Global CHP Market To Expand At A 6.4% Value CAGR By 2032 | Size, Share, Trends & Forecast 2022 to 2032

The global CHP market growth is expected to garner a market value of US$ 2,091.6 Million in 2022, expected to register a CAGR of 6.4%. The market is projected to surpass a market value of US$ 3,876.5 Million during the forecast period 2022-2032.

The combined cooling heat and power (CHP) plant market is expected to gain traction over the forecast period owing to government regulations regarding emission of greenhouse gasses and emergence of new technologies, such as absorption chillers, that efficiently convert heat into cooling. The market for CHP registered a CAGR of 5.5% in the historical period 2016-2021.

Cooling heat and power together, also known as trigeneration, is a process that uses heat generated by a combined heat and power plant to generate cooling energy for refrigerators and air conditioners. It is the most cost-effective and environmentally friendly way to generate heat, cooling, and electricity, making it the ideal solution for organisations with high cooling demands.

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Combined cooling heat and power plant consists of an electricity generator, heat exchanger, gas engine and chiller. Additionally, the important benefits of CCHP include greater efficiency, i.e., a single fuel source can generate several forms of energies, such as electrical energy, heat energy and cooling energy.

Over the forecast period, environmental regulations concerning CO2 emissions are expected to be a major factor driving the growth of the combined cooling heat and power plant market. Furthermore, combined cooling heat and power plants are much more efficient than separate generation of electricity and energy, which is another factor driving market growth.

With a projected CAGR of 6.4%, the global CHP market size is anticipated to reach a market value of US$ 2,091.6 Million in 2022. During the forecast period of 2022-2032, the market is anticipated to surpass a market value of US$ 3,876.5 Million.

Aside from that, the various advantages of combined cooling heat and power plants, such as significant reductions in greenhouse gas emissions, lower fuel and energy costs, and lower electric usage, will contribute to market growth.

Market Competition

Some of the major players in the market are GETEC heat & power AG, Peter Brotherhood Ltd., Clarke Energy, Siemens, ABB, AGO AG Energie + Anlagen, MAN Diesel & Turbo SE, M-Trigen, O'Hair Shutter Ltd., Grastim Energia, Biomass Power and International Coil Ltd. The CHP market is currently witnessing a number of strategic collaboration and partnership activities by manufacturers and distribution channels.

In May 2022, Caterpillar Inc. announced a three-year project with Minnesota-based District Energy St. Paul to demonstrate a hydrogen-fueled combined heat and power (CHP) system. The project is supported and partially funded by the U.S. Department of Energy and backed by the National Renewable Energy Laboratory. This hydrogen demonstration project will enable the company to evaluate additional hydrogen fuel options for an existing energy-efficient engine, providing even more possibilities for helping our customers meet their climate-related goals and objectives.

CHP systems from Caterpillar provide both electricity and heat simultaneously, increasing overall efficiency and reducing exhaust emissions. To assess the potential of a hydrogen-fueled CHP system under real-world operating conditions, power and heat from the demonstration project will integrate into District Energy St. Paul's electrical and thermal infrastructure.

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Key Segments Profiled in the CHP Industry Survey

CHP Market by System Type:
• Smaller CHP System (less than 5 MW)
• Medium CHP System (5 MW to 20 MW)
• Large CHP System (above 20 MW)

CHP Market by Technology:
• CHP Reciprocating Engines
• CHP Turbines
• CHP Fuel Cells

CHP Market by Chiller Type:
• Absorption Chiller
• Engine Drive Chiller

CHP Market by Application:
• CHP for Industrial Applications
• CHP for Commercial Applications
• CHP for Institutional Applications

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This release was published on openPR.