Combined Heat & Power Market by Capacity (>10 MW, 10150 MW, 151300 MW, >300 MW), Prime Mover (Gas & Steam Turbine, Reciprocating Engine, Fuel Cell), End-User (District Energy, Residential, On-Site Industrial & Commercial) - Global Forecast to 2023
By: marketsandmarkets.com
Publishing Date: June 2018
Report Code: EP 6369
[138 Report Pages] The global combined heat & power market was valued at USD 19.62 Billion in 2017 and is expected to grow at a CAGR of 5.48% from 2018 to 2023. Increasing demand for energy efficiency in the industries and rising use of natural gas for power generation are the major drivers that would trigger growth in the combined heat & power market.
The years considered for the study are as follows:
- Base Year: 2017
- Estimated Year: 2018
- Projected Year: 2023
- Forecast Period: 2018 to 2023
The base year considered for company profiles is 2017. Whenever information was unavailable for the base year, the prior year has been considered.
Objectives of the Study
- To define, describe, and forecast the global combined heat & power market by capacity, prime mover, fuel, end-user, and region
- To provide detailed information on major factors influencing the growth of the combined heat & power market (drivers, restraints, opportunities, and industry-specific challenges)
- To strategically analyze the combined heat & power market with respect to individual growth trends, future prospects, and contribution of each segment to the market
- To analyze market opportunities for stakeholders and details of a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market rankings and core competencies
- To track and analyze competitive developments, such as partnership, contracts & agreements, new product launch, and expansion in the combined heat & power market
Research Methodology
This research study involved the use of extensive secondary sources, directories, and databases, such as Hoovers, Bloomberg BusinessWeek, Factiva, and OneSource, to identify and collect information useful for a technical, market-oriented, and commercial study of the global combined heat & power market. Primary sources are mainly industry experts from core and related industries, OEMs, vendors, suppliers, technology developers, alliances, and organizations related to all the segments of this industrys value chain. The points given below explain the research methodology.
- Study of the annual revenue and market developments of the major players providing CHP
- Analysis of demand for CHP by end-users
- Assessment of future trends and growth of end-users in the combined heat & power market
- Assessment of the combined heat & power market with respect to type by various end-users
- Study of market trends in various regions and countries, by end-users, of the combined heat & power market
- Study of contracts and developments related to the combined heat & power market by key players across different regions
- Finalization of overall market sizes by triangulating the supply-side data, which includes product developments and annual revenues of companies supplying CHP across the globe
After arriving at the overall market size, the total market has been split into several segments and subsegments. The figure given below illustrates the breakdown of primaries conducted during the research study on the basis of company type, designation, and region.
To know about the assumptions considered for the study, download the pdf brochure
Market Ecosystem:
The CHP ecosystem comprises equipment manufacturers, such as GE (US), Siemens (Germany), Veolia (France), 2G Energy (Germany), FuelCell Energy (US), Wartsila (Finland), Caterpillar Energy Solutions (Germany), MAN Diesel & Turbo (Germany), AB Holding (Italy), Capstone (US), Clarke Energy (UK), and MHPS (Japan).
