Future Market Insights
The combined cooling heat and power (CCHP) plant market is expected to gain traction over the forecast period owing to government regulations regarding emission of greenhouse gases and emergence of new technologies, such as absorption chiller, that efficiently covert heat into cooling. Cooling heat and power together, also known as trigeneration, is a process in which the heat produced by combined heat and power plant is used to generate cooling energy for refrigerator and air conditioning. It is the most economical and eco-friendly way to generate heat, cooling and electricity, making it the ideal solution for organizations which have significant cooling requirements. Combined cooling heat and power plant consists of an electricity generator, heat exchanger, gas engine and chiller. Additionally, the important benefit 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.
Combined Cooling Heat and Power Plant Market: Dynamics
Environmental regulation regarding Co2 emission is expected to be a major factor that drives the growth of the combined cooling heat and power plant market over the forecast period. Moreover, combined cooling heat and power plants are much more efficient than separate generation of electricity and energy which is also considered as a factor which gives traction to the growth of the market. That apart, the different benefits of combined cooling heat and power plant such as significant reduction in greenhouse gas emission, reduced fuel and energy cost and lower electric usage will also add to the growth of market.
High initial investment and long recovery period are expected to be a major barriers that hinder the growth of the combined cooling heat and power plant market. Moreover, challenges created by the highly dynamic nature and non-coincidence of electrical loads and thermal loads in targeted applications is expected to hamper the growth of the combined cooling heat and power plant market over the forecast period. Additionally, anxiety in integrating developed algorithms into control technology hardware and software will act as a restraining factor for the growth of the combined cooling heat and power plant market.
Combined Cooling Heat and Power Plant Market: Segmentation
The global combined cooling heat and power plant market can be segmented based on system type, technology, chiller type and application.
By System type, the combined cooling heat and power plant market can be segmented into:
Smaller System (less than 5MW)
Medium System (5MW to 20MW)
Large System (above 20MW)
By Technology, the combined cooling heat and power plant market can be segmented into:
By Chiller type, the combined cooling heat and power plant market can be segmented into:
Engine Drive Chiller
By application, the combined cooling heat and power plant market can be segmented into:
Combined Cooling Heat and Power Plant Market: Region-wise Outlook
Asia Pacific will be closely followed by North America during the forecast period. Both of these markets are expected to witness immense growth in the combined cooling heat and power plant market due to rapid industrialization. Western Europe, in particular, is projected to witness growth in the combined cooling heat and power plant market due to the expected growth in the construction industry during the forecast period. Latin America is expected to grow at a significant CAGR during the forecast period owing to high demand of combined cooling heat and power plantin the growing commercial and institutional sector in the region.
Combined Cooling Heat and Power Plant Market: Market Participants
Examples of some of the market participants identified across the value chain of the global combined cooling heat and power plant market include:
GETEC heat & power AG
Peter Brotherhood Ltd.
AGO AG Energie + Anlagen
MAN Diesel & Turbo SE
O’Hair Shutter Ltd.
International Coil Ltd.
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