Global CHP (Combined heat and power) Installation Market: Snapshot
Cogeneration or combined heat and power (CHP) is the use of a heat engine or power station to generate electricity and heat at the same time. Conventional power plant produces electricity by a fairly inefficient process. Fossil fuels such as oil, coal, and natural gas are burned in a giant furnace to release heat energy. The heat is used to boil water and produce steam. The steam drives a turbine, which, in turn, drives the generator. The generator produces electricity.
According to a report by Transparency Market Research (TMR), the opportunities in the global CHP installation market are expected to climb from US$836.6 bn in 2018 to US$1,198.8 bn by end of 2027, growing at a CAGR of 4.05% from 2019-2027. The total CHP installed capacity is expected to reach 1,000 GWH by 2027.
Growing Environmental Concern followed by Utilization of Renewable Energy Sources to Benefit Market
Increase in environmental concerns is compelling various countries to generate power using renewable sources of energy such as wind, wave, and tidal. New generations of turbines and reciprocating engines are the result of an intensive collaborative research between governments and manufacturers that use advanced materials and computer-aided design techniques. This has significantly increased equipment efficiency and reliability, while reducing costs and pollutant emissions for the installation of CHP. Various governments have implemented policies and programs to promote the usage of cogeneration. Governments are also providing subsidies. Additionally, recovery in the European economy, rapid urbanization in countries such as India and China, rise in disposable income, and increase in government efforts to provide social housing are projected to drive the residential buildings sector. This, in turn, is likely to boost the CHP installation market.
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North America and Asia Pacific to be the Emerging Market for CHP Installation
In terms of region, the global CHP Installation market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and Rest of World. Europe is a mature region of the market. The market in Europe is anticipated to expand substantially during the forecast period. Asia Pacific and North America are emerging regions of the market. The CHP installation market in these regions is estimated to expand significantly during the forecast period.
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Key Players in the Global CHP (Combined heat and power) Installation Market
Leading players dominate the market. Key players operating in the CHP installation market include
- Siemens AG
- General Electric Company
- Cummins Inc.
- Generac Holdings
- Capstone Turbine Corporation
2G Energy Services, and Wärtsilä Corporation. Market players have been profiled in terms of attributes such as company overview, financial overview, business strategies, and recent developments.
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Global CHP (Combined heat and power) Installation Market: Recent Developments
- On March 2020, the newly installed combined heat and power (CHP) plant at Toplana Zenica, is expected to start operations in 2021. This will eliminate the use of coal for district heating and utilize waste gases from the ArcelorMittal Zenica steel plant. The CHP plant will have a power output of 14.45 MW and a heat capacity of 112.5 MW.
- On February 2020, Eastlink Centre, Canada announced the installation plans for the CHP unit before the Council. The recommendation was for Council to amend the 2020/2021 capital plan to include US$ 1.8 Mn for the installation of the CHP unit.
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