US Combined Heat & Power Market Size, Share & Growth | 2031
US Combined Heat & Power Market Size, Share & Growth | 2031
Segments - United States Combined Heat and Power Market by by Application (Commercial, and Industrial) and Fuel Type (Natural Gas, Renewable, Coal, and Others) -Industry Analysis, Growth, Share, Size, Trends, and Forecast 2023 – 2031
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| Report ID :EP-1736
| 4.7 Rating
| 85 Reviews
| 215 Pages
| Format :
Report Description
The United States combined heat and power market size was USD XX Bn in 2022 and is likely to reach USD XX Bn by 2031, expanding at a CAGR of 6.9% during 2023–2031.The growth of the market is attributed to energy conservation efforts, adoption are energy efficiency requisites, favorable government initiatives, the drive toward carbon neutrality, rising energy prices, grid ability to complement variable renewable, greater primary energy savings, and resilience.
Combined heat and power (CHP) refers to a highly efficient process that captures and utilizes the heat that is a by-product of the electricity generation process. CHP systems are highly efficient, making use of the heat which would otherwise be wasted when generating mechanical or electrical power.
The Covid-19 pandemic had an adverse impact on the US combined heat and power market. The production and supply in the market has been on halt owing to lockdown; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.
US Combined Heat and Power Market Trends and Opportunities
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Rising need and efforts for energy conservation is expected to boost the market during the forecast period.
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Increasing energy prices is anticipated to propel the combined heat and power market in coming years.
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Growing drive toward carbon neutrality and grid ability to complement variable renewable & resilience are likely to boost the demand for CHP’s.
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Cogeneration and distributed & onsite power generation are aiding towards achieving energy efficiency are the major factors driving the demand for combined heat and power.
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Favorable legislation and government initiatives are projected to spur the market in near future.
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Rising trend and preference towards fuel diversification, including hydrogen and renewable fuel-based systems to greater installation of high-efficiency systems and transition to net-zero-carbon systems are estimated to propel the CHP market
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R&D investment and technological advancement in combined heat and power market are expected to offer lucrative opportunities for the market players.
Scope of US Combined Heat and Power Market Report
The report on the United States combined heat and 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 |
United States Combined Heat and Power Market –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 |
Application (Commercial, and Industrial) and Fuel Type (Natural Gas, Renewable, Coal, and Others) |
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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 |
2G Energy Inc., General Electric Company, Aegis Energy Services Inc, Caterpillar Inc, and Curtis Engine & Equipment Co. Inc. |
US Combined Heat and Power Market Segment insights
The industrial segment is projected to constitute a large market share
Based on application, the combined heat and power market is segregated into commercial, and industrial. The industrial segment is expected to account for a key share of the market during the forecast period owing to the applications of flexible and cost-effective CHP systems. These systems have the advantage of conventional CHP but can also provide support to the electricity grid in the form of frequency regulation, electricity supply, and reserve capacity.
The natural gas segment is expected to register a substantial CAGR
Based on fuel type, the combined heat and power market is divided into natural gas, renewable, coal, and others. The natural gas segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to its applications such as lower greenhouse gas and other emissions, economic competitiveness, increased energy efficiency, and energy resiliency.
Furthermore, 70% of the existing combined heat and power capacity in the US is driven by natural gas, which results to roughly 4.5 trillion cubic feet (Tcf) of annual consumption, accounting for approximately 18% of annual natural gas demand. Additionally, providing power and steam to large industries such as paper, chemicals, food processing, refining, and metals manufacturing are the key factors driving the segment growth.
Segments
The United States combined heat and power market has been segmented on the basis of
Application
- Commercial
- Industrial
Fuel Type
- Natural Gas
- Renewable
- Coal
- Others
Key Companies
- 2G Energy Inc.
- General Electric Company
- Aegis Energy Services Inc
- Caterpillar Inc
- Curtis Engine & Equipment Co. Inc
Competitive Landscape
Key players competing in the United States combined heat and power market include 2G Energy Inc., General Electric Company, Aegis Energy Services Inc., Caterpillar Inc, and Curtis Engine & Equipment Co. Inc.
