Combined heat and power market worth $ 35.2 billion by 2026
CHICAGO, November 8, 2021 / PRNewswire / – According to New Market Research Report “Combined heat and electricity market by capacity (300 MW), main engine (gas turbine, steam turbine, reciprocating engine, fuel cell, microturbine and others (Stirling engine) Combined system and cycle)), fuel (coal, natural gas, biogas / biomass, nuclear, diesel et al. (biodiesel and geothermal energy)), end user (residential, commercial, industrial, utilities) and region – Global forecasts to 2026 “, published by MarketsandMarkets ™, the market size for combined heat and power generation will increase to $ 35.2 billion by 2026 (forecast year) from $ 26.6 billion in 2021 (estimated year), at a CAGR of 5.8% over the forecast period.
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Combined heat and power (CHP) is an energy efficient technology that generates electricity and captures heat that would otherwise be wasted to provide useful thermal energy, such as steam or hot water. This steam or hot water, in turn, can be used for heating, cooling and other household and industrial processes. The conventional method of producing usable heat and electricity separately has a typical combined efficiency of 45%, with cogeneration systems capable of operating at levels up to 80%. Cogeneration can be implemented for different types of drive motors, such as gas turbines, steam turbines, reciprocating engines, fuel cells and microturbines. Cogeneration is also called cogeneration and can be used in an individual facility / building or in an energy / utility resource. The technology is typically used in installations requiring electricity and thermal energy. It offers benefits such as reduced grid dependency through on-site power generation, improved reliability, reduced energy and initial setup costs, increased resilience against outages current and reduced harmful emissions. Critical electrical and thermal loads can be handled by cogeneration systems during grid power outages. Microturbines are a type of combustion turbine that produces both heat and electricity on a relatively small scale.
The 10-150 MW segment is expected to dominate the combined heat and power generation market, in terms of capacity, during the forecast period.
The 10-150 MW segment accounted for the largest 37.5% share of the cogeneration market in 2020. This segment consists of larger cogeneration plants mainly with reciprocating engines such as gas and diesel engines as the main engines. , in particular used by industrial, commercial and end users of public services. The demand for diesel engines in this segment comes from large-scale diesel power plants, large industrial plants, captive production and independent power producers (IPPs).
The gas turbine segment is expected to dominate the combined heat and power generation market, by prime mover, during the forecast period.
The gas turbine segment accounted for the largest share of 32.9% in 2020. A gas turbine is a type of internal combustion (IC) engine in which the intake air is compressed and sprayed with fuel. The mixture is then ignited in a combustion chamber and allowed to flow at high temperature and pressure through the turbine. The gas mixture passes through the turbine nozzles, which further channel the kinetic energy of the hot air flow over the blades. Turbine blades, which are mounted on a rotor, rotate under the impact of air at high speed. Rotary motion is used to rotate a shaft, which performs tasks such as driving an electric generator. Gas turbines are used for power generation and in mechanical drives used by oil and gas and other industries.
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The natural gas segment is expected to dominate the market for combined heat and power generation, through communication technology, during the forecast period.
The natural gas segment accounted for the largest market share of 53.4% in 2020. Natural gas is mainly used in gas engines for power generation, as it burns cleaner and has low carbon emissions. compared to other types of fuels. It also emits low levels of nitrogen oxides, sulfur dioxide and particulates. The consumption of natural gas has raised concerns about global warming.
The industrial segment is expected to dominate the cogeneration market, by end user, during the forecast period.
The industrial segment accounted for the largest 41.6% share of the global combined heat and power generation market in 2020. The sector is also the largest consumer of delivered energy; according to BP Energy Outlook, the sector consumes around 50% of the total energy delivered worldwide each year. In industrial sectors such as chemicals, oil and gas, pharmaceuticals, and food and beverage, energy is used for a variety of applications including steam and cogeneration, building heating and cooling, and heating. process heating. Countries such as China and India are undergoing rapid industrialization and have put in place several policies to support industrial growth, including initiatives to ensure adequate electricity supply. According to the National Bureau of Statistics, from China Capital investment in 2019 increased 3.1% in the manufacturing sector, and investment in high-tech manufacturing and services increased 17.3% in the same year. Industries prefer to use heat to generate electricity instead of wasting it.
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Asia Pacific should dominate the cogeneration market
Asia Pacific accounted for 55.7% of the cogeneration market in 2020. The countries covered in the region are China, Japan, South Korea, India, Australia, and the rest of Asia Pacific. The market is expected to grow due to the rapid industrialization, urbanization and economic growth in the region, leading to the installation of new cogeneration systems in various emerging economies.
The cogeneration market is expected to grow in countries such as China and India due to the expansion of infrastructure, ongoing power generation projects and technological innovations. Investments in large new gas-fired cogeneration plants and large coal-fired power plants, along with growing demand for electricity, are expected to drive the growth of the Asia-Pacific combined heat and power market over the next five years.
The region is the largest consumer of energy in the world, with China and India growth in electricity production and consumption. The combined production of heat and power has enormous potential in Asia Pacific, mainly due to rapid economic growth China and the transition from coal-based production to gas-fired electricity production.
The main players include GE (United States), Siemens Energy (Germany), Veolia (France), Wärtsilä (Finland) and 2G energy (Germany).
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