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Global Combined Heat and Power Market – Opportunities and Forecasts, 2022-2028

In: Business
Combined Heat and Power Market
Combined Heat and Power Market

During the projected period, the global Combined Heat and Power market is predicted to increase at a CAGR of 5.8%, from an estimated USD 26.6 billion in 2021 to USD 35.2 billion in 2026. In the CHP market, the software segment is the most popular component type, followed by the hardware section.

COVID-19’s Impact on the CHP Market

COVID-19 has hampered the combined heat and power market’s growth, as countries were required to adopt lockdowns in the first half of 2020. Governments and municipal governments established strict restrictions, and all non-essential activity were halted. Because end-users’ operations were halted, this had a negative impact on the CHP market.

Furthermore, during the second quarter, production and supply chain delays were observed, posing a challenge to the CHP market, as CHP systems were still not functioning at full capacity.

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Market Dynamics for Combined Heat and Power

Government programmes and incentives to encourage CHP are a driving force.

Government initiatives and incentives are expected to fuel the growth of the combined heat and power sector, notably in OECD countries such as the United States, the United Kingdom, Germany, Japan, and others. In 2012, the US established a new legislation encouraging the use of CHP for energy efficiency, and the then-President of the United States signed an executive order encouraging industry energy efficiency. The order set a goal for CHP to account for 20% of total electricity generation in the United States by 2020, up from 8% in 2012.

Constraints: The cost of installing and maintaining CHP systems has increased.

The high initial capital cost of establishing a CHP plant is one of the most significant disadvantages. CHP plants require additional equipment such as heat exchangers, absorption chillers, boilers, and other equipment in addition to power producing equipment such as prime movers and generator systems. A conventional CHP plant can cost over 240 percent more than a power production plant with the same capacity and prime mover, posing a significant barrier to the combined heat and power market.

Impurities in biogas-fueled CHP schemes cause damage to prime movers, posing a challenge.

Understanding the importance of gas pretreatment and devising a strategy for it is one of the primary issues in CHP facilities. Biogas-fueled CHP systems use prime movers that oxidise methane in a combustion chamber, such as a gas turbine, a micro gas turbine, a reciprocating engine, or a Stirling engine. This produces thermal energy, which is used to drive a piston or turbine, and the shaft work is then transformed to electricity in a generator.

Opportunities: The growing trend of distributed power production is opening up a vast market for gas turbine-based CHP.

The term “distributed generation” refers to the process of generating electricity near to or at the point of usage. Small power plants with low-voltage DC-based power distribution were previously used to distribute electricity. Electricity and mechanical work can both benefit from distributed generating (providing torque to move objects). Stationary or mobile distributed generating systems with a capacity of less than 100 MW are classified as distributed generation systems.

The combined heat and power market is divided into three categories in this report: product type, application, and geography.

Based on Product Type, the Combined Heat and Power Market has been segmented as follows: Micro CHP, Industrial CHP, Trigeneration, Combined Heat, And Power District Heating

Based on Application, the Combined Heat and Power Market has been segmented as follows: Hospitals, Universities, Military Installations, Data Centers, Prisons, And Large Office Buildings

Companies covered in this report are :

GE (US), Siemens Energy (Germany), Veolia (France), Wärtsilä (Finland), 2G Energy (Germany), Mitsubishi Heavy Industries (Japan), Caterpillar (US), E.ON (Germany), Viessmann Werke (UK), Tecogen (US), BDR Thermea Group (Netherlands), Dalkia Aegis EDF Group (US), Bosch (Germany), FuelCell Energy (US), Cummins (US), Centrica (UK), Man Energy Solutions (Germany), Caterpillar (US), Capstone Green Energy (US), ClearCell Power (US), RESET(Italy), HELEC Limited (UK), AB Holding (Italy), Enexor Bioenergy (US), and H3-Combined Heat and Power (Canada).

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Recent Developments

● Siemens and the Guangdong Energy Group agreed in February 2021 to supply F-class gas turbine island equipment for the Zhaoqing Dinghu Combined Heat and Power (CHP) production project in Dinghu District, Zhaoqing City, Guangdong Province (China). Two SGT5-4000F gas turbines, two steam turbines, four generators, two SPPA-T3000 control systems, and related ancillary equipment make up the 2460MW CHP facility.
● Wärtsilä was awarded a contract by Kraftwerke Mainz-Wiesbaden in February 2021 to build a 100 MW CHP plant that would feed the extra heat generated during power generation into the Mainz district heating network, producing enough heat for about 40,000 modern single-family houses.
● 2G Energy added two new engines to its aura series in August 2020, the aura 408 and aura 412. Aura 408 has a 280 kW electrical output. Aura 412 has a 420 kW electrical output. These engines have a high efficiency of up to 94%, a thermal efficiency of roughly 56%, and generate very little nitrogen oxide.
● Veolia secured a 15-year contract with Total Fitness in January 2020 to install CHP units in 17 health and fitness centres in England and Wales. Total Fitness will benefit from Veolia’s assistance in reducing gas consumption by 32% and increasing electricity efficiency by 22%.
● GE and GreenTech agreed in April 2018 to deliver 21 Jenbacher gas engines for CHP generation in the Russian food and beverage, glass, agriculture, and chemical processing industries. The engines, which have a total capacity of 26 MW, were delivered by the end of 2018.

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