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Combined Heat & Power (CHP) Market - Global Industry Analysis (2018 - 2020) - Growth Trends and Market Forecast (2021 - 2026)

  • ID: 5513929
  • Report
  • November 2021
  • Region: Global
  • 130 Pages
  • Fairfield Market Research

FEATURED COMPANIES

  • 2G Energy AG
  • Clarke Energy
  • Cummins Inc.
  • GE
  • MAN Energy Solutions SE
  • Siemens AG
The global combined heat and power (CHP) market has been garnering attention as it ensures improved efficiency of fuel and reduced emissions. According to the publisher, the global CHP market is estimated to be worth US$26.9 Bn in 2026 from US$19.1 Bn in 2020. Analysts estimate that the market will register a CAGR of 6.2% between the forecast years of 2020 and 2026. During these years, the market is expected to add a total of 181 GW capacity.

Key Highlights in Global Combined Heat Power Market are:

  • Currently, natural gas-fuelled CHP dominates the market. However, the overall market share of biomass-fuel based CHP systems is expected to witness higher growth in the coming years.
  • Government policies and latest technologies are designed to improve efficiency and adhere to the emission control standards to offer reliable operations in long term.
  • The CHP installation market is characterized by new product developments, improvements, and acquisitions of smaller players by global conglomerates.
  • In terms of CHP installations, Europe is the world leader. In 2020, Europe accounted for the major share of the global market. As of now, CHP systems generate 11% of electricity in Europe and 15% of the heat for various industrial applications. As per the carbon-neutral targets, the share of electricity generation through CHP is expected to reach 20% followed by heat generation at 25% by 2030.
  • The current pandemic is impacting clean energy sectors across the country, including the CHP industry. CHP market was hampered due to the unavailability of equipment/components. High dependency on Chinese equipment/components resulted in delays in procurement owing to trade restrictions with China.

Natural Gas Emerges as Popular CHP Solution in Global Market


The demand for natural-gas fuelled CHP solutions is expected to lead the market as it is an affordable form of fuel. Its lower environmental impact is also expected to drive the segment’s growth in the coming years. Its easy availability has also contributed to its growth. In many ways, natural gas is a better option than coal as it requires lower investments, is available for longer periods, and offers higher flexibility for CHP plants. The U.S., Russia, and China are predominantly using natural gas as fuel for CHP plants. As more and more countries emulate this model, chances are that natural gas will continue its dominance.

Europe Leads Cold Weather Demands Reimagined Heating Solutions


Europe is a clear leader in the global combined heat and power market as the harsh winters across UK and Finland are likely to create a surge in cogeneration equipment. During the forecast period, this equipment will also serve the electrical and thermal applications. For instance, in August 2020, the Romanian-Kazakh Energy Investment Fund and Turkey's Calik Enerji signed a US$148 million engineering, procurement and construction contract for a cogeneration plant that will be commissioned in the first half of 2023.

Meanwhile, Asia Pacific combined heat and power market is also anticipated to make great strides as industrial activities and government support for infrastructural development gains momentum.

Some of the key players operating in the global combined heat power market are ABB Group, Siemens AG, Veolia, GE, 2G Energy AG, Tecogen Inc., Cummins Inc., MAN Energy Solutions SE, Clarke Energy, Capstone Green Energy Corporation, Generac Power Systems, Inc, and Wartsila.
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • 2G Energy AG
  • Clarke Energy
  • Cummins Inc.
  • GE
  • MAN Energy Solutions SE
  • Siemens AG
1. Executive Summary
1.1. Global Combined Heat & Power (CHP) Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Analyst Recommendations

2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.2.4. Micro and Macro Factors
2.3. Value Chain Analysis
2.4. Porter’s Five Forces Analysis and PEST Analysis
2.5. Covid-19 Impact
2.5.1. Supply Chain
2.5.2. Raw Materials Impact Analysis
2.5.3. Combined Heat & Power (CHP) Facility: Cost Structure Analysis

