Combined Heat and Power Market - Trends Forecast Till 2028

Market Overview

The Combined Heat and Power Market size is projected to reach a CAGR of 6.6% from 2021 to 2028.

The method of generating heat and electricity simultaneously is referred to combined heat and power generation. This is done through burning various fuels such as oil, natural gases and bio fuels. The analysis in this report provides current and future trends of the CHP market. The goal of this report is to determine the advantages of using CHP method. The market trends of combined heat and power generation market have been attractive over the past few years and investments in this market can prove very fruitful.

The shift in preference towards replacing conventional energy systems owing to operational cost and uninterrupted utility supply is the major factor that has supported long-term expansion for Combined Heat and Power Market.

COVID-19 has slowed the growth of the combined heat and power market, as countries were forced to implement lockdowns during the first half of 2020. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This adversely affected the CHP market owing to the suspension of activities of end-users.

Regional Analysis

Asia Pacific is expected to account for the largest market size during the forecast period. The CHP market is expected to grow in countries such as China and India due to infrastructural expansions, ongoing power generation projects, and technological innovations.

Insights are provided for each region and major countries within the regions

Competitive Landscape

Key Players

• E. ON SE
• Mitsubishi Hitachi Power Systems, Ltd.
• Siemens
• Centrica
• General Electric
• Bdr Thermea Group
• Aegis Energy Services Inc.
• Clarke Energy
• Cummins Inc.
• Capstone Turbine Corporation
• Caterpillar
• Elite Energy Systems, LLC
• Doosan Fuel Cell America, Inc.
• Tecogen Inc.
• Wartsila

Recent Developments

• In February 2021, Siemens signed an agreement with the Guangdong Energy Group to provide F-class gas turbine island equipment for the Zhaoqing Dinghu Combined Heat and Power (CHP) generation project in Dinghu District, Zhaoqing City, Guangdong Province (China). The CHP plant is rated at 2×460MW and includes two SGT5-4000F gas turbines, two steam turbines, four generators, two SPPA-T3000 control systems and related auxiliary equipment.
• In February 2021, Wärtsilä secured a contract from Kraftwerke Mainz-Wiesbaden to deliver a 100 MW CHP plant, which would feed the excess heat generated during power generation into the Mainz district heating network, providing around 40,000 modern single-family homes.

Reasons to Acquire

• Increase your understanding of the market for identifying the best and suitable strategies and decisions on the basis of sales or revenue fluctuations in terms of volume and value, distribution chain analysis, market trends and factors
• Gain authentic and granular data access for Combined Heat and Power Market so as to understand the trends and the factors involved behind changing market situations
• Qualitative and quantitative data utilization to discover arrays of future growth from the market trends of leaders to market visionaries and then recognize the significant areas to compete in the future
• In-depth analysis of the changing trends of the market by visualizing the historic and forecast year growth patterns

Report Scope