Combined heat and power, also known as cogeneration, is the production of heat and electricity from a single source at the same time. It is a system that reclaims lost energy by using the waste heat to provide heat to the power plant or to the buildings which are connected to the power plant through a steam pipe network.

The global combined heat and power market is growing at a good rate and also expected to grow at a decent rate in the coming years, as it increases the efficiency of power generation up to 80% and is suited for industrial parks, military bases, college campuses, and others which are close to the power sources to use the cogenerated heat.

On the basis of fuel, the combined heat and power market is categorized into natural gas, coal and biomass. Natural gas fuel category is anticipated to hold the largest share in the market and also projected to register the highest CAGR, owing to various factors including abundance availability, low price, clean fuel, easy installation of systems based on natural gas as compared to other fuel types.

Based on capacity, the combined heat and power market is classified into >10 MW, 10-150 MW, 151-300 MW, >300MW. The more than 300MW capacity is the dominant category in the market, due to the rising number of natural gas based fired power plants for power generation due to the rising environmental concerns in the North American and European region.

On the basis of technology, the combined heat and power market is categorized into combined cycle, steam turbine, gas turbine, reciprocating engine, and others. The largest market share is expected to hold by the reciprocating engine segment, due to the increasing distributed power generation in various parts of the world. Along with that, the growth in distributed power generation is driving the demand of the segment in the market.

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Based on end-user, the combined heat and power market is classified into residential, commercial, and industrial users. The industrial end-user category holds the largest share in the market due to the increasing requirement of heat and steam in industries. These systems are used in various industries such as pharmaceutical, petrochemical, and others.

The high initial investment is the major factor that can hinder the combined heat and power market growth in the coming years. As these systems are made of complex technologies, they are costly to install in small or medium-sized enterprises. However, in large industries, they are proved to be beneficial.

The major players in the combined heat and power market are focusing on merger and acquisition strategies in order to expand their regional presence and gain a competitive advantage in the market.

Globally, Asia-Pacific is the largest combined heat and power market and is also expected to retain its largest share during the forecast period. Rapid industrialization and growing urbanization along with the increasing demand for clean fuel energy will propel the growth of the region’s combined heat and power industry. Along with that, strict norms to reduce carbon emission along with decentralized power generation will propel the market growth in the region.

ENER-G Rudox, AN Diesel & Turbo, General Electric, Caterpillar, Mitsubishi, Kawasaki, Bosch Thermotechnology, Viessmann Werke, FuelCell Energy, MWM, Cummins, Veolia, BDR Thermea, CENTRAX Gas Turbines, Wartsila, ABB, 2G Energy, Aegis Energy, and Siemens AG are some of the major players operating in the combined heat and power industry.

Source: VynZ Research