DUBLIN, November 29, 2021--(BUSINESS WIRE)--The "Combined Heat and Power Market by Capacity, Prime Mover, Fuel, End User and Region - Global Forecast to 2026" report has been added to ResearchAndMarkets.com's offering.
The CHP market is projected to reach USD 35.2 billion by 2026 from an estimated USD 26.6 billion in initiatives to meet the future electricity demands and focusing on reducing carbon footprint by promoting the use of renewable energy sources to produce energy. It provides benefits such as a reduction in dependency on grid support due to on-site electricity generation, enhanced reliability, reduced costs of energy and initial setup, increased resiliency against power disruption, and reduction in harmful emissions.
The 10-150 MW segment by component is expected to grow at the highest CAGR from 2021 to 2026
Based on the component of CHP systems, the 10-150 MW component is estimated to be the fastest-growing market from 2019 to 2026. This segment consists of larger CHP plants mainly with reciprocating engines such as gas and diesel engines as prime movers, particularly used by industrial, commercial, and utilities end users. The demand for diesel power engines in this segment comes from utility-scale diesel power plants, large industrial plants, captive generation, and independent power producers (IPPs).
Gas turbine segment by prime mover is expected to emerge as the largest segment for CHP implementation
The gas turbine segment, by prime mover, is projected to hold the highest market share during the forecast period. A gas turbine is a type of internal combustion (IC) engine where inlet air is compressed and sprayed with fuel. The mixture is thereafter ignited in a combustion chamber and allowed to flow at high temperature and pressure through the turbine. The gaseous mixture passes through the turbine nozzles, which further channelize the kinetic energy of the hot air flow onto the blades. The turbine blades, which are mounted on a rotor, rotate with the impact of the high-velocity air. The rotary motion is used to turn a shaft, which performs tasks such as driving an electric generator. Gas turbines are used for power generation and in the mechanical drives used by oil & gas and other industries.
Asia Pacific: The largest CHP market
Asia Pacific is currently the largest CHP market, followed by Europe and North America. China accounted for the maximum share of the Asia Pacific market in 2020. It is also projected to grow at the highest CAGR from 2021 to 2026. The market is expected to grow due to rapid industrialization, urbanization, and economic growth in the region, leading to the installation of new CHP systems in various emerging economies.
Government Programs and Incentives to Promote CHP
Rise in Use of Natural Gas for Power Generation
Significant Benefits of CHP Systems in Wastewater Treatment Facilities
Increased Installation and Maintenance Costs of CHP Systems
Existence of Competing Technologies Resulting in Lack of Interest in Development of CHP Systems
Rising Concerns Over Stable Natural Gas Supply for CHP Systems
Rise in Deployment of Micro-CHP Systems
Replacement/Upgrade of Aged Power Generation Equipment
Increased Trend of Distributed Power Generation Creating Huge Opportunity for Gas Turbine-Based CHP Market
Damage to Prime Movers due to Impurities in Biogas Fueled CHP Plans
Challenges Posed by Utilities for Sale of Excess Electricity by CHP Plants
Stability Issues Related to Decentralization of Energy Generation
Trends and Disruptions Impacting Customers
Revenue Shift and New Revenue Pockets for CHP Companies
To Reduce Carbon Emissions from CHP Plant and Enable Further Growth in Sodium Bicarbonate Production
Need to Reduce Overall Carbon Footprint to Meet Carbon Reduction Target of Nhs
Centrica Business Solutions Helped Reduce Energy Costs by Installing CHP Units
Southend Hospital Reaps Financial Benefits of Combined Heat and Power System Since Its Commissioning in 2017
BDR Thermea Group
Capstone Green Energy
Dalkia Aegis, Edf Group
H3 Combined Heat and Power
Man Energy Solutions
Mitsubishi Heavy Industries
Renewable Energy Solutions Environmental Technology (Reset)
For more information about this report visit https://www.researchandmarkets.com/r/cmk956
View source version on businesswire.com: https://www.businesswire.com/news/home/20211129005313/en/
Laura Wood, Senior Press Manager
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