+353-1-416-8900REST OF WORLD
+44-20-3973-8888REST OF WORLD
1-917-300-0470EAST COAST U.S
1-800-526-8630U.S. (TOLL FREE)

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

  • PDF Icon

    Report

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

Given the exacerbating condition of the global environment and the not-so-subtle impacts of this change in climate on our surroundings, the need to mitigate rising carbon emissions is rapidly becoming an objective that must be met. As such, a growing number of countries worldwide are now looking to integrate and implement sustainable, clean, and highly efficient technology. Combined heat & power solutions are highly efficient in terms of overall performance. These units can cater to the growing demand for space heating and cooling as well as hot water while supplementing electricity to the grid.

Combined heat & power systems can achieve an efficiency of 85%. these factors are expected to fuel the combined heat & power market further. As per the UK government’s Department of Business, Energy, and Industrial Strategy, combined or cogeneration systems can reduce carbon discharge by up to 30% compared to conventional technologies. This global market is expected to index a value of US$26.9 Bn by 2026, at a projected CAGR of 6.2%.

Key Research Insights

  • The global combined heat & power market was valued at US$19.1 Bn in 2020
  • In 2020, Europe accounted for 39% of the global combined heat & power market
  • High initial investments may hinder market expansion prospects
  • Natural gas to remain a frontrunner energy source (45%)

Government Subsidies and the Use of Natural Gas to bolster Growth

The implementation of favourable policies, programs, and subsidies by respective governments to promote the use of CHP units. These units can use both gas and biomass as fuel. Owing to the implementation of the latest technologies, they function within the confines of emission control standards with improved efficiency. Additionally, the use of natural gas has remained a primary part of these systems and is a choice that is often adopted by both residential and commercial applications. Natural gas accounted for about 45% of this market in 2020. Moreover, the use of natural gas is cost-effective and has a lower environmental impact in comparison to coal. These are major factors that are expected to bolster the growth trajectory of the global combined heat & power market in the coming years.

Europe to Account for the Highest Share in the Combined Heat & Power Market

Given the wintry weather conditions across this region, particularly in countries like the UK, Finland, Denmark, and Germany, it should come as no surprise that Europe is expected to remain a frontrunner in the global combined heat & power market. This region accounted for about 39% of this market in 2020. Nonetheless, the Asia Pacific region is expected to index significant growth over the forecast period. The increase in industrial activities as well as favourable initiatives by respective governments aimed at infrastructural development is a major element that is expected to further contribute to the growth of this regional market. Governments in North America are now focused on investing heavily in augmenting smart grids and microgrids thus increasing the need for combined heat & power installations. Moreover, Latin America and the MEA are also expected to register immense growth over the forecast period, owing to growth in their respective industrial, commercial, and residential sectors.

Global Combined Heat & Power (CHP) Market - Key Competitors

Siemens AG, GE, Veolia, ABB Group, 2G Energy AG, Cummins Inc., Tecogen Inc., MAN Energy Solutions SE, Clarke Energy, Generac Power Systems, Inc, Capstone Green Energy Corporation, and Wartsila, all collectively account for the majority revenue share of the AR glasses market and are extensively detailed under our comprehensive competitive profiling and strategic analysis.

Table of Contents

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

Companies Mentioned (Partial List)

A selection of companies mentioned in this report includes, but is not limited to:

  • 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

Methodology

Loading
LOADING...