Combined Heat and Power Market Overview
Combined Heat and Power Market is estimated to grow at a CAGR of 6.2% during the forecast period 2024-2031
- The cogeneration or Combined Heat and Power (CHP) market is a system where it generates both heat and electricity simultaneously.
- CHP systems have a high efficiency of 60% to 80% compared to the separate power and heat plants. CHP systems are mainly suitable, where there is a continuous need for both energy and heat.
Market Summary
Metrics | Details |
| Market CAGR | 6.2% |
| Segments Covered | By Technology Type, By Fuel Type, By Application Type, By Capacity, and By Region |
| Report Insights Covered | Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
| Fastest Growing Region | Asia Pacific |
| Largest Market Share | North America |
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Combined Heat and Power Market Dynamics
- Increasing environmental concerns about carbon emissions from conventional power generation systems are driving the demand for the CHP market globally.
- The government's support for incentives and promoting sustainable practices for power generation is also driving the growth of the CHP market.
- The high cost of installations and implementation measures is hampering the growth of the CHP market globally.
Combined Heat and Power Market Segmentation Analysis
- The global CHP Market is segmented by technology, fuel type, application type, and Capacity.
- By technology, the market is segmented into Combined Cycle, Steam turbine, and Gas turbine. Combined cycle technology is the leading segment among others, as they are used in high power and heat requirements.
- The steam turbine segment is the fastest-growing segment with an increasing need for heat power in industries/ manufacturing centers.
- By application, the market is segmented into industrial, commercial, and residential. The industrial sector is the largest segment with increasing manufacturing activities globally where they need to process heat and power simultaneously.
Global Combined Heat and Power Market Geographical Share
- By Geography the market is segmented into North America, South America, Europe, Asia Pacific, and the Rest of the World. Europe is the leading region and accounts for a significant share of the global CHP market in 2017.
- The growth is mainly due to government support, and favorable policies. Asia Pacific region is estimated to have the fastest growth with increasing demand for energy and growing industrialization in the area.
Combined Heat and Power Companies and Competitive Landscape
- CHP concerning among a few key players such as General Electric, Mitsubishi, Caterpillar, Siemens, E-On, and others. General Electric is the dominant player in the CHP market.
- The competition in the industry is increasing with the rising number of small and established players in the market.
- Industry players are increasingly launching new products and undergoing Mergers & Acquisitions to be competitive in the market. For instance, EC Power has partnered with Lochinvar to launch a cogeneration product for the North American market in 2019.
