Combined Heat & Power Market Heating Up

  • The Above 300 MW segment is expected to hold the largest share of the combined heat & power market, by capacity, during the forecast period.
  • The utilities, district heating & cooling segment is expected to dominate the combined heat & power market, by end-user, in 2018.
  • Asia Pacific expected to be the leading market for CHP during the forecast period.

The global Combined Heat & Power Market is estimated to reach $20.69 billion in 2018 and is projected to reach $27.01 billion by 2023, at a CAGR of 5.48%, during the forecast period. The market is set to grow due to the increasing demand for energy efficiency and government incentives and programs to promote CHP.

The phasing out of coal-based power generation has given rise to large-scale natural gas-fired cogeneration plants.

Market Ecosystem:

Some of the leading players in the combined heat & power market include GE (US), Siemens (Germany), 2G Energy (Germany), Wärtsilä (Finland), Mitsubishi Hitachi Power System (Japan), FuelCell Energy (US), and Clarke Energy (UK). The leading players are trying to understand the markets in developing economies and are adopting various strategies to increase their market shares.

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The segment caters mainly to the utilities, district heating & cooling end-users. The segment is expected to be driven by the rising adoption of natural gas fired power generation in the Asia Pacific region, particularly in China and South Korea. The phasing out of coal-based power generation has given rise to large-scale natural gas-fired cogeneration plants. The rapid demand for heat and steam in industries and requirement of municipal district heating & cooling is driving the growth in this segment. The shale gas boom in North America is another driving factor for growth in this segment, with utility-scale natural gas fired power plants being set up in the region.

The increase in natural gas in the energy mix and need for energy efficiency in countries such as China, South Korea, and India is driving the market for Combined Heat & Power in the region.

The segment caters mainly to the utilities, district heating & cooling end-users. The segment is expected to be driven by the rising adoption of natural gas fired power generation in the Asia Pacific region, particularly in China and South Korea. The phasing out of coal-based power generation has given rise to large-scale natural gas-fired cogeneration plants. The rapid demand for heat and steam in industries and requirement of municipal district heating & cooling is driving the growth in this segment. The shale gas boom in North America is another driving factor for growth in this segment, with utility-scale natural gas fired power plants being set up in the region.

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The market in Asia Pacific is expected to lead the Combined Heat & Power Market, by region. The increase in natural gas in the energy mix and need for energy efficiency in countries such as China, South Korea, and India is driving the market for Combined Heat & Power in the region. Rise in distributed power generation and emerging technologies such as fuel cell based micro-CHP has opened new opportunities for growth in the region.

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Ganesh Kulkarni

Market Research Associate | Focus on Energy & Power Result Driven Research

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