Japan Combined Heat and Power Market Size, Share, and COVID-19 Impact Analysis, By Applications (Residential, Industrial & Utilities, and Commercial), By Fuel Types (Natural Gas, Coal, Oil, and Others), and Japan Combined Heat and Power Market Insights Forecasts 2022 – 2032

Industry: Energy & Power

RELEASE DATE Dec 2023
REPORT ID SI3216
PAGES 200
REPORT FORMAT PathSoft

Japan Combined Heat and Power Market Insights Forecasts to 2032

  • The Market Size is Growing at a CAGR of 3.2% from 2022 to 2032.
  • The Japan Combined Heat and Power Market Size is Expected to hold a Significant Share by 2032.

 

Japan Combined Heat and Power Market

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The Japan Combined Heat and Power Market Size is Expected to hold a Significant Share by 2032, at a CAGR of 3.2% during the forecast period 2022 to 2032. 

 

Market Overview

The combined heat and power (CHP) technology generates electricity while also capturing and converting heat that would otherwise be lost into useful thermal energy such as steam or hot water. This steam or hot water can be used for heating, cooling, and a variety of other domestic and industrial applications. Traditional methods of producing usable heat and electricity separately have an average total efficiency of 45%, whereas CHP systems can achieve up to 80%.  Gas turbines, steam turbines, reciprocating engines, fuel cells, and microturbines are examples of prime movers that can be converted to CHP. CHP is a type of energy/utility resource that can be used in a single building or as a district energy/utility resource. Typically, technology is used in buildings that require both electrical and thermal energy. It has several benefits, including less reliance on grid assistance due to on-site electricity generation, high dependability, low energy and initial setup costs, resilience to power outages, and lower hazardous pollutants. During power outages, CHP systems can manage critical electrical and thermal demands. Microturbines are small-scale combustion turbines that generate both heat and power.

 

Report Coverage

This research report categorizes the market for the Japan combined heat and power market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the Japan combined heat and power market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the Japan combined heat and power market.

 

Japan Combined Heat and Power Market Report Coverage

Report CoverageDetails
Base Year:2022
Forecast Period:2022-2032
Forecast Period 2022-2032 CAGR:3.2%
Historical Data for:2018-2021
No. of Pages:200
Tables, Charts & Figures:120
Segments covered:By Applications, By Fuel Types and COVID-19 Impact Analysis.
Companies Covered:MAN Energy Solutions, Caterpillar Inc., Mitsubishi Electric Corporation, General Electric Company, Kawasaki Heavy Industries Ltd, Siemens AG, ABB Ltd, Capstone Turbine Corporation, Bosch Ltd, Wartsila Oyj Abp and Other Key Vendors.
Pitfalls & Challenges:COVID-19 Empact, Challenge, Future, Growth, & Analysis

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Driving Factors

Rising government policies and environmental concerns, renovations of obsolete power plants, and a stable and uninterrupted power supply are just a few of the factors that could propel the market. Increased use of CHP in a variety of industries, including sugar, chemicals, and paper and pulp, as well as government support, can benefit the market. Furthermore, the government's assistance in the form of policies, advantageous subsidies, and tax cuts is expected to stimulate the market. Furthermore, market growth is expected to be driven by the cool Earth-Energy Innovative Technology Plan, special measures legislation to encourage the use of new energy, and government assistance for the deployment of new and renewable energy.

 

Restraining Factors

The high initial capital cost is one of the most significant disadvantages of installing a CHP plant. In addition to power generation equipment such as prime movers and generator systems, CHP plants require additional equipment such as heat exchangers, absorption chillers, boilers, and other equipment. Regular maintenance of all components is required to achieve the CHP's high efficiency, which raises overall maintenance costs.

 

Market Segment

  • In 2022, the industrial & utilities segment accounted for the largest revenue share over the forecast period.

Based on the application, the Japan combined heat and power market is segmented as residential, industrial & utilities, and commercial. Among these, the industrial & utilities segment has the largest revenue share over the forecast period. Energy is used for a variety of purposes in industrial sectors such as chemicals, oil and gas, pharmaceuticals, and food and beverage, such as steam and cogeneration, building heating and cooling, and process heating. Utilities use CHPs because they provide low-cost electric and thermal energy. Power generated by utilities can be exported to neighboring energy networks or used to power nearby facilities.

 

  • In 2022, the natural gas segment accounted for the largest revenue share over the forecast period.

Based on fuel types, the Japan combined heat and power market is segmented into natural gas, coal, oil, and others. Among these, the natural gas segment accounted for the largest revenue share over the forecast period. Natural gas characteristics like ease of transportation and installation, as well as a lower carbon footprint, have increased market demand for natural gas-based combined heat and power systems. Furthermore, since natural gas is abundant and cheap, it is ideal for use in combined heat and power systems. Natural gas is also an environmentally friendly energy source that helps to reduce CO2 emissions. The emergence of natural gas-based combined heat and power systems is expected to slow the rate of growth of coal-based combined heat and power systems.  

 

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the Japan combined heat and power market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

 

List of Key Companies

  • MAN Energy Solutions
  • Caterpillar Inc.
  • Mitsubishi Electric Corporation
  • General Electric Company
  • Kawasaki Heavy Industries Ltd
  • Siemens AG
  • ABB Ltd
  • Capstone Turbine Corporation
  • Bosch Ltd
  • Wartsila Oyj Abp

 

Key Target Audience

  • Market Players
  • Investors
  • End-users
  • Government Authorities 
  • Consulting and Research Firm
  • Venture capitalists
  • Value-Added Resellers (VARs)

 

Market Segment

This study forecasts revenue at regional, and country levels from 2021 to 2032. Spherical Insights has segmented the Japan Combined Heat and Power Market based on the below-mentioned segments:

 

Japan Combined Heat and Power Market, By Application

  • Residential
  • Industrial & Utilities
  • Commercial

 

Japan Combined Heat and Power Market, By Fuel Types

  • Natural Gas
  • Coal
  • Oil
  • Others

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