Target Audience:
The target audience of this report includes:
- Consulting companies in the energy sector
- EPC contractors for CHP
- Reciprocating engine manufactures
- Gas and steam turbine manufactures
- Fuel cell and microturbine manufactures
- Environmental associations
- Government and research organizations
- Distributed energy associations
- Investment banks
- Power companies
Scope of the Report:
- By Capacity
- Up to 10 MW
- 10150 MW
- 150300 MW
- Above 300 MW
- By Prime Mover
- Gas Turbine
- Steam Turbine
- Reciprocating Engine
- Fuel Cell
- Microturbine
- By Fuel
- Coal
- Natural Gas
- Biogas/Biomass
- Nuclear
- Diesel
- Others (Biodiesel and Geothermal)
- By End-User
- Utilities, District Heating & Cooling
- On-site Industrial
- On-site Commercial
- Residential
- By Region
- North America
- Europe
- Asia Pacific
- Middle East
- Africa
- South America
Available Customizations:
With the given market data, MarketsandMarkets offers customizations as per the clients specific needs. The following customization options are available for this report:
Regional Analysis
Further breakdown of region or country-specific analysis
Company Information
Detailed analysis and profiling of additional market players (up to 5)
Table of Contents
1 Introduction (Page No. - 14)
1.1 Objectives of the Study
1.2 Definition
1.3 Market Scope
1.3.1 Market Segmentation
1.3.2 Regional Scope
1.4 Years Considered for the Study
1.5 Limitations
1.6 Currency
1.7 Stakeholders
2 Research Methodology (Page No. - 18)
2.1 Research Data
2.1.1 Secondary Data
2.1.1.1 Key Data From Secondary Sources
2.1.2 Primary Data
2.1.2.1 Key Data From Primary Sources
2.1.2.2 Key Industry Insights
2.1.2.3 Breakdown of Primaries
2.2 Market Size Estimation
2.2.1 Bottom-Up Approach
2.2.2 Top-Down Approach
2.3 Data Triangulation
2.4 Research Assumptions
3 Executive Summary (Page No. - 26)
4 Premium Insights (Page No. - 31)
4.1 Attractive Opportunities in the CHP Market
4.2 CHP Market, By Country
4.3 Asia Pacific CHP Market, By End-User & Country
4.4 CHP Market, By Capacity
4.5 CHP Market, By Prime Mover
4.6 CHP Market, By Fuel
4.7 CHP Market, By End-User
5 Market Overview (Page No. - 36)
5.1 Introduction
5.2 Market Dynamics
5.2.1 Drivers
5.2.1.1 Increasing Demand for Energy Efficiency in Industries
5.2.1.2 Rising Use of Natural Gas for Power Generation
5.2.1.3 Government Programs and Incentives to Promote CHP
5.2.2 Restraints
5.2.2.1 High Installation and Maintenance Costs
5.2.3 Opportunities
5.2.3.1 Growth of Distributed Power Generation in North America and Asia Pacific
5.2.3.2 Emerging Technologies Such as Fuel Cell-Based Micro-CHP
5.2.4 Challenges
5.2.4.1 Rise of Renewable Power Generation
6 Combined Heat & Power (CHP) Market, By Capacity (Page No. - 40)
6.1 Introduction
6.2 Up to 10 MW
6.3 10150 MW
6.4 151300 MW
6.5 Above 300 MW
7 Combined Heat & Power (CHP) Market, By Prime Mover (Page No. - 45)
7.1 Introduction
7.2 Gas Turbine
7.3 Steam Turbine
7.4 Reciprocating Engine
7.5 Fuel Cell
7.6 Microturbine
8 Combined Heat & Power (CHP) Market, By End-User (Page No. - 51)
8.1 Introduction
8.2 Utilities, District Heating and Cooling
8.3 On-Site Industrial
8.4 On-Site Commercial
8.5 Residential
9 Combined Heat & Power (CHP) Market, By Region (Page No. - 57)
9.1 Introduction
9.2 Asia Pacific
9.2.1 By Capacity
9.2.2 By Prime Mover
9.2.3 By Fuel
9.2.4 By Country
9.2.4.1 China
9.2.4.2 Japan
9.2.4.3 South Korea
9.2.4.4 India
9.2.4.5 Australia
9.2.4.6 Rest of Asia Pacific
9.3 Europe
9.3.1 By Capacity
9.3.2 By Prime Mover
9.3.3 By Fuel
9.3.4 By Country
9.3.4.1 Germany
9.3.4.2 Uk
9.3.4.3 Italy
9.3.4.4 France
9.3.4.5 Russia
9.3.4.6 Rest of Europe
9.4 North America
9.4.1 By Capacity
9.4.2 By Prime Mover
9.4.3 By Fuel
9.4.4 By Country
9.4.4.1 Us
9.4.4.2 Canada
9.4.4.3 Mexico
9.5 Middle East
9.5.1 By Capacity
9.5.2 By Prime Mover
9.5.3 By Fuel
9.5.4 By Country
9.5.4.1 Saudi Arabia
9.5.4.2 UAE
9.5.4.3 Turkey
9.5.4.4 Rest of Middle East
9.6 South America
9.6.1 By Capacity
9.6.2 By Prime Mover
9.6.3 By Fuel
9.6.4 By Country
9.6.4.1 Brazil
9.6.4.2 Argentina
9.6.4.3 Rest of South America