3. Price Trends Analysis and Future Projects, 2018 - 2026
3.1. Key Highlights
3.2. by Fuel/by Technology
3.3. By Region

4. Global Combined Heat & Power (CHP) Market Outlook, 2018 - 2026
4.1. Global Combined Heat & Power (CHP) Market Outlook, by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
4.1.1. Key Highlights
4.1.1.1. Coal
4.1.1.2. Natural Gas
4.1.1.3. Biomass
4.1.1.4. Others (Renewables, Fuel Cell, Nuclear, etc.)
4.1.2. BPS Analysis/Market Attractiveness Analysis, by Fuel
4.2. Global Combined Heat & Power (CHP) Market Outlook, by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
4.2.1. Key Highlights
4.2.1.1. Steam Turbine
4.2.1.2. Combined Cycle
4.2.1.3. Gas Turbine
4.2.1.4. Reciprocating Engine
4.2.1.5. Others (Stirling Engines and Organic Rankine Cycles (ORC), etc.)
4.2.2. BPS Analysis/Market Attractiveness Analysis, by Technology
4.3. Global Combined Heat & Power (CHP) Market Outlook, by Region, Capacity (GW) and Value (US$ Mn), 2018 - 2026
4.3.1. Key Highlights
4.3.1.1. North America
4.3.1.2. Europe
4.3.1.3. Asia Pacific
4.3.1.4. Rest of the World (RoW)
4.3.1.5. Middle East & Africa
4.3.2. BPS Analysis/Market Attractiveness Analysis, by Region

5. North America Combined Heat & Power (CHP) Market Outlook, 2018 - 2026
5.1. North America Combined Heat & Power (CHP) Market Outlook, by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
5.1.1. Key Highlights
5.1.1.1. Coal
5.1.1.2. Natural Gas
5.1.1.3. Biomass
5.1.1.4. Others (Renewables, Fuel Cell, Nuclear, etc.)
5.2. North America Combined Heat & Power (CHP) Market Outlook, by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
5.2.1. Key Highlights
5.2.1.1. Steam Turbine
5.2.1.2. Combined Cycle
5.2.1.3. Gas Turbine
5.2.1.4. Reciprocating Engine
5.2.1.5. Others (Stirling Engines and Organic Rankine Cycles (ORC), etc.)
5.3. North America Combined Heat & Power (CHP) Market Outlook, by Country, Capacity (GW) and Value (US$ Mn), 2018 - 2026
5.3.1. Key Highlights
5.3.1.1. U.S. Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
5.3.1.2. U.S. Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
5.3.1.3. Canada Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
5.3.1.4. Canada Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026

6. Europe Combined Heat & Power (CHP) Market Outlook, 2018 - 2026
6.1. Europe Combined Heat & Power (CHP) Market Outlook, by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.1.1. Key Highlights
6.1.1.1. Coal
6.1.1.2. Natural Gas
6.1.1.3. Biomass
6.1.1.4. Others (Renewables, Fuel Cell, Nuclear, etc.)
6.2. Europe Combined Heat & Power (CHP) Market Outlook, by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.2.1. Key Highlights
6.2.1.1. Steam Turbine
6.2.1.2. Combined Cycle
6.2.1.3. Gas Turbine
6.2.1.4. Reciprocating Engine
6.2.1.5. Others (Stirling Engines and Organic Rankine Cycles (ORC), etc.)
6.3. Europe Combined Heat & Power (CHP) Market Outlook, by Country, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1. Key Highlights
6.3.1.1. Germany Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.2. Germany Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.3. Italy Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.4. Italy Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.5. Netherlands Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.6. Netherlands Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.7. Spain Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.8. Spain Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.9. Poland Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.10. Poland Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.11. Finland Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.12. Finland Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.13. U.K. Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.14. U.K. Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.15. Rest of Europe Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
6.3.1.16. Rest of Europe Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026

7. Asia Pacific Combined Heat & Power (CHP) Market Outlook, 2018 - 2026
7.1. Asia Pacific Combined Heat & Power (CHP) Market Outlook, by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
7.1.1. Key Highlights
7.1.1.1. Coal
7.1.1.2. Natural Gas
7.1.1.3. Biomass
7.1.1.4. Others (Renewables, Fuel Cell, Nuclear, etc.)
7.1.2. BPS Analysis/Market Attractiveness Analysis
7.2. Asia Pacific Combined Heat & Power (CHP) Market Outlook, by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
7.2.1. Key Highlights
7.2.1.1. Steam Turbine
7.2.1.2. Combined Cycle
7.2.1.3. Gas Turbine
7.2.1.4. Reciprocating Engine
7.2.1.5. Others (Stirling Engines and Organic Rankine Cycles (ORC), etc.)
7.3. Asia Pacific Combined Heat & Power (CHP) Market Outlook, by Country, Capacity (GW) and Value (US$ Mn), 2018 - 2026
7.3.1. Key Highlights
7.3.1.1. China Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
7.3.1.2. China Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
7.3.1.3. India Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
7.3.1.4. India Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026South Korea
7.3.1.5. Rest of Asia Pacific Combined Heat & Power (CHP) Market by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
7.3.1.6. Rest of Asia Pacific Combined Heat & Power (CHP) Market by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026

