as the second fastest-growing region. The region's decreasing reliance on hydroelectricity in favor of natural gas generation presents promising opportunities for the combined heat and power (CHP) market.

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Key Players

Some of the major players in the Combined heat and power market are GE (US), Siemens Energy (Germany), Veolia (France), Wärtsilä (Finland), and 2G Energy (Germany). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.

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Combined Heat and Power Market to Penetrate Untapped Regions During 2021 – 2026

New Revenue Pockets:

The global Combined Heat and Power Market is expected to grow from an estimated USD 26.6 billion in 2021 to USD 35.2 billion by 2026, at a CAGR of 5.8% during the forecast period. Gas turbine, followed by reciprocating engine, is widely used in CHP.

Increased trend of distributed power generation is creating huge opportunity for gas turbine-based CHP market are expected to offer lucrative opportunities for the CHP market during the forecast period.

Asia Pacific is expected to grow at the highest CAGR during the forecast period. Asia Pacific region has been segmented, by country, into China, India, Japan, South Korea, Australia, and Rest of Asia Pacific. Rest of Asia Pacific includes Malaysia, Thailand, Philippines, and Indonesia). The region is the most populated region in the world and is expected to become the largest CHP deploying region globally.

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The conventional method of producing usable heat and power separately has a typical combined efficiency of 45%, where CHP systems can operate at levels as high as 80%. CHP can be implemented for different types of prime movers, such as gas turbines, steam turbines, reciprocating engines, fuel cells, and microturbines. CHP is also called cogeneration, and it can be used in an individual facility/building or a district energy/utility resource. The technology is typically employed at facilities where there is a need for electricity and thermal energy. It provides benefits such as a reduction in dependency on grid support due to on-site electricity generation, enhanced reliability, reduced costs of energy and initial setup, increased resiliency against power disruption, and reduction in harmful emissions. Critical electrical and thermal loads can be handled by CHP systems during grid power outages. Micro turbines are a type of combustion turbine that produces both heat and electricity on a relatively small scale.

The CHP market, by capacity, into up to 10 MW, 10-150 MW, 151-300 MW, and above 300 MW. The CHP market, by prime mover, into gas turbine, steam turbine, reciprocating engines, fuel cell, microturbines and, and others (stirling engine and combined cycle power plants). The CHP market, by fuel, into coal, natural gas, biogas/biomass, nuclear, diesel, and others (biodiesel and geothermal). The CHP market, by end user, into utilities, residential, commercial, and industrial.

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The 10-150 MW segment is expected to hold the highest market share during the forecast period. This segment consists of larger CHP plants mainly with reciprocating engines such as gas and diesel engines as prime movers, particularly used by industrial, commercial, and utilities end users. The demand for diesel power engines in this segment comes from utility-scale diesel power plants, large industrial plants, captive generation, and independent power producers (IPPs).

The gas turbine market, by prime mover, is expected to hold the highest market share during the forecast period. The gas turbine segment accounted for the largest share of 32.9% in 2020. A gas turbine is a type of internal combustion (IC) engine where inlet air is compressed and sprayed with fuel. The mixture is thereafter ignited in a combustion chamber and allowed to flow at high temperature and pressure through the turbine. The gaseous mixture passes through the turbine nozzles, which further channelize the kinetic energy of the hot air flow onto the blades. The turbine blades, which are mounted on a rotor, rotate with the impact of the high-velocity air. The rotary motion is used to turn a shaft, which performs tasks such as driving an electric generator. Gas turbines are used for power generation and in the mechanical drives used by oil & gas and other industries.

The natural gas market, by fuel, is expected to hold the highest market share during the forecast period. The natural gas segment accounted for the largest market share of 53.4% in 2020. Natural gas is mostly used in gas engines for electricity generation, as it burns cleaner and has low carbon emissions compared with other types of fuels. It also emits low levels of nitrogen oxide, sulfur dioxide, and particulate matter. The consumption of natural gas has led to rising concerns over global warming.

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The industrial market, by end user, is expected to hold the highest market share during the forecast period. The sector is also the largest consumer of delivered energy; according to BP Energy Outlook, the sector consumes around 50% of the world’s total delivered energy every year. In industrial sectors such as chemicals, oil & gas, pharmaceuticals, and food & beverages, energy is used for a variety of applications, including steam and cogeneration, heating and air conditioning for buildings, and process heating. Countries such as China and India are going through rapid industrialization and have introduced several policies to support industrial growth, including initiatives to ensure adequate power supply.

Combined Heat & Power (CHP) Market is Growing Rapidly Due to the Increasing Demand for Energy Efficiency and Government Incentives and Programs to Promote CHP.

The global Combined Heat & Power (CHP) market is expected to grow at a CAGR of 5.48%, from 2018 to 2023, to reach a market size of USD 27.01 billion by 2023. The increasing demand for energy efficiency, government programs, and incentives to promote CHP are driving the growth for the CHP market. Emerging technologies such as fuel cell based micro-CHO in Europe and Asia Pacific provide opportunities for the growth of the CHP market. 

The residential segment of the CHP market, by end-user, is expected to grow at the fastest rate from 2018 to 2023. The segment is driven by government programs for fuel cell based micro-CHP in countries such as Germany, Japan, and South Korea. The program is aimed at increasing distributed power generation in households for better energy efficiency and reduce emissions. The ene-field project of the European Union is spearheading the penetration of residential micro-CHP in Europe by providing incentives.

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On the basis of fuel, the natural gas segment is expected to grow at the fastest rate from 2018 to 2023. The growth of this segment is mainly due to the rising share of natural gas in the energy mix in the Asia Pacific region, particularly in China. The shale gas boom in the US has also contributed to the rise in natural gas fired power generation in North America, and thus driving the CHP market in the region.  

The up to 10 MW segment, by capacity, is estimated to grow at the fastest rate during the forecast period. The segment consists mainly of residential and on-site industrial and commercial CHP installations. Larger capacities in this range are usually on-site commercial CHP installations for end-users, such as healthcare and data centers, where there is a growing need for energy efficiency. The market for this segment is driven by the government micro-CHP programs for fuel cells in regions such as Europe and Asia Pacific and the growth of distributed power generation in North America and Asia Pacific. 

Target Audience:

The target audience of this report includes:

·         Consulting companies in the energy sector

·         EPC contractors for CHP

·         Reciprocating engine manufactures

·         Gas and steam turbine manufactures

·         Fuel cell and microturbine manufactures

·         Environmental associations

·         Government and research organizations

·         Distributed energy associations

·         Investment banks

·         Power companies

Scope of the Report:

By Capacity

·         Up to 10 MW

·         10–150 MW

·         150–300 MW

·         Above 300 MW

By Prime Mover

·         Gas Turbine

·         Steam Turbine

·         Reciprocating Engine

·         Fuel Cell

·         Microturbine

By Fuel

·         Coal

·         Natural Gas

·         Biogas/Biomass

·         Nuclear

·         Diesel

·         Others (Biodiesel and Geothermal)

By End-User

·         Utilities, District Heating & Cooling

·         On-site Industrial

·         On-site Commercial

·         Residential

By Region

·         North America

·         Europe

·         Asia Pacific

·         Middle East

·         Africa

·         South America

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The CHP market has been segmented, by region, into North America, Europe, Asia Pacific, the Middle East, South America, and Africa. Asia Pacific is expected to grow at the fastest rate during the forecast period, followed by Africa. The growth in the market in Asia Pacific is driven by countries such as China, Japan, and South Korea. The growing share of natural gas in the energy mix in these countries has given rise to large-scale gas-fired cogeneration plants and is driving the market for CHP in this region. 

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