9.7 Africa
9.7.1 By Capacity
9.7.2 By Prime Mover
9.7.3 By Fuel
9.7.4 By Country
9.7.4.1 South Africa
9.7.4.2 Nigeria
9.7.4.3 Algeria
9.7.4.4 Rest of Africa
10 Competitive Landscape (Page No. - 92)
10.1 Overview
10.2 Ranking of Players & Industry Concentration, 2017
10.3 Competitive Scenario
10.3.1 Contracts & Agreements
10.3.2 Expansion
10.3.3 New Product Launche
10.3.4 Partnership
11 Company Profiles (Page No. - 97)
(Business Overview, Products Offered, Recent Developments & MnM View)*
11.1 GE
11.2 Siemens
11.3 Veolia
11.4 Wδrtsilδ
11.5 2G Energy
11.6 Man Diesel & Turbo
11.7 Mitsubishi Hitachi Power Systems
11.8 Clarke Energy
11.9 Caterpillar Energy Solutions (MWM)
11.10 AB Holding
11.11 Capstone
11.12 Fuelcell Energy
*Details on Business Overview, Products Offered, Recent Developments & MnM View Might Not Be Captured in Case of Unlisted Companies.
12 Appendix (Page No. - 130)
12.1 Insights of Industry Experts
12.2 Discussion Guide
12.3 Knowledge Store: Marketsandmarkets Subscription Portal
12.4 Introducing RT: Real-Time Market Intelligence
12.5 Available Customizations
12.6 Related Reports
12.7 Author Details
List of Tables (77 Tables)
Table 1 CHP Market Snapshot
Table 2 CHP Market Size, By Capacity, 20162023 (USD Million)
Table 3 Up to 10 MW: Combined Heat & Power Market Size, By Region, 20162023 (USD Million)
Table 4 10150 MW: Combined Heat & Power Market Size, By Region, 20162023 (USD Million)
Table 5 151300 MW: Combined Heat & Power Market Size, By Region, 20162023 (USD Million)
Table 6 Residential: Combined Heat & Power Market Size, By Region, 20162023 (USD Million)
Table 7 Combined Heat & Power Market Size, By Prime Mover, 20162023 (USD Million)
Table 8 Gas Turbine: Combined Heat & Power Market Size, By Region, 20162023 (USD Million)
Table 9 Steam Turbine: Combined Heat & Power Market Size, By Region, 20162023 (USD Million)
Table 10 Reciprocationg Engine: CHP Market Size, By Region, 20162023 (USD Million)
Table 11 Fuel Cell: CHP Market Size, By Region, 20162023 (USD Million)
Table 12 Microturbine: CHP Market Size, By Region, 20162023 (USD Million)
Table 13 Combined Heat & Power Market Size, By End-User, 20162023 (USD Million)
Table 14 Utilities, District Heating and Cooling: Combined Heat & Power Market Size, By Region, 20162023 (USD Million)
Table 15 On-Site Industrial: Combined Heat & Power Market Size, By Region, 20162023 (USD Million)
Table 16 On-Site Industrial: CHP Market Size, By Type, 20162023 (USD Million)
Table 17 On-Site Commercial: Combined Heat & Power Market Size, By Region, 20162023 (USD Million)
Table 18 On-Site Commercial: CHP Market Size, By Type, 20162023 (USD Million)
Table 19 Residential: CHP Market Size, By Region, 20162023 (USD Million)
Table 20 CHP Market Size, By Region, 20162023 (USD Million)
Table 21 Asia Pacific: Combined Heat & Power Market Size, By Capacity, 20162023 (USD Million)
Table 22 Asia Pacific: CHP Market Size, By Prime Mover, 20162023 (USD Million)
Table 23 Asia Pacific: CHP Market Size, By Fuel, 20162023 (USD Million)
Table 24 Asia Pacific: CHP Market Size, By End-User, 20162023 (USD Million)
Table 25 Asia Pacific: CHP Market Size, By Country, 20162023 (USD Million)
Table 26 China: Combined Heat & Power Market Size, By End-User, 20162023 (USD Million)
Table 27 Japan: Combined Heat & Power Market Size, By End-User, 20162023 (USD Million)
Table 28 South Korea: CHP Market Size, By End-User, 20162023 (USD Million)
Table 29 India: CHP Market Size, By End-User, 20162023 (USD Million)
Table 30 Australia: CHP Market Size, By End-User, 20162023 (USD Million)
Table 31 Rest of Asia Pacific: CHP Market Size, By End-User, 20162023 (USD Million)
Table 32 Europe: Combined Heat and Power Market Size, By Capacity, 20162023 (USD Million)
Table 33 Europe: CHP Market Size, By Prime Mover, 20162023 (USD Million)
Table 34 Europe: CHP Market Size, By Fuel, 20162023 (USD Million)
Table 35 Europe: CHP Market Size, By End-User, 20162023 (USD Million)
Table 36 Europe: CHP Market Size, By Country, 20162023 (USD Million)
