Combined Heat and Power Market Size, Share & Industry | 2031
Combined Heat and Power Market Size, Share & Industry | 2031
Segments - Combined Heat and Power Market by Applications (Utilities, Commercial & Industrial, and Residential), Fuel Types (Natural Gas, Coal, Oil, Biomass, and Others), and Regions (Asia Pacific, North America, Latin America, Europe, and Middle East & Africa) - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-2028
| 4.9 Rating
| 68 Reviews
| 163 Pages
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Report Description
Combined Heat and Power Market Outlook 2031
The global combined heat and power market size was USD 28 Billion in 2022 and is expected to reach USD 44.49 Billion by 2031 expand at a significant CAGR 5.28% during the forecast period, 2023–2031. The growth of the market is attributed to factors such as the active supply, improved energy efficiency, in addition to the regulatory pressure on power plants and industrial boilers may drive the number of installations of power plants.
Combined heat and power (CHP) is an efficient local power generation process that helps eliminate power distribution networks and generate heat in integrated systems. A large amount of energy saving is applicable to different end users. The energy generated is used to cool commercial and residential setup and space heating. These facilities have low cost, minimal distribution loss, and high efficiency.
The growing demand for distributed power generation through various power systems, coupled with extensive design, capabilities, and applications of cogeneration systems are estimated to increase product penetration. Factors such as efficient systems, low installation & operating costs, and competitive natural gas prices are projected to drive the market.
In addition, both developed and developing countries are becoming more aware of energy saving and high efficiency. Over time, these factors are expected to promote the development of the combined heat and power market. Combined heat and power plants are more expensive than traditional systems such as boilers and diesel generators.
Combined Heat and Power Market Trends, Drivers, Restraints, and Opportunities
- Increasing demand for energy productivity in industries due to rising cost from power industry and promotional activities by government is projected to boost the market during the forecast period.
- Rapid growth of the pharmaceutical & cement industry is creating demand for large-scale combined heat & power system for high temperature and pressure requirement.
- Rising awareness about energy conservation and growing use of natural gas for power generation is anticipated to drive the market during forecast period.
- High installation & maintenance cost in addition to the other equipment used in combined heat & power system is projected to restrict the market growth.
- Lack of awareness about the environmental effects due to carbon emission, rise in renewable power generation, and lack of schemes by government for adoption of heat & power systems by industries present as major factors that can hamper the market growth.
- R&D investment and development in distributed power generation system is projected to offer significant opportunities for the market players.
Scope of The Combined Heat and Power Market Report
The report on the global combined heat & power market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes |
Details |
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Report Title |
Combined Heat and Power Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast |
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Base Year |
2022 |
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Historic Data |
2016–2021 |
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Forecast Period |
2023–2031 |
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Segmentation |
Applications (Utilities, Commercial & Industrial, and Residential), and Fuel Types (Natural Gas, Coal, Oil, Biomass, and Others) |
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Regional Scope |
Asia Pacific, North America, Latin America, Europe, and Middle East & Africa |
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Report Coverage |
Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast |
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Key Players Covered in the Report |
Siemens AG; Bosch Thermotechnology GmbH; General Electric Company; Viessmann Werke; and Kawasaki Heavy Industries Ltd. |
Combined Heat and Power Market Segment Insights
The commercial & industrial segment is projected to hold a major market share
In terms of applications, the combined heat & energy market is segregated into utilities, commercial & industrial, and residential. The commercial & industrial segment is expected to represent a key share of the market during the forecast period owing to growing demand for heat and steam from industry and municipalities. The industrial sector is the main consumer of electricity, accounting for nearly 60% of all electricity.
Steel, chemicals, cement, pharmaceuticals, refining, glass, textiles, paper & pulp, and mining are the main consumers. Industrial cogeneration in oil refineries, sugar mills, and the pulp & paper industry is often seen as a technically and financially viable option that reduces the load on the grid. These systems are also used in other applications such as hospitals, casinos, airports, office buildings, and military bases. They are most suitable for places where buildings have "radiators", such as swimming pools.
The biomass segment is expected to expand at a significant CAGR
Based on fuel types, the combined heat & energy market is segregated into natural gas, coal, oil, biomass, and others. The biomass segment is expected to hold a key share of the market during the forecast period. The combustion of biomass is a carbon-free process because the resulting CO2 is captured by the incinerator.
Combining biomass heat and power is a useful technology for plants that require heat and power, especially when the plant is off-grid and biomass fuel is easily available. On the other hand, the natural gas segment is anticipated to expand at a rapid pace during the forecast period. Combined heat and power that is the production of electricity or mechanical energy and useful heat from a single source of energy at one point of use, provides the US with many potentially advanced energy benefits such as efficiency, reduction of greenhouse gas, economic competitiveness, and energy sustainability.
