Home Press Releases Combined Heat and Power Market Size Worth $43.80 Billion By 2030 | CAGR: 5.9%

Combined Heat and Power Market Size Worth $43.80 Billion By 2030 | CAGR: 5.9%

The global combined heat and power market size is expected to reach USD 43.80 billion by 2030, according to a new study by Polaris Market Research. The report “Combined Heat and Power Market Share, Size, Trends, Industry Analysis Report, By Fuel (Coal, Natural Gas, Biomass, Nuclear, Others); By Technology; By End-Use; By Region; Segment Forecast, 2022 – 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.

 

Utilities are the fastest-growing segment of the united heat and power industry based on end-use. Utilities are moving toward CHPs owing to the low-cost electric and thermal energy supply. CHPs provide commercial and technical benefits to utilities and their consumers. The utility segment is still a new and emerging field in the CHP industry.

 

Asia Pacific accounted for the largest revenue share and is expected to grow significantly during the forecast period. China and India lead the industry due to industrialization and technological innovations, leading to a rise in electricity demand, and propelling the combined heat and energy industry.

 

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Increased energy reliability and the need for energy efficiency with growing industrialization and urbanization lead to the growth of the CHP industry. Government regulations promoting cogeneration and increasing clean energy demand drive the industry towards development. Additionally, growth is driven by reducing dependency on conventional coal-fired plants and increasing the adoption of biomass power.

 

Major players in the combined heat and power industry are Aegis Energy Services Inc., 2G Energy Services, Centrica, Bosch, CENTRAX Gas Turbines, Cummins Inc., Viessmann Werke, Clarke Energy Inc., Doosan Fuel Cell America Inc., General Electric, Elite Energy Systems, Kawasaki, Veolia, Siemens, and Wartsila. Market players collaborate for research and development, strengthening industry presence, and technological innovation. The greater need to cater to growing customer requirements has encouraged industry participants to leverage new technologies to develop high-quality products.

 

Combined Heat and Power Market Report Highlights

  • Natural gas segment is said to account for the largest industry share. Its low cost and abundant availability with reduced emissions, which in turn, lead the natural gas-based CHP systems to drive industry growth.
  • Gas turbines held a significant share of the industry due to replacing existing coal-fired fuel stations with modern gas-fired methods to decrease carbon footprint. Based on technology.
  • Fuel cell segment will witness the fastest growth as they offer a variety of benefits such as low emissions, less noise, and subsidies in the market.
  • Utility segment is the fastest-growing segment in the market owing to greater demand for clean energy from emerging nations.
  • The Asia Pacific market is the largest energy consumer for the combined heat and power industry. The increasing investments by developing countries in gas and coal-fired plants raise the demand for electricity in countries such as China, Japan, and South Korea, among others.

 

Polaris Market Research has segmented the combined heat and power market report based on fuel, technology, end-use, and region:

 

Combined Heat and Power, Fuel Outlook (Revenue – USD Billion, 2018 – 2030)

  • Coal
  • Natural Gas
  • Biomass
  • Nuclear
  • Others

Combined Heat and Power, Technology Outlook (Revenue – USD Billion, 2018 – 2030)

  • Gas Turbine
  • Fuel Cell
  • Reciprocating Engine
  • Combined Cycle
  • Steam Turbine
  • Others

Combined Heat and Power, End-Use Outlook (Revenue – USD Billion, 2018 – 2030)

  • Commercial
  • Industrial
  • Residential
  • Utilities
  • Others

Combined Heat and Power, Regional Outlook (Revenue – USD Billion, 2018 – 2030)

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Russia
    • Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Indonesia
    • Malaysia
  • Latin America
    • Argentina
    • Brazil
    • Mexico
  • Middle East & Africa
    • UAE
    • Saudi Arabia
    • Israel
    • South Africa

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