Combined heat and power (CHP) is an efficient process that generates electricity and captures the resulting heat to be used in building heating, cooling, or other industrial processes. CHP systems can achieve significant energy savings and emissions reductions when compared to traditional electricity generation and heating/cooling systems.
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Key Trends
The key trends in Combined Heat and Power technology are:
1. The use of CHP systems to generate both electricity and heat from a single fuel source, such as natural gas, coal, or biomass.
2. The use of CHP systems to generate electricity with high efficiency (up to 80%), while also providing useful thermal energy (heat or steam).
3. The use of CHP systems to provide on-site power generation, thereby reducing or eliminating the need for grid-supplied electricity.
Key Drivers
The key drivers of the Combined Heat and Power market are the rising energy prices, the need for energy security, and the need to reduce greenhouse gas emissions.
CHP is a technology that enables the simultaneous generation of electricity and heat from a single fuel source. CHP can be used in a variety of applications, including power generation, space heating, and cooling.
CHP systems can also provide a measure of energy security, as they can operate independently from the grid in the event of a power outage.
In addition, CHP systems can help to reduce greenhouse gas emissions by displacing energy generation from fossil fuels with renewable energy sources.
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Market Segment
The combined heat and power market is segmented by prime mover, fuel, end user and region. By prime mover, the market is classified by gas turbine, steam turbine, fuel cell, and others. Based on fuel, it is bifurcated into coal, natural gas, nuclear, and others. Whereas based on end user the market is divided into residential, commercial and industrial. Region-wise, the market is segmented into North America, Europe, Asia Pacific, and Rest of the World.
Key Players
The global combined heat and power market includes players such as Siemens Energy (Germany), 2G Energy (Germany), Fuelcell Energy (US), Centrica (UK), Cummins (US), ClearCell Power (US), Caterpillar (US), Tecogen (US), AB Holding (Latvia), and Bosch (Germany), among others.
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