The high efficiency of CHP can reduce fuel consumption and greenhouse gas emissions. The reduction in carbon dioxide emissions is equivalent to removing more than 45 million vehicles from the road. Approximately 87% of the country's combined heat and power capacity is used to provide electricity and steam to large industries such as chemical, paper, oil refining, food & metal processing, power supply, heating & cooling for hospitals, schools, campuses, nursing homes, hotels, office buildings, and residential communities.
North America is anticipated to dominate the market
On the basis of regions, the combined heat & power market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to dominate the market during the forecast period.
A reliable and resilient power grid is essential to the economic growth and energy security of countries such as the US. As the national grid connects more and more renewable energy sources, such as wind and solar power, these sources of electricity rarely cause problems for the operation of power system.
Utilities and other network operators are facing immediate and growing demand for additional capacity to maintain the stability and security of the grid. Cogeneration technology can help manufacturing companies, federal & other government agencies, commercial buildings, institutions & communities reduce energy costs and emissions. In the US, combined heat and power plants can save 1.8 square meters of fuel each year, thereby avoiding 241 million tons of carbon dioxide emissions each year.
Segments
The global combined heat & power market has been segmented on the basis of
Applications
- Utilities
- Commercial & Industrial
- Residential
Fuel Types
- Natural Gas
- Coal
- Oil
- Biomass
- Others
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Siemens AG
- Bosch Thermotechnology GmbH
- General Electric Company
- Viessmann Werke
- Kawasaki Heavy Industries Ltd.
Competitive Landscape
Key players competing in the combined heat & power market include Siemens AG; Bosch Thermotechnology GmbH; General Electric Company; Viessmann Werke; and Kawasaki Heavy Industries Ltd.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to increase their market shares.