Some of these players are using several market strategies such as mergers, acquisitions, partnerships, collaborations, capacity expansion, and product launches to enhance 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 Region
5.1. Market Trends
5.2. Introduction
5.2.1. Basis Point Share (BPS) Analysis by Region
5.2.2. Y-o-Y Growth Projections by Region
5.3. Combined Heat and Power Market Size and Volume Forecast by Region
5.3.1. North America
5.3.2. Latin America
5.3.3. Europe
5.3.4. Asia Pacific
5.3.5. Middle East and Africa (MEA)
5.4. Absolute $ Opportunity Assessment by Region
5.5. Market Attractiveness/Growth Potential Analysis by Region
5.6. Global Combined Heat and Power Demand Share Forecast, 2019-2026
6. North America Combined Heat and Power Market Analysis and Forecast
6.1. Introduction
6.1.1. Basis Point Share (BPS) Analysis by Country
6.1.2. Y-o-Y Growth Projections by Country
6.2. North America Combined Heat and Power Market Size and Volume Forecast by Country
6.2.1. U.S.
6.2.2. Canada
6.3. Absolute $ Opportunity Assessment by Country
6.4. Market Attractiveness/Growth Potential Analysis
6.4.1. By Country
6.4.2. By Product Type
6.4.3. By Application
6.5. North America Combined Heat and Power Demand Share Forecast, 2019-2026
7. Latin 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
7.1.3. Latin America Average Pricing Analysis
7.2. Latin America Combined Heat and Power Market Size and Volume Forecast by Country
7.2.1. Brazil
7.2.2. Mexico
7.2.3. Rest of Latin America
7.3. Absolute $ Opportunity Assessment by Country
7.4. Market Attractiveness/Growth Potential Analysis
7.4.1. By Country
7.4.2. By Product Type
7.4.3. By Application
7.5. Latin America Combined Heat and Power Demand Share Forecast, 2019-2026
8. Europe 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. Europe Average Pricing Analysis
8.2. Europe Combined Heat and Power Market Size and Volume Forecast by Country
8.2.1. Germany
8.2.2. France
8.2.3. Italy
8.2.4. U.K.
8.2.5. Spain
8.2.6. Russia
8.2.7. Rest of Europe
8.3. Absolute $ Opportunity Assessment by Country
8.4. Market Attractiveness/Growth Potential Analysis
8.4.1. By Country
8.4.2. By Product Type
8.4.3. By Application
8.5. Europe Combined Heat and Power Demand Share Forecast, 2019-2026
9. Asia Pacific 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. Asia Pacific Average Pricing Analysis
9.2. Asia Pacific Combined Heat and Power Market Size and Volume Forecast by Country
9.2.1. China
9.2.2. Japan
9.2.3. South Korea
9.2.4. India
9.2.5. Australia
9.2.6. Rest of Asia Pacific (APAC)
9.3. Absolute $ Opportunity Assessment by Country
9.4. Market Attractiveness/Growth Potential Analysis
9.4.1. By Country
9.4.2. By Product Type
9.4.3. By Application
9.5. Asia Pacific Combined Heat and Power Demand Share Forecast, 2019-2026
10. Middle East & Africa 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. Middle East & Africa Average Pricing Analysis
10.2. Middle East & Africa Combined Heat and Power Market Size and Volume Forecast by Country
10.2.1. Saudi Arabia
10.2.2. South Africa
10.2.3. UAE
10.2.4. Rest of Middle East & Africa (MEA)
10.3. Absolute $ Opportunity Assessment by Country
10.4. Market Attractiveness/Growth Potential Analysis
10.4.1. By Country
10.4.2. By Product Type
10.4.3. By Application
10.5. Middle East & Africa Combined Heat and Power Demand Share Forecast, 2019-2026
11. Competition Landscape
11.1. Global Combined Heat and Power Market: Market Share Analysis
11.2. Combined Heat and Power Distributors and Customers
11.3. Combined Heat and Power Market: Competitive Dashboard
11.4. Company Profiles (Details: Overview, Financials, Developments, Strategy)
11.4.1. 2G Energy Inc.
11.4.2. General Electric Company
11.4.3. Aegis Energy Services Inc
11.4.4. Caterpillar Inc
11.4.5. Curtis Engine & Equipment Co. Inc
Methodology
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