The report "Combined Heat and Power Market by Capacity (<10 MW, 10-150 MW, 151-300 MW, >300 MW), Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine, and Others (Stirling Engine System and Combined Cycle)), Fuel(Coal, Natural Gas, Biogas/Biomass, Nuclear, Diesel, and Others (Biodiesel and Geothermal)), End User(Residential, Commercial, Industrial, Utilities), and Region - Global Forecast to 2026", The CHP market size will grow to USD 35.2 billion by 2026 (forecast year) from USD 26.6 billion in 2021 (estimated year), at a CAGR of 5.8% during the forecast period. Combined heat and power (CHP) is an energy-efficient technology that generates electricity and captures the heat that would otherwise be wasted to provide useful thermal energy, such as steam or hot water. This steam or hot water, in turn, can be used for heating, cooling, and other domestic and industrial processes. The conventional method of producing usable heat and power separately has a typical combined efficiency of 45%, where CHP systems can operate at levels as high as 80%. CHP can be implemented for different types of prime movers, such as gas turbines, steam turbines, reciprocating engines, fuel cells, and microturbines. CHP is also called cogeneration, and it can be used in an individual facility/building or a district energy/utility resource. The technology is typically employed at facilities where there is a need for electricity and thermal 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. Critical electrical and thermal loads can be handled by CHP systems during grid power outages. Micro turbines are a type of combustion turbine that produces both heat and electricity on a relatively small scale.
By capacity, the Up to 10 MW segment is the fastest growing in the CHP market
The Up to 10 MW segment is projected to be the fastest-growing segment of the CHP market during the forecast period. The demand for CHPs in this capacity segment mainly comes from residential, industrial, and commercial end users. Residential CHP installations can range from as low as 1.5 kW to 0.5 MW and usually require natural gas for operation. CHP systems help reduce energy costs compared with conventional systems. The market for these is driven by governmental micro-CHP programs for fuel cells. In contrast to reciprocating engines and gas turbines, fuel cells generate electricity without combusting the fuel. Hence, fuel cell-based CHP systems are used in stationary, portable, and emergency backup power applications. Companies such as AB Holding, 2G Energy, FuelCell Energy, and Capstone usually provide CHP solutions for this capacity range.
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By prime mover, the fuel cell segment is projected to be the fastest-growing segment of the CHP market in 2020.
The fuel cell segment is projected to be the fastest-growing segment of the CHP market during the forecast period. Fuel cell is an emerging technology for power generation in which the chemical energy in a fuel is directly converted into electrical energy without a combustion process. The byproducts of fuel cell are water, electricity, and heat; thus, it is a cleaner technology than other prime movers for power generation.
The quality of heat is dependent on the type of fuel cell and its operating temperature. Hydrogen is recovered in the process from natural gas, coal gas, methanol, and other hydrocarbon fuels. Fuel cell capital costs remain high due to low-volume custom production methods. It offers benefits such as low harmful emissions, low noise, and generous market subsidies. Fuel cells can be used for micro-scale CHP systems ranging from 1 kW to 5 kW, known as micro-CHP. Large fuel cell-based CHP facilities with plant capacity ranging from 5 MW to 80 MW are being installed in Asian countries such as the US, Japan, and South Korea. There are 126 fuel cells installed in the US that are configured for CHP operation, accounting for a combined capacity of 67 MW.
By end user, the utilities segment is the fastest-growing segment in the CHP market
The utilities segment is the fastest-growing segment in the CHP market during the forecast period. The power produced by utilities can be used to provide electricity to the local facilities or exported to local electricity grids. Utilities use CHPs, as they offer low-cost supply of electric and thermal energy. CHP plants can reach efficiencies of 80%, compared with the 25–30% efficiency rating of non-CHP thermal plants. The ability of CHP technology to provide electricity and useful thermal energy makes it a key technology for city- and district-level utilities. Traditionally, CHP installations were not much favored by utilities; however, utilities have started realizing the benefits of large-scale centralized CHP systems that provide commercial and technical benefits to utilities and their consumers.
Utilities can use CHP systems to monetize the heat generated as a by-product of electricity generation, combined with the savings from the high operational efficiency of these systems. CHP plants utilize the thermal energy produced as a by-product of power generation to provide district heating or cooling systems using the supply of steam, hot water, or chilled water.
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Asia Pacific is expected to be the largest and fastest growing market during the forecast period.
Asia Pacific accounted for an 55.7% share of the CHP market in 2020. The countries covered in the region are China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. 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.
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. Investments in large new gas-fired cogeneration plants and large coal-fired plants, along with rising demand for electricity, are expected to drive the growth of the Asia Pacific CHP market over the next five years.
The region is the largest energy consumer globally, with China and India leading the growth in power generation and consumption. CHP has tremendous potential in Asia Pacific, mainly due to the rapid economic growth in China and the transition from coal-based generation to gas-fired power generation.
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The key players include GE (US), Siemens Energy (Germany), Veolia (France), Wärtsilä (Finland), and 2G Energy (Germany).
