The global CHP market is expected to grow at a 6.4% CAGR, reaching US$ 2,091.6 million in 2022. During the forecast period of 2022-2032, the market is expected to exceed a market value of US$ 3,876.5 million.
Government regulations governing greenhouse gas emissions, as well as the emergence of new technologies such as absorption chillers that effectively convert heat into cooling, are expected to propel the market for combined cooling, heat, and power (CHP) plants over the forecast period. CHP market grew at a CAGR of 5.5 percent between 2016 and 2021.
Trigeneration is a method of producing cooling energy for a refrigerator and air conditioner by using heat from a combined heat and power plant. It is the most cost-effective and environmentally friendly method of producing heat, cooling, and electricity, making it the best choice for businesses that require a significant amount of cooling.
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A chiller, heat exchanger, gas engine, and electricity generator make up a combined cooling, heat, and power plant. Greater efficiency, or the ability to produce different types of energy from a single fuel source, such as electrical energy, heat energy, and cooling energy, is another of CCHP’s key advantages.
CHP Market Competition
Some of the major players in the market are
- GETEC heat & power AG
- Peter Brotherhood Ltd.
- Clarke Energy
- Siemens
- ABB
- AGO AG Energie + Anlagen
- MAN Diesel & Turbo SE
- M-Trigen
- O’Hair Shutter Ltd
- Grastim Energia
- Biomass Power
- International Coil Ltd.
Manufacturers and distribution channels are currently engaging in a number of strategic partnerships and collaborations in the CHP market.
- To demonstrate a hydrogen-fueled combined heat and power (CHP) system, Minnesota-based District Energy St. Paul and Caterpillar Inc. announced a three-year project in May 2022. The National Renewable Energy Laboratory and the U.S. Department of Energy both support and partially fund the project. The company will be able to evaluate additional hydrogen fuel options for an existing energy-efficient engine thanks to this hydrogen demonstration project, opening up new opportunities for assisting our customers in achieving their climate-related goals and objectives.
- Caterpillar CHP systems simultaneously produce electricity and heat, improving overall efficiency and lowering exhaust emissions. Power and heat from the demonstration project will be integrated into District Energy St. Paul’s electrical and thermal infrastructure in order to evaluate the potential of a hydrogen-fueled CHP system under actual operating circumstances.
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Booming Start-ups
Attributed to the presence of a very highly competitive scenario, various new startups are entering the market space with their own set of innovations. Let’s consider a few examples-
- ClearCell Power is a US-based startup that offers turnkey alternative energy solutions. The startup’s PureCell system combines energy production with heat recovery. The fuel processor converts natural gas to hydrogen to feed the fuel cell stack. Then, an electrochemical process combines hydrogen and air to produce electricity, water, and heat. As a result, the solution’s heat recovery system heats water in the facility for different purposes.
- Enexor Bioenergy is a US-based startup that provides onsite, renewable energy solutions. The startup’s Bio-CHP system uses organic waste and plastics to provide continuous renewable energy. The solution also directs waste heat to produce hot water or steam, replacing fossil fuel use for onsite boilers. The system is designed to operate in humid and salty environments, typical of island nations.
- Polish startup Lerta develops diverse renewable energy solutions. The startup installs CHP units for industrial clients, enabling savings in energy costs. Lerta also provides automated energy management and virtual power plants to improve energy efficiency and frequency stability. The startup also offers residential solar power plants to help homeowners offset rising energy prices.
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Key Segments Profiled in the CHP Industry Survey
CHP Market by System Type:
- Smaller CHP System (less than 5 MW)
- Medium CHP System (5 MW to 20 MW)
- Large CHP System (above 20 MW)
CHP Market by Technology:
- CHP Reciprocating Engines
- CHP Turbines
- CHP Fuel Cells
CHP Market by Chiller Type:
- Absorption Chiller
- Engine Drive Chiller
CHP Market by Application:
- CHP for Industrial Applications
- CHP for Commercial Applications
- CHP for Institutional Applications
CHP Market by Region:
- North America CHP Market
- Latin America CHP Market
- Europe CHP Market
- Asia Pacific CHP Market
- Middle East & Africa CHP Market
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