Combined Heat and Power Market worth $27.01 Billion – Report by MarketsandMarkets™

“The CHP ecosystem comprises equipment manufacturers, such as GE (US), Siemens (Germany), Veolia (France), 2G Energy (Germany), FuelCell Energy (US), Wartsila (Finland), Caterpillar Energy Solutions (Germany), MAN Diesel & Turbo (Germany), AB Holding (Ital”
The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates in terms of value, and future trends in the Co

The global Combined Heat & Power (CHP) market is expected to grow at a CAGR of 5.48%, from 2018 to 2023, to reach a market size of USD 27.01 billion by 2023. The increasing demand for energy efficiency, government programs, and incentives to promote CHP are driving the growth for the CHP market. Emerging technologies such as fuel cell based micro-CHO in Europe and Asia Pacific provide opportunities for the growth of the Combined Heat & Powermarket. 

Browse 77 market data Tables and 35 Figures spread through 138 Pages and in-depth TOC on “Combined Heat & Power Market by Capacity (>10 MW, 10-150 MW, 151-300 MW, >300 MW), Prime Mover (Gas & Steam Turbine, Reciprocating Engine, Fuel Cell), End-User (District Energy, Residential, On-Site Industrial & Commercial) – Global Forecast to 2023”

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The residential segment of the Combined Heat & Powermarket, by end-user, is expected to grow at the fastest rate from 2018 to 2023. The segment is driven by government programs for fuel cell based micro-CHP in countries such as Germany, Japan, and South Korea. The program is aimed at increasing distributed power generation in households for better energy efficiency and reduce emissions. The ene-field project of the European Union is spearheading the penetration of residential micro-CHP in Europe by providing incentives.

On the basis of fuel, the natural gas segment is expected to grow at the fastest rate from 2018 to 2023. The growth of this segment is mainly due to the rising share of natural gas in the energy mix in the Asia Pacific region, particularly in China. The shale gas boom in the US has also contributed to the rise in natural gas fired power generation in North America, and thus driving the Combined Heat & Powermarket in the region. 

The up to 10 MW segment, by capacity, is estimated to grow at the fastest rate during the forecast period. The segment consists mainly of residential and on-site industrial and commercial Combined Heat & Powerinstallations. Larger capacities in this range are usually on-site commercial CHP installations for end-users, such as healthcare and data centers, where there is a growing need for energy efficiency. The market for this segment is driven by the government micro-CHP programs for fuel cells in regions such as Europe and Asia Pacific and the growth of distributed power generation in North America and Asia Pacific. 

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The CHP market has been segmented, by region, into North America, Europe, Asia Pacific, the Middle East, South America, and Africa. Asia Pacific is expected to grow at the fastest rate during the forecast period, followed by Africa. The growth in the market in Asia Pacific is driven by countries such as China, Japan, and South Korea. The growing share of natural gas in the energy mix in these countries has given rise to large-scale gas-fired cogeneration plants and is driving the market for CHP in this region. 

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