Combined Heat and Power Market Business Opportunity, Analysis and Forecast to 2024

Combined heat and power, also known as cogeneration, is the production of heat and electricity from a single source at the same time. It is a system that reclaims lost energy by using the waste heat to provide heat to the power plant or to the buildings which are connected to the power plant through a steam pipe network.

The global combined heat and power market is growing at a good rate and also expected to grow at a decent rate in the coming years, as it increases the efficiency of power generation up to 80% and is suited for industrial parks, military bases, college campuses, and others which are close to the power sources to use the cogenerated heat.

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Insight by Technology

On the basis of technology, the combined heat and power market is categorized into combined cycle, steam turbine, gas turbine, reciprocating engine, and others. The largest market share is expected to hold by the reciprocating engine segment, due to the increasing distributed power generation in various parts of the world. Along with that, the growth in distributed power generation is driving the demand of the segment in the market.

Based on end-user, the combined heat and power market is classified into residential, commercial and industrial users. The industrial end-user category holds the largest share in the market due to the increasing requirement of heat and steam in industries. These systems are used in various industries such as pharmaceutical, petrochemical, and other.

Increasing energy demand in commercial and industrial sector, stringent government regulation, abundant natural gas supply along with low pricing are the major factors that are driving the combined heat and power market growth. The demand of energy is increasing in commercial and industrial sector and this is a clean way to generate electricity and thermal energy from a single fuel cell, which can significantly reduce the dependency of electricity purchasing from local utility and afterwards burning fuel in a boiler, and hence driving the market growth.

The high initial investment is the major factor which can hinder the combined heat and power market growth in the coming years. As these systems are made of complex technologies, they are costly to install in small or medium size enterprises. However, in large industries, they are proved to be beneficial.

Geographic Overview

Globally, Asia-Pacific is the largest combined heat and power market and is also expected to retain its largest share during the forecast period. Rapid industrialization and growing urbanization along with the increasing demand of clean fuel energy will propel the growth of the region’s combined heat and power industry. Along with that, strict norms to reduce the carbon emission along with decentralized power generation will propel the market growth in the region.

Competitive Insight

ENER-G Rudox, AN Diesel & Turbo, General Electric, Caterpillar, Mitsubishi, Kawasaki, Bosch Thermotechnology, Viessmann Werke, FuelCell Energy, MWM, Cummins, Veolia, BDR Thermea, CENTRAX Gas Turbines, Wartsila, ABB, 2G Energy, Aegis Energy, and Siemens AG are some of the major players operating in the combined heat and power industry.

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