Table Of Content
1. Executive Summary2. Assumptions and Acronyms Used
3. Research Methodology
4. Combined Heat and Power Market Overview
4.1. Introduction
4.1.1. Market Taxonomy
4.1.2. Market Definition
4.2. Macro-Economic Factors
4.2.1. Industry Outlook
4.3. Combined Heat and Power Market Dynamics
4.3.1. Market Drivers
4.3.2. Market Restraints
4.3.3. Opportunity
4.3.4. Market Trends
4.4. Combined Heat and Power Market - Supply Chain
4.5. Global Combined Heat and Power Market Forecast
4.5.1. Combined Heat and Power Market Size (US$ Mn) and Y-o-Y Growth
4.5.2. Combined Heat and Power Market Size (000’ Units) and Y-o-Y Growth
4.5.3. Combined Heat and Power Market Absolute $ Opportunity
5. Global Combined Heat and Power Market Analysis and Forecast by Applications
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Applications
5.2.2. Y-o-Y Growth Projections by Applications
5.3. Combined Heat and Power Market Size and Volume Forecast by Applications
5.3.1. Utilities
5.3.2. Commercial & Industrial
5.3.3. Residential
5.4. Absolute $ Opportunity Assessment by Applications
5.5. Market Attractiveness/Growth Potential Analysis by Applications
6. Global Combined Heat and Power Market Analysis and Forecast by Region
6.1. Market Trends
6.2. Introduction
6.2.1. Basis Point Share (BPS) Analysis by Region
6.2.2. Y-o-Y Growth Projections by Region
6.3. Combined Heat and Power Market Size and Volume Forecast by Region
6.3.1. North America
6.3.2. Latin America
6.3.3. Europe
6.3.4. Asia Pacific
6.3.5. Middle East and Africa (MEA)
6.4. Absolute $ Opportunity Assessment by Region
6.5. Market Attractiveness/Growth Potential Analysis by Region
6.6. Global Combined Heat and Power Demand Share Forecast, 2019-2026
7. North America Combined Heat and Power Market Analysis and Forecast
7.1. Introduction
7.1.1. Basis Point Share (BPS) Analysis by Country
7.1.2. Y-o-Y Growth Projections by Country
7.2. North America Combined Heat and Power Market Size and Volume Forecast by Country
7.2.1. U.S.
7.2.2. Canada
7.3. Absolute $ Opportunity Assessment by Country
7.4. North America Combined Heat and Power Market Size and Volume Forecast by Applications
7.4.1. Utilities
7.4.2. Commercial & Industrial
7.4.3. Residential
7.5. Basis Point Share (BPS) Analysis by Applications
7.6. Y-o-Y Growth Projections by Applications
7.7. Market Attractiveness/Growth Potential Analysis
7.7.1. By Country
7.7.2. By Product Type
7.7.3. By Application
7.8. North America Combined Heat and Power Demand Share Forecast, 2019-2026
8. Latin America Combined Heat and Power Market Analysis and Forecast
8.1. Introduction
8.1.1. Basis Point Share (BPS) Analysis by Country
8.1.2. Y-o-Y Growth Projections by Country
8.1.3. Latin America Average Pricing Analysis
8.2. Latin America Combined Heat and Power Market Size and Volume Forecast by Country
8.2.1. Brazil
8.2.2. Mexico
8.2.3. Rest of Latin America
8.3. Absolute $ Opportunity Assessment by Country
8.4. Latin America Combined Heat and Power Market Size and Volume Forecast by Applications
8.4.1. Utilities
8.4.2. Commercial & Industrial
8.4.3. Residential
8.5. Basis Point Share (BPS) Analysis by Applications
8.6. Y-o-Y Growth Projections by Applications
8.7. Market Attractiveness/Growth Potential Analysis
8.7.1. By Country
8.7.2. By Product Type
8.7.3. By Application
8.8. Latin America Combined Heat and Power Demand Share Forecast, 2019-2026
9. Europe Combined Heat and Power Market Analysis and Forecast
9.1. Introduction
9.1.1. Basis Point Share (BPS) Analysis by Country
9.1.2. Y-o-Y Growth Projections by Country
9.1.3. Europe Average Pricing Analysis
9.2. Europe Combined Heat and Power Market Size and Volume Forecast by Country
9.2.1. Germany
9.2.2. France
9.2.3. Italy
9.2.4. U.K.
9.2.5. Spain
9.2.6. Russia
9.2.7. Rest of Europe
9.3. Absolute $ Opportunity Assessment by Country
9.4. Europe Combined Heat and Power Market Size and Volume Forecast by Applications
9.4.1. Utilities
9.4.2. Commercial & Industrial
9.4.3. Residential
9.5. Basis Point Share (BPS) Analysis by Applications
9.6. Y-o-Y Growth Projections by Applications
9.7. Market Attractiveness/Growth Potential Analysis
9.7.1. By Country
9.7.2. By Product Type
9.7.3. By Application
9.8. Europe Combined Heat and Power Demand Share Forecast, 2019-2026
10. Asia Pacific Combined Heat and Power Market Analysis and Forecast
10.1. Introduction
10.1.1. Basis Point Share (BPS) Analysis by Country
10.1.2. Y-o-Y Growth Projections by Country
10.1.3. Asia Pacific Average Pricing Analysis
10.2. Asia Pacific Combined Heat and Power Market Size and Volume Forecast by Country
10.2.1. China
10.2.2. Japan
10.2.3. South Korea
10.2.4. India
10.2.5. Australia
10.2.6. Rest of Asia Pacific (APAC)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Asia Pacific Combined Heat and Power Market Size and Volume Forecast by Applications
10.4.1. Utilities
10.4.2. Commercial & Industrial
10.4.3. Residential
10.5. Basis Point Share (BPS) Analysis by Applications
10.6. Y-o-Y Growth Projections by Applications
10.7. Market Attractiveness/Growth Potential Analysis
10.7.1. By Country
10.7.2. By Product Type
10.7.3. By Application
10.8. Asia Pacific Combined Heat and Power Demand Share Forecast, 2019-2026
11. Middle East & Africa Combined Heat and Power Market Analysis and Forecast
11.1. Introduction
11.1.1. Basis Point Share (BPS) Analysis by Country
11.1.2. Y-o-Y Growth Projections by Country
11.1.3. Middle East & Africa Average Pricing Analysis
11.2. Middle East & Africa Combined Heat and Power Market Size and Volume Forecast by Country
11.2.1. Saudi Arabia
11.2.2. South Africa
11.2.3. UAE
11.2.4. Rest of Middle East & Africa (MEA)
11.3. Absolute $ Opportunity Assessment by Country
11.4. Middle East & Africa Combined Heat and Power Market Size and Volume Forecast by Applications
11.4.1. Utilities
11.4.2. Commercial & Industrial
11.4.3. Residential
11.5. Basis Point Share (BPS) Analysis by Applications
11.6. Y-o-Y Growth Projections by Applications
11.7. Market Attractiveness/Growth Potential Analysis
11.7.1. By Country
11.7.2. By Product Type
11.7.3. By Application
11.8. Middle East & Africa Combined Heat and Power Demand Share Forecast, 2019-2026
12. Competition Landscape
12.1. Global Combined Heat and Power Market: Market Share Analysis
12.2. Combined Heat and Power Distributors and Customers
12.3. Combined Heat and Power Market: Competitive Dashboard
12.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
12.4.1. Siemens AG
12.4.2. Bosch Thermotechnology GmbH
12.4.3. General Electric Company
12.4.4. Viessmann Werke
12.4.5. Kawasaki Heavy Industries Ltd.
Methodology
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