Table 37 Germany: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 38 UK: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 39 Italy: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 40 France: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 41 Russia: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 42 Rest of Europe: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 43 North America: Combined Heat and Power Market Size, By Capacity, 20162023 (USD Million)
Table 44 North America: CHP Market Size, By Prime Mover, 20162023 (USD Million)
Table 45 North America: CHP Market Size, By Fuel, 20162023 (USD Million)
Table 46 North America: CHP Market Size, By End-User, 20162023 (USD Million)
Table 47 North America: CHP Market Size, By Country, 20162023 (USD Million)
Table 48 US: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 49 Canada: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 50 Mexico: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 51 Middle East: Combined Heat and Power Market Size, By Capacity, 20162023 (USD Million)
Table 52 Middle East: CHP Market Size, By Prime Mover, 20162023 (USD Million)
Table 53 Middle East: CHP Market Size, By Fuel, 20162023 (USD Million)
Table 54 Middle East: CHP Market Size, By End-User, 20162023 (USD Million)
Table 55 Middle East: CHP Market Size, By Country, 20162023 (USD Million)
Table 56 Saudi Arabia: CHP Market Size, By End-User, 20162023 (USD Million)
Table 57 UAE: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 58 Turkey: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 59 Rest of Middle East: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 60 South America: Combined Heat and Power Market Size, By Capacity, 20162023 (USD Million)
Table 61 South America: CHP Market Size, By Prime Mover, 20162023 (USD Million)
Table 62 South America: CHP Market Size, By Fuel, 20162023 (USD Million)
Table 63 South America: CHP Market Size, By End-User, 20162023 (USD Million)
Table 64 South America: CHP Market Size, By Country, 20162023 (USD Million)
Table 65 Brazil: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 66 Argentina: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 67 Rest of South America: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 68 Africa: Combined Heat and Power Market Size, By Capacity, 20162023 (USD Million)
Table 69 Africa: CHP Market Size, By Prime Mover, 20162023 (USD Million)
Table 70 Africa: CHP Market Size, By Fuel, 20162023 (USD Million)
Table 71 Africa: CHP Market Size, By End-User, 20162023 (USD Million)
Table 72 Africa: CHP Market Size, By Country, 20162023 (USD Million)
Table 73 South Africa: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 74 Nigeria: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 75 Algeria: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 76 Rest of Africa: Combined Heat and Power Market Size, By End-User, 20162023 (USD Million)
Table 77 GE, the Most Active Player in the Market, 20152018
List of Figures (35 Figures)
Figure 1 Combined Heat and Power (CHP) Market: Research Design
Figure 2 Breakdown of Primary Interviews: By Company Type, Designation, and Region
Figure 3 Market Size Estimation Methodology: Bottom-Up Approach
Figure 4 Market Size Estimation Methodology: Top-Down Approach
Figure 5 Data Triangulation Methodology
Figure 6 Asia Pacific Held the Largest Share of the CHP Market in 2017
Figure 7 Above 300 MW CHP is Expected to Dominate the Market During the Forecast Period
Figure 8 Gas Turbine is Expected to Have the Largest Market Share By 2023
Figure 9 Natural Gas is Expected to Dominate the CHP Market During the Forecast Period
Figure 10 The Utilities, District Heating and Cooling Segment is Expected to Dominate the CHP Market During the Forecast Period
Figure 11 Increasing Demand for Energy Efficiency in Industries is Expected to Drive the CHP Market During the Forecast Period
Figure 12 India, China, and South Africa are Expected to Grow at the Highest CAGR During the Forecast Period
Figure 13 The Utility Segment is Estimated to Lead the CHP Market in Asia Pacific
Figure 14 Above 300 MW Segment is Expected to Be the Largest Market Between 20182023
