Combined heat and power market is expected to grow at a significant CAGR during the forecast period. Combined heat and power generation is the process of producing both heat and electricity at the same time. This is accomplished by burning a variety of fuels, including oil, natural gas, and biofuels. The advantages of cogeneration over traditional methods are cost savings in manufacturing processes due to reduced superfluous energy consumption. Cost-cutting works as a driving force for this market since energy may be saved by utilizing waste resources. The number of combined heat and power plants installed across the globe is likely to be driven by factors such as the favourable outlook for natural gas supply and pricing, increasing energy efficiency, and environmental regulatory demands on power plants and industrial boilers, among others.
The biomass segment has risen tremendously in recent years. As the CO2 produced by biomass combustion is already collected by the plants being combusted, it is a carbon-free process. For facilities with a steady demand for both heat and electricity, biomass combined heat and power can be a very beneficial technology, especially if the facility is off the mains gas grid and biomass fuel is readily available. The total efficiency in cogeneration mode can reach 85-90%. Although biomass integrated gasification in gas-turbine plants (BIG/GT) is not yet commercially available, integrated gasification combined cycles (IGCC) that employ black liquor (a waste product from the pulp and paper sector) are now in use. Bio-power is growing in Northern Europe, US, and countries that produce sugarcane bagasse owing to abundant resources and favourable policies. Small initiatives, such as digesters for off-grid uses, are on the rise in both OECD and emerging economies. A biomass-based combined heat and power plant with a generating capacity of 27 MW was commissioned in Southwest England in September 2018. The project required around $168 million in inward investment. The plant’s capacity is enough to power 50,000 homes while reducing CO2 emissions by more than 100,000 metric tonnes per year. The extra power generated by the plant is fed into the local power system.
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Market Coverage
- The market number available for – 2021-2029
- Base year- 2021
- Forecast period- 2023-2029
Segment Covered-
- By Fuel Type
- By Application
Regions covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape: ABB Ltd., General Electric Co., and Siemens AG, among others.
Combined Heat and Power Market Report by Segment
By Fuel Type
- Natural Gas
- Coal
- Oil
- Biomass
- Other Fuel Types
By Application
- Utilities
- Commercial
- Industrial
- Residential
A full Report of Combined Heat and Power Market is Available @ https://www.omrglobal.com/industry-reports/combined-heat-and-power-market
Combined Heat and Power Market Report by Region
North America
- United States
- Canada
Europe
- UK
- Germany
- Spain
- France
- Italy
- Rest of Europe
Asia-Pacific
- India
- China
- Japan
- South Korea
- Rest of APAC
Rest of the World
- Latin America
- Middle East & Africa
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