8. Rest of the World (RoW) Combined Heat & Power (CHP) Market Outlook, 2018 - 2026
8.1. Rest of the World (RoW) Combined Heat & Power (CHP) Market Outlook, by Fuel, Capacity (GW) and Value (US$ Mn), 2018 - 2026
8.1.1. Key Highlights
8.1.1.1. Coal
8.1.1.2. Natural Gas
8.1.1.3. Biomass
8.1.1.4. Others (Renewables, Fuel Cell, Nuclear, etc.)
8.2. Rest of the World (RoW) Combined Heat & Power (CHP) Market Outlook, by Technology, Capacity (GW) and Value (US$ Mn), 2018 - 2026
8.2.1. Key Highlights
8.2.1.1. Steam Turbine
8.2.1.2. Combined Cycle
8.2.1.3. Gas Turbine
8.2.1.4. Reciprocating Engine
8.2.1.5. Others (Stirling Engines and Organic Rankine Cycles (ORC), etc.)

9. Competitive Landscape
9.1. Company Market Share Analysis, 2020
9.2. Strategic Collaborations
9.3. Company Profiles
9.3.1. Siemens AG
9.3.1.1. Company Overview
9.3.1.2. Product Portfolio
9.3.1.3. Financial Overview
9.3.1.4. Business Strategies and Development
9.3.2. Veolia
9.3.2.1. Company Overview
9.3.2.2. Product Portfolio
9.3.2.3. Financial Overview
9.3.2.4. Business Strategies and Development
9.3.3. 2G Energy AG
9.3.3.1. Company Overview
9.3.3.2. Product Portfolio
9.3.3.3. Financial Overview
9.3.3.4. Business Strategies and Development
9.3.4. GE
9.3.4.1. Company Overview
9.3.4.2. Product Portfolio
9.3.4.3. Financial Overview
9.3.4.4. Business Strategies and Development
9.3.5. Cummins Inc.
9.3.5.1. Company Overview
9.3.5.2. Product Portfolio
9.3.5.3. Financial Overview
9.3.5.4. Business Strategies and Development
9.3.6. Tecogen, Inc
9.3.6.1. Company Overview
9.3.6.2. Product Portfolio
9.3.6.3. Financial Overview
9.3.6.4. Business Strategies and Development
9.3.7. MAN Energy Solutions SE
9.3.7.1. Company Overview
9.3.7.2. Product Portfolio
9.3.7.3. Financial Overview
9.3.7.4. Business Strategies and Development
9.3.8. Clarke Energy
9.3.8.1. Company Overview
9.3.8.2. Product Portfolio
9.3.8.3. Financial Overview
9.3.8.4. Business Strategies and Development
9.3.9. Generac Power Systems, Inc
9.3.9.1. Company Overview
9.3.9.2. Product Portfolio
9.3.9.3. Financial Overview
9.3.9.3. Business Strategies and Development
9.3.10. Capstone Green Energy Corporation
9.3.10.1. Company Overview
9.3.10.2. Product Portfolio
9.3.10.3. Financial Overview
9.3.10.4. Business Strategies and Development
9.3.11. Wartsila
9.3.11.1. Company Overview
9.3.11.2. Product Portfolio
9.3.11.3. Financial Overview
9.3.11.4. Business Strategies and Development

10. Appendix
10.1. Research Methodology
10.2. Report Assumptions
10.3. Acronyms and Abbreviations
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • Siemens AG
  • Veolia
  • 2G Energy AG
  • GE
  • Cummins Inc.
  • Tecogen Inc.
  • MAN Energy Solutions SE
  • Clarke Energy
  • Generac Power Systems, Inc
  • Capstone Green Energy Corporation
  • Wartsile
Note: Product cover images may vary from those shown

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