Figure 15 Gas Turbine Segment is Expected to Lead the CHP Market During the Forecast Period
Figure 16 Natural Gas is Expected to Lead the CHP Market During the Forecast Period
Figure 17 Utilities, District Heating and Cooling Held the Largest Market Share in 2017
Figure 18 Combined Heat & Power (CHP) Market: Drivers, Restraints, Opportunities & Challenges
Figure 19 CHP Market, By Capacity, 2017
Figure 20 CHP Market, By Prime Mover, 2017
Figure 21 CHP Market, By End-User, 2017
Figure 22 Asia Pacific is Estimated to Grow at the Highest CAGR During the Forecast Period
Figure 23 Asia Pacific Led the CHP Market in 2017
Figure 24 Asia Pacific: Market Snapshot
Figure 25 Europe: Market Snapshot
Figure 26 Key Developments in the Combined Heat and Power Market, 20152018
Figure 27 GE Led the Combined Heat and Power Market in 2017
Figure 28 GE: Company Snapshot
Figure 29 Siemens: Company Snapshot
Figure 30 Veolia: Company Snapshot
Figure 31 Wδrtsilδ: Company Snapshot
Figure 32 2G Energy: Company Snapshot
Figure 33 Man Diesel & Turbo: Company Snapshot
Figure 34 Capstone: Company Snapshot
Figure 35 Fuelcell Energy: Company Snapshot
The global Combined Heat & Power (CHP) market is estimated to be USD 20.69 Billion in 2018 and is projected to reach USD 27.01 Billion by 2023, at a CAGR of 5.48%, from 2018 to 2023. The increasing demand for energy efficiency in industries, government incentives, and programs to promote CHP are driving the CHP market globally.
The combined heat & power market has been segmented, by capacity, into Up to 10 MW, 10150 MW, 151300 MW, and Above 300 MW. The Above 300 MW segment is expected to be the largest because of rise of natural gas fired power plants in Asia Pacific and North America. As most of the coal-fired plants are being phased out, these plants are being replaced with natural gas fired power plants for power generation.
The combined heat & power market has been segmented, by prime mover, into gas turbine, steam turbine, reciprocating engine, fuel cell, and microturbine. The reciprocating engine segment is estimated to hold the largest share of the market during the forecast period, owing to the rising distributed power generation in Europe and Asia Pacific. The growth of distributed power generation in Asia Pacific, North America, and Europe is driving the demand for the segment, especially for on-site industrial CHP plants.
The combined heat & power market has been segmented, by end-user, into utilities, district heating & cooling, on-site industrial, on-site commercial and residential. The utilities, district heating & cooling segment is estimated to hold the largest market share by 2023. The market for the segment is driven by the transition toward natural gas fired power generation in Asia Pacific and the increasing requirement of heat and steam in industries and municipal townships.
The combined heat & power market has been analyzed with respect to 6 regions, namely, North America, Europe, Asia Pacific, South America, the Middle East, and Africa. Asia Pacific is expected to dominate the combined heat & power market during the forecast period. The rise in natural gas in the energy mix in China, Japan, and South Korea along with the increasing demand for energy efficiency is driving the combined heat & power market in the Asia Pacific region.
The major factor restraining the growth of the combined heat & power market is the high initial cost required to set up and install a CHP plant, particularly for on-site CHP plants in industries and commercial facilities. The restraining factor is particularly prevalent in the Asia Pacific region.
Some of the leading players in the combined heat & power market include GE (US), Siemens (Germany), Caterpillar Energy Solutions (Germany), Mitsubishi Hitachi Power Systems (Japan), 2G Energy (Germany), Wδrtsilδ (Finland), and AB Holding (Italy). New product launch is the most commonly adopted strategy by top players in the market from 2014 to 2018. It was followed by partnerships and expansions.
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