Combined Heat and Power Market to Showcase Strong Growth at 8.20% CAGR, Reaching USD 30.89 Billion by 2030, Driven by Favorable Regulatory Landscape, Estimates Kings Research

DUBAI, UAE, Jan. 9, 2024 /PRNewswire/ -- As per the recent report released by Kings Research, the global Combined Heat and Power Market size was recorded at USD 15.12 billion in 2022 and is estimated to reach USD 30.89 billion in revenue by 2030, exhibiting a CAGR of 8.20% through the projection period of 2023-2030. The rising utilization of gas-powered systems due to their reduced carbon emissions, along with the increasing customer inclination towards environmentally friendly energy, is expected to play a significant role in the widespread use of combined heat and power (CHP) technology.

Combined heat and power (CHP), sometimes referred to as Cogeneration, is a highly effective method of generating energy from a single fuel source while also producing useful heat. CHP systems maximize the total energy efficiency of the system by capturing the waste heat generated during the production of electricity and using it for heating, cooling, or other industrial activities. Compared to conventional separate heat and power generation, CHP offers numerous benefits, such as lower energy prices, fewer pollutants, and increased energy security.

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Trending Now: Kazakhstan's Inaugural Combined Heat and Power Plant to be Powered by GE Gas Turbines

GE signed an agreement with Aksa Energy, the leading publicly listed global power producer based in Türkiye in February 2023 to provide two cutting-edge GE 6F.03 gas turbines, which will serve as the powerhouse for Aksa Energy's upcoming combined heat and power plant situated in the Kyzylorda region of Kazakhstan. Additionally, GE will offer maintenance services to ensure the continued availability and dependable performance of the equipment.

Competitive Landscape

Major players in the global combined heat and power market are focusing on strategic agreements in order to expand their global reach. For instance, PTT Global Chemical Public Company Ltd. (GC) and Kawasaki Heavy Industries (Thailand) Co., Ltd. recently signed a Memorandum of Understanding (MoU) in August 2023. This partnership's goal is to carry out a thorough investigation of the creation, building, and prospective operation of a hydrogen gas turbine power generation facility.

Key participants in the global combined heat and power market include:

• Kawasaki Heavy Industries, Ltd.
• General Electric
• Viessmann Werke GmbH & Co. KG
• Bosch Industriekessel GmbH
• Wartsila
• Veolia
• Siemens AG
• 2G Energy AG
• MAN Energy Solutions SE
• MITSUBISHI HEAVY INDUSTRIES, LTD.

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The global Combined Heat and Power Market is segmented as:

By Type

• Gas Turbine
• Steam Turbine
• Fuel Cell
• Microturbines
• Reciprocating Engines
• Others

Rising Use of Gas Turbines Across Diverse Industries to Aid Combined Heat and Power Market Growth

In terms of type, the gas turbine segment accounted for the largest share of the global combined heat and power market in 2022. This growth can be attributed to the growing utilization of gas turbines across various industries, which is driving the advancement of combined heat and power technology. Gas turbine combined heat and power systems, which make use of the excess heat produced by gas turbines, are a popular type of CHP technology. The efficiency and dual capability of gas turbines to generate electricity and heat have led to their widespread adoption. This has resulted in the growth of CHP technology across diverse sectors, including manufacturing.

By Fuel

• Natural Gas
• Renewables
• Others

Financial Backing for Natural Gas Power Plants Establishment to Foster Combined Heat and Power Market Expansion

On the basis of fuel, the natural gas segment led the global combined heat and power market in 2022. Widespread efforts to minimize installation and operational expenses, along with continuous financial support from both governmental and private organizations, aimed at facilitating the growth of natural gas power plants are supporting the growth of the segment. These factors significantly contribute to the widespread acceptance and implementation of this technology.

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Surging Installation of Microgrids to Boost Adoption of Combined Heat and Power Technology

The combined heat and power technology has been gaining traction recently as an increasing number of microgrids are being installed. Microgrids are compact power systems that can run separately or in association with the power grid. They are made up of power plants, such as CHP systems, that can generate both useful heat and electricity from a single fuel source.

Moreover, the addition of CHP to microgrids improves energy reliability. Microgrids with CHP systems can continue to supply energy and heat to crucial facilities in the case of a grid failure, assuring ongoing operations. For medical facilities, data centers, and other critical infrastructure, this capability is highly helpful. The rising adoption of CHP technology has been aided by the expansion of microgrid installations, which are prompted by the need for energy resiliency, cost savings, and environmental sustainability.

Europe to Lead the Combined Heat and Power Market Due to Increasing Need for District Heating 

Europe emerged as the leading contributor to the global combined heat and power market growth in 2022 due to the increasing need for district heating and cooling systems. This demand stems from the shifting climate patterns and the continuous technological advancements, which provide the capability for flexible fuel usage. The European market specifically benefits from determined efforts to reduce carbon emissions, as emphasized by the European Commission and regional authorities.

The district benefits from various sustainable policy goals and energy security measures, which encourage the adoption of combined heat and power (CHP) systems. For instance, the European Commission recently endorsed Greece's state aid program worth $2.40 billion in November 2021. This scheme aims to promote renewable power generation and high-energy efficiency CHP plants. It will be available until 2025 and provides financial assistance for up to 20 years.

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Key Points from TOC:

Chapter 1 Introduction of The Global Combined Heat and Power Market
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach

Chapter 4 Global Combined Heat and Power Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Combined Heat and Power Market, By Type

Chapter 7 Global Combined Heat and Power Market, By Capacity

Chapter 8 Global Combined Heat and Power Market, By Fuel

Chapter 9 Global Combined Heat and Power Market, By Application

Chapter 10 Global Combined Heat and Power Market, By Geography

Chapter 11 North America 

Chapter 12 Europe 

Chapter 13 Asia Pacific 

Chapter 14 Middle East & Africa 

Chapter 15 Latin America 

Chapter 16 Global Combined Heat and Power Market Competitive Landscape

16.1 Overview
16.2 Key Developments
16.3 Key Strategic Developments
16.4 Company Market Ranking
16.5 Regional Footprint
16.6 Industry Footprint

Chapter 17 Company Profiles
17.1 Kawasaki Heavy Industries, Ltd.
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Product Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis
17.2 General Electric
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Product Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis
17.3 Viessmann Werke GmbH & Co. KG
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Product Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis
17.4 Bosch Industriekessel GmbH
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Product Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis
17.5 Wartsila
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Product Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis

Continued…….

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