Market Research Report
Combined Heat And Power Market Size By Fuel, By End Use, By Capacity, By Technology, Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 - 2026
|Published by||Global Market Insights Inc.||Product code||555438|
|Published||Content info||550 Pages
Delivery time: 2-3 business days
|Combined Heat And Power Market Size By Fuel, By End Use, By Capacity, By Technology, Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 - 2026|
|Published: February 10, 2020||Content info: 550 Pages||
Combined Heat And Power (CHP) Market Size By Fuel (Natural Gas, Coal, Biomass), By End Use (Residential [Space Heating/Cooling, Water Heating, Cooking, Lighting], Commercial [Educational Institution, District Energy, Office Building, Government/Military], Industrial [Chemical, Petroleum Refining, Food, Paper, Primary Metals]), By Capacity (1 kW - 0.5 MW, 0.5MW - 5MW, Above 5 MW), By Technology (Combined Cycle, Steam Turbine, Gas Turbine , Reciprocating Engine), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 - 2026.
Global combined heat and power market is poised to garner significant momentum in the forthcoming years. This can be linked with mounting environmental concerns and the subsequent paradigm shift towards the adoption of sustainable energy technologies. Combined heat and power (CHP) is an energy-efficient technology which can be deployed cost-effectively, quickly, and with fewer geographic limitations.
CHP systems generate electricity and capture heat that would otherwise be wasted to generate useful thermal energy, which can be used for domestic hot water applications, space heating and cooling, and a range of industrial processes. CHP systems are known to achieve efficiencies of more than 80% compared to conventional power generation technologies in which nearly two-thirds of the energy is wasted in the form of heat.
On the basis of fuel, combined heat and power industry is segmented into natural gas, coal, and biomass. Biomass fuel segment is estimated to witness a robust CAGR over the coming years on account of favorable schemes and policies by the government, such as renewable energy certificates, road transport fuel certificates, and non-domestic renewable heat incentive.
Biomass fuels prove to be the most efficient and beneficial when used for generating both heat and power through CHP. This can be attributed to advantages such as lower emissions, waste reduction, energy cost savings, the security of a domestic fuel supply, and local economic development. Additionally, biomass is more flexible and reliable than other renewable sources.
Considering the technology landscape, the market can be classified into steam turbine, gas turbine, combined cycle, and reciprocating engine. Steam turbines are anticipated to experience rapid adoption in the next few years owing to high reliability and long working life. The capacity of these turbines varies from 0.5 MW to several hundred megawatts.
Steam turbines are best-suited for medium and large-scale industrial applications where low-cost fuels such as biomass, coal, solid wastes and byproducts, refinery off gases, and refinery residual oil is readily available. As of 2016, nearly 700 sites in the U.S. were using steam turbines for CHP operations, according to the U.S. Department of Energy.
Reciprocating engines are gaining traction and the segment will witness substantial growth in the near future. Factors such as excellent thermal efficiency and lower exhaust emissions make these engines preferable for application in gas turbines and diesel engines. Reciprocating internal combustion engines are a mature technology with high reliability and excellent efficiency.
These engines are increasingly being preferred for a variety of distributed generation operations and are prominently used across different industrial, commercial, and institutional facilities for CHP generation. Citing data from the U.S. Department of Energy, approximately 2,400 reciprocating engine CHP systems were installed in the U.S. in 2016, constituting 54% of the entire population of installed CHP systems.