The global combined heat and power (CHP) systems market is anticipated to be valued at US$ 28,412.4 Million in 2022, forecast to grow at a CAGR of 4.7% to be valued at US$ 45,123.5 Million from 2022 to 2032. Growth is attributed to the increasing demand for electricity and power.
Cogeneration, also referred to as combined heat and power systems (CHP), is a group of technologies used primarily for the simultaneous production of useful heat and electricity. Due to the CHP systems’ increased energy efficiency, lower operating costs, low CO2 emissions, and other benefits, this combined generation of useful heat and electricity is significantly more efficient than a separate generation of useful heat and electricity.
A practical and environmentally friendly method of producing both thermal and electrical energy from a single fuel source is combined heat and power (CHP). CHP creates power at or near the end user’s location so that the heat released during power generation can be used to meet the user’s heat needs while the power produced meets all or a portion of the end user’s power needs.
Increasing data center capacity as companies run more processes, handle complex analytics, have more customer data to store, and use rich media. The handling of such massive amounts of data necessitates a steady stream of dependable electricity, making cogeneration systems of utmost significance.
One of the key elements that are anticipated to restrain the growth of the Combined Heat and Power (CHP), Systems Market, throughout the analysis period is the high initial capital cost necessary for the installation of CHP Systems.
In terms of regional platforms, North America holds the largest market share in Combined Heat and Power (CHP) Systems market. The region is expected to surge at over 21.4% share in 2022. Economical funding programs & rebates, promising research & development initiatives outline plans for reducing cost-effectively, and detailed CHP installation guidelines are some of the significant parameters complementing the North American CHP Systems market.
For instance, based on planning data collected by the U.S. Energy information administration, an additional 10,000 megawatts (MW) of large-scale CHP’s ability to contribute electricity to the grid is expected to be introduced between 2021 and 2023 in the U.S., which is 10 times greater than the amount of maximum generation capacity by all systems by the end of 2019.
- Korea Electric Power Corporation
- National Grid Plc.
- Exelon Corporation
- NextEra Energy Inc.
- Chubu Electric Power Company
- American Electric Power Company Inc.
- BDR Thermea Group
- Centrica Business Solutions
- Mitsubishi Power