The global Combined Heat and Power (CHP) 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.

Northbrook, IL -- (SBWire) -- 11/09/2021 --According to the new market research report "Combined Heat and Power Market by Capacity (<10 MW, 10-150 MW, 151-300 MW, >300 MW), Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine, and Others (Stirling Engine System and Combined Cycle)), Fuel(Coal, Natural Gas, Biogas/Biomass, Nuclear, Diesel, and Others (Biodiesel and Geothermal)), End User(Residential, Commercial, Industrial, Utilities), and Region - Global Forecast to 2026", published by MarketsandMarkets™, the Combined Heat and Power Market size will grow to USD 35.2 billion by 2026 (forecast year) from USD 26.6 billion in 2021 (estimated year), at a CAGR of 5.8% during the forecast period.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=26572447

Combined heat and power (CHP) is an energy-efficient technology that generates electricity and captures the heat that would otherwise be wasted to provide useful thermal energy, such as steam or hot water. This steam or hot water, in turn, can be used for heating, cooling, and other domestic and industrial processes. 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 10–150 MW segment is expected to dominate the Combined Heat and Power Market, by capacity, during the forecast period.

The 10–150 MW segment accounted for the largest share of 37.5% of the CHP market in 2020. 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 segment is expected to dominate the Combined Heat and Power Market, by prime mover, 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.

Browse in-depth TOC on "Combined Heat and Power Market"

230 – Tables
53 – Figures
282 – Pages

View Detailed Table of Content Here:

https://www.marketsandmarkets.com/Market-Reports/combined-heat-power-market-26572447.html

The natural gas segment is expected to dominate the Combined Heat and Power Market, by communication technology, 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.

The industrial segment is expected to dominate the CHP market, by end user, during the forecast period.

The industrial segment accounted for the largest share of 41.6% of the global Combined Heat and Power Market in 2020. 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. According to the National Bureau of Statistics, China's fixed-asset investments in 2019 were up by 3.1% in the manufacturing sector, and investments in high-tech manufacturing and services grew by 17.3% in the same year. Industries prefer using heat to produce electricity instead of letting it go waste.

Request Sample Pages: https://www.marketsandmarkets.com/speaktoanalystNew.asp?id=26572447

Asia Pacific is expected to lead the CHP market

Asia Pacific accounted for a 55.7% share of the CHP market in 2020. The countries covered in the region are China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. The market is expected to grow due to rapid industrialization, urbanization, and economic growth in the region, leading to the installation of new CHP systems in various emerging economies.

The CHP Market is expected to grow in countries such as China and India due to infrastructural expansions, ongoing power generation projects, and technological innovations. Investments in large new gas-fired cogeneration plants and large coal-fired plants, along with rising demand for electricity, are expected to drive the growth of the Asia Pacific Combined Heat and Power Market over the next five years.

The region is the largest energy consumer globally, with China and India leading the growth in power generation and consumption. Combined heat and power has tremendous potential in Asia Pacific, mainly due to the rapid economic growth in China and the transition from coal-based generation to gas-fired power generation.

The key players include GE (US), Siemens Energy (Germany), Veolia (France), Wärtsilä (Finland), and 2G Energy (Germany).

Browse Related Reports:

Diesel Power Engine Market by Operation (Standby, Prime, and Peak Shaving), Power Rating (Below 0.5 MW, 0.5-1 MW, 1.0-2 MW, 2.0–5 MW, and Above 5 MW), End User (Industrial, Commercial, and Residential), Speed, and Region - Global Forecast to 2025

https://www.marketsandmarkets.com/Market-Reports/diesel-power-engine-market-65999135.html

Gas Engines Market by Fuel Type (Natural Gas, Special Gas) Application (Power Generation, Cogeneration, Mechanical Drive) End-User (Utilities, Manufacturing, Oil & Gas) Power Output (0.5–1MW, 1–2MW, 2–5MW, 5–10 MW, 10–20MW), Region – Global Forecast to 2024

https://www.marketsandmarkets.com/Market-Reports/gas-engine-market-54641802.html

Solid Oxide Fuel Cell Market by Type (Planar and Tubular), Application (Power Generation, Combined Heat & Power, and Military), End-Use (Data Centers, Commercial & Retail, and APU), Region (North America, Asia Pacific, and Europe) - Global Forecast to 2025

https://www.marketsandmarkets.com/Market-Reports/solid-oxide-fuel-cell-market-39365796.html

About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.

Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.

MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledgestore" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: 1-888-600-6441
Email: newsletter@marketsandmarkets.com