GE (US) and Siemens Energy (Germany) worth Combined Heat and Power Market
The CHP market is expected to grow from an estimated USD 26.5 billion in 2021 to USD 35.2 billion by 2026, at a CAGR of 5.8% during the forecast period. Combined heat and power (CHP) is an energy-efficient technology that generates electricity and captures the 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 domestic and industrial processes.
A few major players that have a wide regional presence and dominate the CHPs market. The leading players in the CHPs market include GE (US), Siemens Energy (Germany), Veolia (France), Wärtsilä (Finland), and 2G Energy (Germany).
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The major strategies adopted by these players include new product launches, contracts & agreements, investments & expansions, mergers & acquisitions, joint ventures, and partnerships & collaborations. New product launches were the most adopted strategy from January 2017 to September 2021.
GE General Electric (GE) is one of the leading digital industrial companies and one of the largest providers of power generation solutions in the world. The company operates through five business segments, namely, Power, Renewable Energy, Aviation, Healthcare, and Capital. GE offers CHP services via its Power business segment. GE has classified its Power business segment into two, namely, Gas Power and Power Portfolio. The Gas Power division offers heavy-duty and aero-derivative gas turbines for utilities, IPPs (Independent Power Producers), and industries. These products are available for small-scale to utility-scale power plants. On the other hand, the Power Portfolio division provides steam power technology such as boilers, generators, and steam turbines for fossil and nuclear applications. It also offers motors, generators, automation & control equipment, and drives for energy-intensive industries such as marine, oil & gas, mining & metal, and more.
The Siemens Group transferred its energy businesses and formed a new company named Siemens Energy in 2020. Siemens Energy conducts its operations through two business segments: Gas & Power and Siemens Gamesa Renewable Energy (SGRE). Siemens Energy offers products, services, and solutions, covering the entire energy value chain from power generation and transmission to storage. The company offers its combined heat and power solutions under the Gas & Power business segment. This segment provides products, systems, solutions, and services in central and distributed power generation, transmission, and for industrial process applications. Siemens Energy also develops and markets technologies for reducing carbon emissions. The Siemens Gamesa Renewable Energy business segment offers design, development, manufacturing, supply, and installation in the field of renewables.
Related Reports:
Combined Heat and Power Market by Capacity (<10 MW, 10-150 MW, 151-300 MW, >300 MW), Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine, and Others (Stirling Engine System and Combined Cycle)), Fuel(Coal, Natural Gas, Biogas/Biomass, Nuclear, Diesel, and Others (Biodiesel and Geothermal)), End User(Residential, Commercial, Industrial, Utilities), and Region - Global Forecast to 2026
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