Combined Heat and Power [CHP] Installation Market is Anticipated to Reach USD 1.4 trillion at a CAGR of 4.1% by 2031–TMR Report
Combined heat and power (CHP) installations are gaining momentum due to their ability to simultaneously produce electricity and useful thermal energy, maximizing energy efficiency.
Wilmington, Delaware, United States, Oct. 06, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The combined heat and power [CHP] installation market was estimated to have acquired US$ 942.4 billion in 2021. It is anticipated to register a 4.1% CAGR from 2022 to 2031, and by 2031, the market is likely to gain US$ 1.4 trillion. While CHP systems are prevalent in industrial and commercial settings, there is a growing opportunity for micro-CHP systems in residential homes. These compact units can efficiently provide electricity and heat, reducing household energy costs and carbon footprint.
CHP installations can be integrated into district energy systems, serving multiple buildings with electricity and heat. This concept, called a “virtual power plant,” can enhance energy resilience in urban areas and reduce strain on the grid. Combining CHP with renewable energy sources such as solar or biomass can enhance energy sustainability. These hybrid systems can utilize renewable resources when available and switch to CHP during periods of low renewable output.
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CHP installations can be used for data center cooling, utilizing waste heat for cooling purposes, improving energy efficiency, and reducing cooling costs. In developing regions, where reliable electricity supply is a challenge, CHP installations can provide a reliable and efficient source of electricity and heat, improving living conditions and supporting economic growth.
Key Findings of the Market Report
- Natural gas dominates the combined heat and power (CHP) installation market due to its efficiency and lower environmental impact.
- The gas turbine is the dominating prime mover in the combined heat and power (CHP) installation market due to its efficiency and versatility.
- The dominating application in the combined heat and power (CHP) installation market is industrial, driven by energy efficiency and cost savings.
Global Combined Heat and Power [CHP] Installation Market: Key Players
The combined heat and power (CHP) installation market’s competitive landscape is marked by established and emerging players. Leading companies such as Siemens, General Electric, and Caterpillar have a strong presence, leveraging their expertise and wide-ranging solutions.
Smaller and more innovative firms are gaining traction, specializing in niche applications and customized CHP solutions. With a growing emphasis on sustainability and energy efficiency, the competition intensifies. Collaborations between equipment providers, utilities, and end-users are also reshaping the market dynamics. As the CHP installation market expands globally, adaptability, technological innovation, and customer-centric solutions are crucial for staying competitive.
The following companies are well-known participants in the global Combined Heat and Power [CHP] Installation market:
- Siemens Energy AG
- 2G Energy Inc.
- Capstone Turbine Corporation
- Aegis Energy Services, Inc.
- Cummins Inc.
- General Electric Company
- Aegis Energy Services Inc.
- Generac Holdings Inc.
- Primary Energy Recycling Corporation
- Integral Power
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- Siemens Energy AG offers a comprehensive product portfolio encompassing advanced gas turbines, steam turbines, and power generation solutions. Their innovative technologies cater to diverse industries, delivering efficient and sustainable energy solutions.
- 2G Energy Inc. specializes in combined heat and power (CHP) systems, providing a range of highly efficient CHP modules and cogeneration solutions for various applications.
- Capstone Turbine Corporation offers microturbine power systems designed for clean and efficient energy generation across industries. Their product portfolio includes air-bearing microturbines for reliable distributed energy solutions.
Market Trends for Combined Heat and Power [CHP] Installation
- Growing focus on CHP installations to enhance energy resilience, ensuring uninterrupted power and heat supply during grid outages.
- CHP systems are increasingly adopted to reduce greenhouse gas emissions, aligning with sustainability goals.
- Integration of waste heat recovery systems in industrial CHP installations to further optimize energy efficiency.
- Adoption of CHP installations in industrial clusters to share excess energy, promoting sustainability and cost sharing.
- Governments incentivizing CHP installations through subsidies and policy support to boost energy efficiency and reduce environmental impact.
Market for Combined Heat and Power [CHP] Installation: Regional Outlook
- North America, led by the United States, embraces CHP systems for commercial and industrial applications, driven by energy efficiency and sustainability goals.
- In Europe, nations like Germany and Denmark have well-established CHP infrastructures supported by robust policies favoring cogeneration.
- Asia Pacific, including China and Japan, is experiencing significant growth due to industrial expansion and efforts to reduce emissions.
Global Combined Heat and Power [CHP] Installation Market Segmentation
- Natural Gas
- Steam Turbine
- Combined Cycle
- Gas Turbine
- Reciprocating Engine
- Others (Stirling Engine and Organic Rankine Cycle)
- Commercial & Residential
- North America
- Latin America
- Asia Pacific
- Middle East & Africa
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