Combined Heat and Power Market Size to Hit $39.2 billion by 2029 In New Report
Combined Heat and Power Market Size to Hit $39.2 billion by 2029 In New Report WhaTech
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The Growing Combined Heat and Power Market
The combined heat and power market is expanding due to CHP plants capitalizing on the inherent heat produced during electricity generation from the combustion of carbon fuels.
Sustainable Development Goals (SDGs)
- SDG 7: Affordable and Clean Energy
- SDG 9: Industry, Innovation, and Infrastructure
- SDG 11: Sustainable Cities and Communities
- SDG 13: Climate Action
According to a research report “Combined Heat and Power Market by Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine), Capacity (Up to 10 MW, 10-150 MW, 151-300 MW, Above 300 MW), Fuel, End User and Region – Global Forecast to 2029″ published by MarketsandMarkets, the Combined heat and power market is projected to reach USD 39.2 billion by 2029 from an estimated USD 30.4 billion in 2024, at a CAGR of 5.2% during the forecast period.
Efficiency and Sustainability
The demand for combined heat and power (CHP) is growing due to its efficiency in generating electricity and capturing waste heat for heating or cooling purposes, reducing energy costs and emissions. It offers benefits like increased energy efficiency, lower operational costs, and enhanced grid resilience.
CHP systems are used in various sectors including industrial facilities, commercial buildings, hospitals, universities, and residential complexes to meet energy needs sustainably.
Market Analysis
Browse 414 market data Tables and 62 Figures spread through 333 Pages and in-depth TOC on “Combined Heat and Power Market – Global Forecast to 2029”
Download PDF Brochure @ www.marketsandmarkets.com/pdfdown…d=26572447
Fuel Segment: Coal
Based on fuel, the combined heat and power market has been segmented into coal, natural gas, biogas/biomass, nuclear, diesel and others. Coal is the second-largest primary fuel source for power generation globally, contributing to about 40% of worldwide electricity production.
The rise in coal-fired power plants, particularly in China and India, is driving the demand for steam turbines, thereby fueling the market for Combined Heat and Power Systems (CHPS). Due to factors such as infrastructure development projects and increased demand for electricity, coal remains a prominent choice for power generation despite concerns over coal shortages and high prices.
End User Segment: Utilities
This report segments the combined heat and power market based on end user into utilities, industrial, commercial, and residential. The utilities segment is expected to grow as the second largest in the combined heat and power market due to its ability to offer both electricity and thermal energy at low costs.
Combined Heat and Power (CHP) systems are increasingly favored by utilities. Their high efficiency, reaching up to 80%, compared to traditional thermal plants, makes them a key technology for utilities seeking to monetize heat generation and enhance operational efficiency.
The rising adoption of large-scale centralized CHP systems by utilities reflects their realization of the commercial and technical benefits, driving the growth of the CHP market.
Regional Analysis: South America
South America is expected to be the second fastest-growing region in the combined heat and power market during the forecast period. The South American region has been subdivided into three key countries: Brazil, Argentina and Rest of South America.
Rest of South America includes Colombia, Ecuador, Bolivia, and Chile. The combined heat and power market is flourishing in South America due to a surge in offshore exploration and oil & gas activities, coupled with significant investments required to meet rising power demands, South America emerges as the second fastest-growing region.
The region’s decreasing reliance on hydroelectricity in favor of natural gas generation presents promising opportunities for the combined heat and power (CHP) market.
Key Players
Some of the major players in the Combined heat and power market are GE (US), Siemens Energy (Germany), Veolia (France), Wärtsilä (Finland), and 2G Energy (Germany). The major strategies adopted by these players include sales contracts, product launches, investments, collaborations, partnerships, and expansions.
SDGs, Targets, and Indicators Analysis
1. Which SDGs are addressed or connected to the issues highlighted in the article?
- SDG 7: Affordable and Clean Energy – The article discusses the growth of the combined heat and power market, which contributes to affordable and clean energy generation.
- SDG 9: Industry, Innovation, and Infrastructure – The article mentions the use of combined heat and power systems in various sectors, including industrial facilities, commercial buildings, hospitals, universities, and residential complexes.
- SDG 13: Climate Action – The article highlights the benefits of combined heat and power systems in reducing energy costs and emissions, contributing to climate action.
2. What specific targets under those SDGs can be identified based on the article’s content?
- SDG 7.2: Increase substantially the share of renewable energy in the global energy mix – The growth of the combined heat and power market, which utilizes waste heat for heating or cooling purposes, contributes to increasing the share of renewable energy.
- SDG 9.4: Upgrade infrastructure and retrofit industries to make them sustainable – The adoption of combined heat and power systems in various sectors demonstrates efforts to upgrade infrastructure and make industries more sustainable.
- SDG 13.2: Integrate climate change measures into national policies, strategies, and planning – The use of combined heat and power systems as a climate-friendly energy generation method aligns with integrating climate change measures into national policies and strategies.
3. Are there any indicators mentioned or implied in the article that can be used to measure progress towards the identified targets?
- Indicator: Share of renewable energy in the global energy mix – The growth of the combined heat and power market, which utilizes waste heat and renewable energy sources, can contribute to increasing the share of renewable energy in the global energy mix.
- Indicator: Number of industries and buildings adopting sustainable energy generation methods – The adoption of combined heat and power systems in various sectors indicates progress towards upgrading infrastructure and retrofitting industries to make them sustainable.
- Indicator: Reduction in greenhouse gas emissions from energy generation – The use of combined heat and power systems, which are more efficient and emit fewer greenhouse gases compared to traditional thermal plants, can contribute to measuring progress in reducing emissions.
Table: SDGs, Targets, and Indicators
| SDGs | Targets | Indicators |
|---|---|---|
| SDG 7: Affordable and Clean Energy | 7.2: Increase substantially the share of renewable energy in the global energy mix | Share of renewable energy in the global energy mix |
| SDG 9: Industry, Innovation, and Infrastructure | 9.4: Upgrade infrastructure and retrofit industries to make them sustainable | Number of industries and buildings adopting sustainable energy generation methods |
| 9.4: Upgrade infrastructure and retrofit industries to make them sustainable | Reduction in greenhouse gas emissions from energy generation | |
| SDG 13: Climate Action | 13.2: Integrate climate change measures into national policies, strategies, and planning | Reduction in greenhouse gas emissions from energy generation |
Behold! This splendid article springs forth from the wellspring of knowledge, shaped by a wondrous proprietary AI technology that delved into a vast ocean of data, illuminating the path towards the Sustainable Development Goals. Remember that all rights are reserved by SDG Investors LLC, empowering us to champion progress together.
Source: whatech.com
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