The Global Combined Heat & Power (CHP) Market is estimated to be USD 20.69 Billion in 2018 and is projected to reach USD 27.01 Billion by 2023, at a CAGR of 5.48%, from 2018 to 2023. The increasing demand for energy efficiency in industries, government incentives, and programs to promote CHP is driving the CHP market globally.
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The Combined Heat & Power (CHP) Market has been segmented, by capacity, into Up to 10 MW, 10–150 MW, 151–300 MW, and Above 300 MW. The Above 300 MW segment is expected to be the largest because of rise of natural gas fired power plants in Asia Pacific and North America. As most of the coal-fired plants are being phased out, these plants are being replaced with natural gas fired power plants for power generation.
The CHP market has been segmented, by prime mover, into gas turbine, steam turbine, reciprocating engine, fuel cell, and micro turbine. The reciprocating engine segment is estimated to hold the largest share of the market during the forecast period, owing to the rising distributed power generation in Europe and Asia Pacific. The growth of distributed power generation in Asia Pacific, North America, and Europe is driving the demand for the segment, especially for on-site industrial CHP plants.
The CHP market has been segmented, by end-user, into utilities, district heating & cooling, on-site industrial, on-site commercial and residential. The utilities, district heating & cooling segment are estimated to hold the largest market share by 2023. The market for the segment is driven by the transition toward natural gas fired power generation in Asia Pacific and the increasing requirement of heat and steam in industries and municipal townships.
To enable an in-depth understanding of the competitive landscape, the report includes the profiles of some of the top players in the CHP market. These 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 Combined Heat & Power (CHP) Market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Asia Pacific is expected to dominate the CHP market during the forecast period. The rise in natural gas in the energy mix in China, Japan, and South Korea along with the increasing demand for energy efficiency is driving the CHP market in the Asia Pacific region. The major factor restraining the growth of the CHP market is the high initial cost required to set up and install a CHP plant, particularly for on-site CHP plants in industries and commercial facilities. The restraining factor is particularly prevalent in the Asia Pacific region.