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The generation of new electrical engineering projects that are powered with different fuel sources across developing areas is expected to present lucrative opportunities that will harness the potential of technology and increase the market share of bio CHP. According to a report by Fortune Business Insights™, the market for bio CHP was valued at USD 2.55 billion in 2021 and is set to reach USD 3.54 billion by 2028 at a CAGR of 4.8% over the forecast period. There is substantial penetration of technology across the global market to reduce dependence on coal power plants and introduce clean energies to curb pollution. Moreover, several countries are adopting biomass power and distinct heating capacities.
The outbreak of COVID-19 impacted all the industries globally, wherein countries implemented restrictions that led to halting of industrial operations, supply chain framework, and labor shortage. Shutting down of industrial operations, lockdowns, and social distancing affected the global market growth as numerous Bio CHP companies faced severe problems due to deficit in overall energy demands and delays in ongoing projects.
The market is also expected to experience growth, owing to the latest industrial development. In February 2020, Enexor BioEnergy launched its novel bio cogeneration technology known as Bio-200 to provide effective energy by utilizing diverse types of feedstocks such as agricultural waste, wood chips, food & animal waste, and others. The new system is designed for small-scale applications with 75 kW electric power and 125 kW thermal energy by providing clean and affordable energy.
Fortune Business Insights™ Reports 10 Key Companies of Bio CHP: -
2G Energy AG founded in 1995, headquartered in Heek, Münsterland is a German manufacturer of Combined and Heat and Power (CHP) plants. It has power plants based on gas engines that are powered by natural gas, biogas, biomethane, landfill gas, sewer gas, and hydrogen to provide energy and heat from distributed form. The company has 10 subsidiaries and operates in 6 countries.
It runs its business and has operational plants in 27 countries covering all regions and has 10 technological centers across the globe. In March 2021, Wöhrden declared Westhof Bio, which conducts its operations of 2G Energy’s biogas plant, to provide gas for the Avus 2000a. Wöhrden is also equipped with another CHP Avus 3000a that operates on biomethane.
Wärtsilä Oyj Abp, traded as Wärtsilä Corporation, is a Finnish manufacturing and service provider company supplying power and other marine and energy markets. The company was founded in 1834 and presently has 31 subsidiaries and operates in 70 countries.
In December 2020, the company built a CHP plant in Germany that was supplied by Wärtsilä Technology Group to Kraftwerke Mainz Wiesbaden (KMW). The plant has officially started its commercial operation that provides 100 MW of electricity.
Enexor BioEnergy was founded in 2015 and is headquartered in Franklin, Tennessee, U.S. It specializes in providing bioenergy, distributed energy, and renewable energy. It also provides renewable energy solutions to help address the world’s plastic and organic waste problems.
In February 2020, the company recently launched modular CHP biomass device Bio200. Bio200 is a modular and scalable system that converts all organic waste into on-site, affordable, and clean energy. Customer installations began in the U.S., followed by the Caribbean, Asia, Africa, and Europe.
Fleetsolve, founded in 2002, is a British-based power solutions provider headquartered in the U.K. The company designs, manufactures, installs, and operates biofuel cogeneration engines. It provides maintenance and service by CHP OEM standards. Its biofuel cogeneration devices produce heat, steam, and electricity.
In 2019, SIMEC was acquired by Wirral-based Fleetsolve and its sister company Fuelsolve. This resulted in complete engineering assistance and the formation of a market-leading technology group.
Babcock and Wilcox is an American thermal and renewable energy technology and service provider. It was founded in 1867 and operates in 90 countries.
In 2021, the company announced that its B&W thermal, renewable, and environmental energy division will continue its strategic growth in Europe, Asia, the Middle East, and other major markets that received more than USD 24 million from customers.
Vattenfall is Swedish multinational electricity company. The company also operates in Denmark, Germany, Finland, the U.K., and the Netherlands. It is a leading European energy company owned by the Swedish government that is committed to reduce its carbon dioxide emissions by 50%. It also plans to modernize other power plants and increase low-carbon energy such as biomass and natural gas. The company also reduced its CO2 emissions from 13.4 million tons to less than 6 million tons in 2020.
Yanmar is a Japanese agricultural machinery company, founded in 1912. The company produces and sells engines for various applications that include offshore ships, cruise ships, construction and agricultural equipment, and generator sets.
In March 2021, Yanmar Energy Systems Co., Ltd., a subsidiary of Yanmar Holdings, and 2G Energietechnik GmbH (2G), a subsidiary of 2G Energy AG, entered into an agreement to sell 2G gas-fired cogeneration systems for decarbonization efforts.
Biomass Engineering Ltd. is Fröling's leading distributor of biomass boilers in the Republic of Ireland, which provides turnkey solutions from 7kW to 1,500kW.
In February 2021, with the Renewable Thermal Support Program (SSRH) support, Biomass Engineering accomplished a biomass heating project. The system is now fully operational and provides carbon-neutral heat. The Irish government pays a quarterly payment to support the SSRH biomass system for the next 15 years.
Thermax Ltd is an energy and environment engineering company based in India. Its services include heating, cooling, water and waste management, and specialty chemicals.
In November 2020, Thermax was ordered to install a combined heat and power plant worth USD 4.19 billion for Assam bio-refinery.
H3CHP is a clean energy technology company in Ontario known for cost-effective biomass gasification, fuel briquettes, and clean energy systems.
AR3C developed a biological cogeneration system under the umbrella of H3CHP in 2017. The system uses biomass in agriculture briquettes, wood, plastic biomaterials, or other products. These products are converted into synthesis gas. The gas is cooled and used in a low-speed diesel engine with a power-producing capacity.
Development of Commercial Sector to Propel Market Growth of Bio CHP
Ongoing investments in the commercial sector will pose an opportunity for the development of various commercial organizations and establishments, including offices, educational institutes, and others. Bio CHP is gaining traction due to increasing space heating and cooling with technology for high efficiency. Ongoing investments in green buildings, owing to strict building emissions are expected to propel growth of the commercial segment and global market.