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Market Overview of Global Combined Heat and Power (CHP) market:
According to our latest research, the global Combined Heat and Power (CHP) market looks promising in the next 5 years. As of 2022, the global Combined Heat and Power (CHP) market was estimated at USD XX million, and it's anticipated to reach USD XX million in 2028, with a CAGR of XX% during the forecast years.
Combined Heat and Power (CHP) is a technology that produces electricity and thermal energy at high efficiencies using a range of technologies and fuels. With on-site power production, losses are minimized and heat that would otherwise be wasted is applied to facility loads in the form of process heating, steam, hot water, or even chilled water. CHP can be located at an individual facility or building or it can be a district energy, microgrid, and/or utility resource that provides power and thermal energy to multiple end-users. CHP equipment can provide resilient power 24/7 in the event of grid outages, and it can be paired with other distributed energy technologies like solar photovoltaics (PV) and energy storage.
Influence of COVID-19 Outbreak on Combined Heat and Power (CHP) Industry Development
COVID-19 slowed the growth of the combined heat and power market as the country was forced to halt its operations. Governments issued strict guidelines, which adversely affected the combined heat and power market due to the suspension of end-user activities. Additionally, delays in production and supply chain disruptions posed a challenge to the combined heat and power market since they were still not operating at their full capacity. COVID-19 negatively impacted various industries such as energy and power that led to a drastic decline in energy and power industry sales. As combined heat and power are widely used in power and energy manufacturing, there was a significant reduction in the combined heat and power demand in the US.
The COVID-19 pandemic caused a decline in demand for combined heat and power systems due to lower demand for electricity as lockdowns were instituted to contain the virus, which resulted in the closure of commercial and industrial facilities. The pandemic caused a decline in discretionary spending which further affected the market. Factors such as the positive outlook for natural gas supply and price, increased energy efficiency, and environmental regulatory pressures on power plants and industrial boilers, amongst others, are expected to drive the number of installations of combined heat and power plants. Although many efforts have been made over the years to remove technical and regulatory barriers and to promote wider adoption of combined heat and power, factors such as grid interconnection and significant initial capital investment, amongst various others, remain a significant challenge for the combined heat and power market in the US during the forecast period.
Market Growth Drivers Analysis by Fuel Types
Biomass segment is also set to hold considerable growth
Biomass includes practical and naturally helpful biofuels got from vegetable oils and creature fats. Biomass is for the most part used as a fuel for limited-scope CHP frameworks and is supposed to increment quickly since it adds to the decrease of unsafe natural gases and the accomplishment of government goals for the utilization of environmentally friendly power sources. Wood, handled trash, and oil are instances of elective powers. Wood squander is used to drive limited scope CHP frameworks and is along these lines utilized in both private and business applications. Squander heat from modern tasks is dealt with and utilized in CHP frameworks to make power and nuclear power. CHP frameworks driven by oil are easy to introduce and energy productive. Interest in biomass and alternative fuels is increasing in facilities or locations where natural gas is less readily available or more costly. Biomass and biofuels are most frequently used in industries such as food and paper processing, where viable and reliable on-site biogas and biomass resources can be used to produce power.
The biomass segment is also set to hold considerable growth due to its reducing GHG emissions, extended operational life, diversified functioning capabilities, and enhanced safety characteristics. Furthermore, new plants with wooden and agricultural fuel, established acceptability, high calorific value, efficient operations, and substantial energy production are vital features favoring the segment outlook.
Market Growth Drivers Analysis by Technology
Steam Turbine
Today, steam turbines are mainly used for systems matched to solid fuel boilers, industrial waste heat, or the waste heat from a gas turbine (making it a combined cycle.) Steam turbines offer a wide array of designs and complexity to match the desired application and/or performance specifications ranging from single stage backpressure or condensing turbines for low power ranges to complex multi-stage turbines for higher power ranges. Steam turbines for utility service may have several pressure casings and elaborate design features, all designed to maximize the efficiency of the system. For industrial applications, steam turbines are generally of simpler single casing design and less complicated for reliability and cost reasons. CHP can be adapted to both utility and industrial steam turbine designs. Steam turbines are well suited to medium- and large-scale industrial and institutional applications, where inexpensive fuels, such as coal, biomass, solid wastes and byproducts (e.g., wood chips), refinery residual oil, and refinery off gases are available.
Company Overview:
Caterpillar
Caterpillar Inc. is the world's leading manufacturer of construction and mining equipment, off-highway diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives. For nearly 100 years, Caterpillar 've been helping customers build a better, more sustainable world and are committed and contributing to a reduced-carbon future. The innovative products and services, backed by global dealer network, provide exceptional value that helps customers succeed. Caterpillar does business on every continent, principally operating through three primary segments - Construction Industries, Resource Industries and Energy & Transportation - and providing financing and related services through the Financial Products segment.
Cummins
Cummins is a developer and manufacturer of diesel engines and gas fuel engines in the United States. The range of services covers engines, generators and power systems, parts and services, technology and more. The company is committed to powering a more prosperous world and making people's lives better.
Caterpillar is one of the major players operating in the Combined Heat and Power (CHP) market, holding a share of 14.96% in 2023.
Segmentation Overview:
As for product types, the Natural Gas segment held the largest market share in 2022.
Application Overview:
By application, the Industrial segment occupied the biggest share from 2018 to 2022.
