The India
Combined Heat Power System Market is expected to witness significant growth
during the forecast period, 2025-2029. Combined Heat and Power (CHP), also
known as cogeneration, is a technology that simultaneously produces electricity
and heat on-site. A district energy system, which supplies heat and/or cooling
to multiple buildings from a central source via a network of pipes, is a
cost-effective solution. The demand for energy in India is high and the CHP
system is an effective solution for meeting the increasing energy demands due
to its high efficiency and cost-effectiveness. The market for CHP systems in
India is driven by several factors, such as the increasing demand for
electricity, rising fuel prices, and government initiatives aimed at promoting
energy efficiency and clean energy. India's energy demand is expected to double
by 2040, and CHP systems can assist in meeting this demand while reducing
energy consumption and emissions. The market for combined heat and power
systems in India is expected to be driven by growing government initiatives to
promote cogeneration production through incentives and subsidies, technological
advancements aimed at reducing the cost of CHP systems and increasing in-house
energy demand from the industrial and commercial sectors. Moreover, the rising
demand for energy-efficient CHP systems and strict government regulations aimed
at reducing harmful emissions are expected to have a positive impact on the
combined heat and power system market in India during the forecast period.
Increasing
demand for electricity
To meet the
increasing energy demand, it is crucial to find sustainable and efficient
energy solutions that can generate electricity and useful thermal energy from a
single fuel source. Combined Heat and Power (CHP) systems are a type of
cogeneration system that can generate electricity and thermal energy simultaneously,
making them an attractive option for businesses and industries that require
large amounts of energy. CHP systems are highly efficient and can provide
significant cost savings compared to traditional energy systems. By utilizing
waste heat from power generation, CHP systems can achieve overall efficiency
levels of up to 80%, compared to the 35-40% efficiency levels of conventional
power generation systems. Moreover, the fuel flexibility of CHP systems allows
for the use of various fuel sources such as natural gas, biogas, or biomass,
making them suitable for various industrial applications. Businesses and
industries across India are increasingly turning to CHP systems as a way to
meet their energy needs while reducing costs and improving their energy
efficiency. The use of CHP systems in industries such as textile, food
processing, and chemical manufacturing has been shown to provide significant
cost savings and improve overall efficiency.
In conclusion,
the growing energy demand in India requires sustainable and efficient solutions
to meet the needs of the population and industries. CHP systems are a viable
solution that can generate electricity and useful thermal energy from a single
fuel source, providing significant cost savings and improving energy
efficiency. As a result, CHP systems are increasingly becoming an attractive
option for businesses and industries that require large amounts of energy.
Rising fuel
prices in the country
Fuel prices in
India have indeed been volatile over the years, with crude oil prices often
fluctuating due to global supply and demand factors. In recent years, the price
of petrol and diesel in India has been on an upward trend, with the Indian
government regularly adjusting fuel prices to reflect international crude oil
prices. India's energy demand is projected to grow more than any other country
in the world over the next two decades. This increased demand for energy,
coupled with volatile fuel prices, has led to a greater interest in
energy-efficient solutions such as Combined Heat and Power (CHP) systems.
CHP systems,
also known as cogeneration systems, are capable of generating both electricity
and thermal energy from a single fuel source, such as natural gas, biogas, or
biomass. By utilizing waste heat from power generation, CHP systems can achieve
overall efficiency levels of up to 80%, compared to the 35-40% efficiency
levels of conventional power generation systems. Businesses and industries in
India have been increasingly turning to CHP systems as a way to reduce their
energy costs and improve their energy efficiency. Moreover, the Indian
government has been promoting the use of CHP systems as part of its efforts to
improve energy efficiency and reduce greenhouse gas emissions. In 2018, the
Ministry of Power launched the "Perform, Achieve, and Trade" (PAT)
scheme, which incentivizes industries to adopt energy-efficient technologies
such as CHP systems. Under the scheme, industries are given energy efficiency
targets and are eligible for tradable energy-saving certificates if they
achieve or surpass these targets. In conclusion, the rising fuel prices in
India, coupled with increasing energy demand, have made energy-efficient
solutions such as CHP systems an attractive option for businesses and
industries looking to reduce their energy costs and improve their
sustainability.
Government
Initiatives
The Indian
government has launched several initiatives to promote energy efficiency and
clean energy, such as the National Solar Mission and the National Energy
Efficiency Mission. These initiatives are aimed at promoting the adoption of
renewable energy and energy-efficient technologies such as CHP systems. The
government also offers incentives and subsidies to businesses and industries
that adopt CHP systems, which is driving the adoption of CHP systems in India.
