Combined Heat And Power (CHP) Market is Driven By Increasing Demand for Decentralized Power Generation System
The combined heat and power (CHP) market utilizes a single fuel source to generate both electricity and useful thermal energy in the form of steam or hot water. It is more efficient than separate systems for producing heat and power as it recovers heat that would otherwise be wasted. CHP systems provide reliable on-site power and heating/cooling while reducing carbon emissions by around 30% compared to the separate production of these energy services. By capturing heat that would otherwise be wasted, CHP can operate at overall efficiencies of 50-80%, while conventional fossil fuel power plants typically operate at just 33-42% efficiency.
The Global Combined Heat And Power (CHP) Market is estimated to be valued at US$ 31.09 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period from 2024 to 2031.
Key Takeaways
Key players operating in the combined heat and power (CHP) market are Lonza Group Ltd., Thermo Fisher Scientific Inc., Merck KGaA, and STEMCELL Technologies Inc.
The growing demand for a decentralized power generation system from industrial and commercial sectors is driving the adoption of Combined Heat and Power (CHP) Market Demand systems. CHP provides reliable on-site electricity and heat generation while reducing carbon footprint and energy costs for large energy users.
Major companies are focusing on strategic collaborations and geographic expansion into emerging markets in the Asia Pacific and Latin American regions to tap the growing demand for reliable and green power solutions. Increasing investments in district energy systems and expansion of natural gas networks in developing countries will further accelerate the adoption of CHP technology globally.
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