Combined Heat and Power Market is Projected to Reach $35.2 billion by 2026 | ... - 0 views
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Almira Coyne on 13 Dec 21The CHP market size will grow to USD 35.2 billion by 2026 (forecast year) from USD 26.6 billion in 2021 (estimated year), 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. The conventional method of producing usable heat and power separately has a typical combined efficiency of 45%, where CHP systems can operate at levels as high as 80%. CHP can be implemented for different types of prime movers, such as gas turbines, steam turbines, reciprocating engines, fuel cells, and microturbines. CHP is also called cogeneration, and it can be used in an individual facility/building or a district energy/utility resource. The technology is typically employed at facilities where there is a need for electricity and thermal energy. It provides benefits such as a reduction in dependency on grid support due to on-site electricity generation, enhanced reliability, reduced costs of energy and initial setup, increased resiliency against power disruption, and reduction in harmful emissions. Critical electrical and thermal loads can be handled by CHP systems during grid power outages. Micro turbines are a type of combustion turbine that produces both heat and electricity on a relatively small scale.