This report covers a research time span from 2018 to 2028, and presents a deep and comprehensive analysis of the global Combined Heat and Power (CHP) market, with a systematical description of the status quo and trends of the whole market, a close look into the competitive landscape of the major players, and a detailed elaboration on segment markets by type, by application and by region.
Key Takeaways from the Global Combined Heat and Power (CHP) Market Report:
Market Size Estimates: Combined Heat and Power (CHP) market size estimation in terms of value and sales volume from 2018-2028
Market Trends and Dynamics: Combined Heat and Power (CHP) market drivers, opportunities, challenges, and risks
Macro-economy and Regional Conflict: Influence of global inflation and Russia & Ukraine War on the Combined Heat and Power (CHP) market
Segment Market Analysis: Combined Heat and Power (CHP) market value and sales volume by type and by application from 2018-2028
Regional Market Analysis: Combined Heat and Power (CHP) market situations and prospects in North America, Asia Pacific, Europe, Latin America, Middle East, Africa
Country-level Studies on the Combined Heat and Power (CHP) Market: Revenue and sales volume of major countries in each region
Combined Heat and Power (CHP) Market Competitive Landscape and Major Players: Analysis of 10-15 leading market players, sales, price, revenue, gross, gross margin, product profile and application, etc.
Trade Flow: Import and export volume of the Combined Heat and Power (CHP) market in major regions.
Combined Heat and Power (CHP) Industry Value Chain: Combined Heat and Power (CHP) market raw materials & suppliers, manufacturing process, distributors, downstream customers
Combined Heat and Power (CHP) Industry News, Policies & Regulations
Key players in the global Combined Heat and Power (CHP) market are covered in Chapter 12:
MAN Energy Solutions
Cummins
Bosch Thermotechnology
Caterpillar
2G Energy Inc.
Tecogen Inc.
General Electric
Mitsubishi Heavy Industries
Aegis Energy Services Inc.
In Chapter 2 and Chapter 15.1, based on types, the Combined Heat and Power (CHP) market from 2018 to 2028 is primarily split into:
Natural Gas
Coal
Biomass
Biogas
Others
In Chapter 3 and Chapter 15.2, based on applications, the Combined Heat and Power (CHP) market from 2018 to 2028 covers:
Commercial
Industrial
Others
Geographically, the detailed analysis of consumption, revenue, market share and growth rate of the following regions are covered in Chapter 7, 8, 9, 10, 11, 15.3, 15.4:
North America (Covered in Chapter 7)
United States
Canada
Asia-Pacific (Covered in Chapter 8)
China
Japan
India
South Korea
Southeast Asia
Australia
Others
Europe (Covered in Chapter 9)
Germany
France
UK
Italy
Spain
Russia
Poland
Others
Latin America (Covered in Chapter 10)
Mexico
Brazil
Argentina
Others
Middle East and Africa (Covered in Chapter 11)
GCC Countries
Africa
Others
The data of this research report is mainly obtained from industry associations, magazines, press releases, national customs, annual reports of enterprises, expert interviews, paid databases and other channels with authority. It also provides scientific forecasts of the industry's core development indicators through professional analysis and forecasting models.
In short, whatever role you take in this industry value chain, this report will help you or your company to acquire a systematic and in-depth understanding of the industry.
Chapter Outline
This report consists of 16 chapters. Below is a brief guideline to help you quickly grasp the main contents of each chapter:
Chapter 1 starts the report with an overview of the Combined Heat and Power (CHP) market, as well as the definitions of the target market and the subdivisions. Through the presented global market size, regional market sizes, and segment market shares, you will be able to draw an overall and comprehensive picture of the market situation. Meanwhile, the research method and data source will be shared in this chapter.
Chapter 2 and Chapter 3 breaks down the market by different types and applications, with historic data presented in metrics of sales volume, revenue, market share and growth rate.
Chapter 4 elaborates on market dynamics and future trends in the industry, which contains an in-depth analysis of market drivers, opportunities, challenges, and risks. Other essential factors that will have a major impact on the market, i.e., industry news and policies in recent years, global inflation, and regional conflict, are also taken into consideration.
Chapter 5 compares the sales volume and revenue of the major regions across the globe, which enables the readers to understand the regional competitive pattern.
Chapter 6 is the analysis of the trade flow. Import volume and export volume are revealed on a regional level.
Chapters 7-11 focus on country-level studies. Data from the major countries in each region are provided, showing the current development of the industry in different countries. Besides, you will also find qualitative trends analysis under global inflation under each of the 6 regions.
Chapter 12 first up presents the competitive landscape by displaying and comparing the revenues, sales volumes, and market shares of the top players in the market, followed by a company-by-company analysis of all the major market participants with introductions of their products, product applications, company profiles, and business overview. In addition, their competitiveness is manifested through numbers of sales volume, revenue, price, gross and gross margin.
Chapter 13 looks into the whole market industrial chain, ranging from the upstream key raw materials and their suppliers to midstream distributors and downstream customers, with influences of global inflation taken into consideration.
Chapter 14 is perfect for those who wish to develop new projects in the industry. This chapter sheds a light on industry entry barriers and gives suggestions on new project investments.
Chapter 15 forecasts the future trend of the market from the perspective of different types, applications, and major regions.
Chapter 16 is the conclusion of the report which helps the readers sum up the main findings and insights.
Years considered for this report:
Historical Years: 2018-2022
Base Year: 2022
Estimated Year: 2023
Forecast Period: 2023-2028