Technological
Advancements
The
technological advancements in CHP systems are driving their adoption in India.
Newer and more efficient CHP systems are being developed that can generate
electricity and thermal energy from a wider range of fuel sources, making them
more versatile and attractive to businesses and industries. The advancements in
digital technologies are also making it easier to monitor and optimize CHP
systems, further driving their adoption in India.
In conclusion,
the India CHP market is driven by several factors, including increasing demand
for electricity, rising fuel prices, government initiatives, environmental
concerns, and technological advancements. These drivers are promoting the
adoption of CHP systems in India, making them an attractive option for
businesses and industries that are looking to reduce their energy costs,
increase their energy efficiency, and reduce their environmental impact.
The India CHP
system market is expected to grow at a steady rate owing to increasing energy
demand, rising fuel prices, and government initiatives to promote clean energy
and energy efficiency. The market is highly competitive and key players are
focusing on product innovation and partnerships to strengthen their market
position. However, the market is also restrained by several factors such as
high initial costs, lack of awareness and technical expertise, and limited
infrastructure. To fully realize the potential of CHP systems in India, there
is a need for increased awareness, technical expertise, and supportive
infrastructure.
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Market
Segments
The India
Combined Heat Power System market is segmented on the basis of prime mover,
capacity, end user industry and region. Based on prime mover, the market is further
segmented into gas & steam turbine, reciprocating engine, fuel cell and
microturbine. Based on capacity, the market is further divided into 30 kW to 1
MW, 1.1 MW to 5 MW and 5.1 MW to 10 MW and above 10 MW. Based on end-user
industry, the market is further split into industrial, utilities, commercial
and others. On the basis of region, the market is divided into East India, West
India, North India, and South India.
Market
Players
Major market
players in India Combined Heat Power System Market are Bharat Heavy Electricals
Limited, Thermax India Limited, MTS Systems Corporation, GE Power India
Limited, Cummins India Limited, Enercon India Limited, Triveni Turbine, ABB
Power Products and Systems India Ltd., Tinius Olsen India Pvt. Ltd, and
Shimadzu Corporation. To achieve good market growth, businesses that are active
in the market employ organic tactics such as product launches, mergers, and
partnerships.
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Attribute
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Details
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Base Year
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2023
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Historic Data
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2019 –
2022
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Estimated Year
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2024
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Forecast Period
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2025
– 2029
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Quantitative Units
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Revenue in USD Million, and CAGR for 2019-2023 and 2024-2029
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Report coverage
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Revenue
forecast, company share, growth factors, and trends
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Segments covered
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By Prime Mover
By Capacity
By End-User Industry
By Region
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Regional scope
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East
India, West India, North India, South India
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|
Key companies profiled
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Bharat Heavy Electricals Limited, Thermax India Limited, Siemens
Limited, GE Power India Limited, Cummins India Limited, Enercon India Limited,
Triveni Turbine, ABB Power Products and Systems India Ltd., Tinius Olsen
India Pvt. Ltd, Shimadzu Corporation.
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|
Customization scope
|
10%
free report customization with purchase. Addition or alteration to country,
regional & segment scope.
|
|
Pricing and purchase options
|
Avail customized purchase options to meet your exact research
needs. Explore purchase options
|
|
Delivery Format
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PDF and Excel
through Email (We can also provide the editable version of the report in
PPT/Word format on special request)
|
Report
Scope:
In this report,
India Combined Heat Power System Market has been segmented into following
categories, in addition to the industry trends which have also been detailed
below:
- India Combined Heat Power System
Market, By Prime Mover
- Gas & Steam Turbine
- Reciprocating Engine
- Fuel Cell
- Microturbine
- India Combined Heat Power System
Market, By Capacity
- 30 kW to 1 MW
- 1 MW to 5 MW
- 1 MW to 10 MW
- India Combined Heat Power System
Market, By End User Industry
- Industrial
- Utilities
- Commercial
- Others
- India Combined Heat Power System
Market, By Region:
o East India
o West India
o North India
o South India
Competitive
Landscape
Company
Profiles: Detailed
analysis of the major companies present in India Combined Heat Power System
Market
Available
Customizations:
With the given
market data, TechSci Research offers customizations according to a company’s
specific needs. The following customization options are available for the
report:
Company
Information
- Detailed analysis and profiling of
additional market players (up to five).
India
Combined Heat Power System Market is an upcoming report to be released soon. If
you wish an early delivery of this report or want to confirm the date of
release, please contact us at
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