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    Combined Heat and Power Market Growth & Forecast

    Combined Heat and Power Market Growth & Forecast
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    Combined Heat and Power Market Size, Share, Trend, Forecast, Competitive Analysis, and Gro See more...

    Market Insights

    The combined heat and power market was estimated to grow from US$ 27.9 Billion in 2022 to reach US$ 38.91 Billion by 2028 at a CAGR of 5.7% during the forecast period.

    Want to know more about the market scope: 

    What is Combined Heat and Power Generation?

    The process of generating both, heat and electricity, at the same time is known as combined heat and power (CHP) generation. Different fuels, such as natural gas, biofuels, and oil, are used in the process. CHP is a system that recovers lost energy by using waste heat. It provides heat to the power plant, or the buildings connected to the power plant via a steam pipe network.

    Combined Heat and Power Market Features

    Market Size in 2028

    US$ 38.91 Billion

    Market Size in 2022

    US$ 27.9 Billion

    Market Growth (2023-28)

    CAGR of 5.7%

    Base Year of Study

    2022

    Trend Period

    2017-2021

    Forecast Period

    2023-2028

    Segments Covered

    By Fuel Type (Natural Gas, Coal, Biomass, and Others),

    By End-Use Type (Residential, Commercial, and Industrial),

    By Capacity Type (1kW-0.5MW, 0.5MW-5MW, and Above 5MW),

    By Technology Type (Combined Cycle, Steam Turbine, Gas Turbine, Reciprocating Engine, and Others),

    By Region (North America, Europe, Asia-Pacific, and Rest of the World).

    Dominant Region

    North America is estimated to be the leading region in the market during the forecast period.

    Key Players

    The following are some of the key players in the market:

    • 2G Energy AG
    • Caterpillar Inc.
    • General Electric
    • Kawasaki Heavy Industries, Ltd.
    • MAN Energy Solutions SE
    • Siemens AG
    • Veolia Environment S.A.
    • VIESSMANN Manufacturing Company Inc.
    • Wärtsila
    • Yanmar Co., Ltd.

    Market Drivers

    These factors are expected to boost the demand for market in the coming year:

    • Ongoing investments to reduce the reliance on conventional coal-fired power plants.
    • Rising demand for clean energy.
    • Increasing urbanization and industrialization.
    • Growing adoption of biomass power.

    Want to have a closer look of this market, 

    Segment Analysis

    Fuel Trends

    The market is segmented as natural gas, coal, biomass, and others. Natural gas is expected to account for the major share of the market due to its high efficiency, low price, increased production across the globe, and significantly low carbon emissions.

    End-Use Trends

    The market is segmented as residential, commercial, and industrial. The commercial segment is estimated to be the leading end-use type during the forecast period.

    Ongoing fund inflows by respective governments for the development of various commercial facilities, including offices, educational institutions, hospitals, and others, are expected to boost the growth of the commercial end-use segment.

    Furthermore, growing investments in green buildings, owing to strict building emission norms are likely to drive the growth in the commercial segment over the coming years.

    Capacity Trends

    The market is bifurcated into 1kW-0.5MW, 0.5MW-5MW, and above 5MW. The 1kW-0.5MW capacity range is expected to grow rapidly in the market due to the ongoing expansion of the residential and commercial sectors, as well as benefits such as high energy efficiency and low operational costs.

    Technology Trends

    The market is segmented as combined cycle, steam turbine, gas turbine, reciprocating engine, and others. Steam turbine is estimated to witness significant growth in the market in the coming years. 

    Steam turbines are one of the most versatile and oldest technologies used in the generation of heat and electricity. The technology is expected to grow significantly in the coming years due to its high reliability, smooth operations, and extremely long operational life when compared to other alternatives.

    Regional Analysis

    North America is estimated to be the leading region in the market during the forecast period.

    Know the global insights, 

    Governments across the region are supporting the region's market growth by establishing strict carbon emission targets, as a result of which countries are reducing their reliance on coal-powered power plants and introducing cleaner fuels into their energy mix. Furthermore, rising demand for clean energy is expected to drive the market growth in the coming years.

    Segmentation:

    This provides detailed insights into the market dynamics to enable informed business decision making and growth strategy formulation based on the opportunities present in the market.

    The market is segmented into the following categories:

    By Fuel Type

    • Natural
    • Coal
    • Biomass
    • Others

    By End-Use Type

    • Residential
    • Commercial
    • Industrial

    By Capacity Type

    • 1kW-0.5MW
    • 0.5MW-5MW
    • Above 5MW

    By Technology Type

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

    By Region

    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World

    Report Features

    This report provides market intelligence in the most comprehensive way and structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. 

    Report – Features

    Market Segmentation

    5

    Regions Covered

    4

    Countries/Sub-Regions Covered

    17

    No. of Figures & Tables

    >140

    Company Profiles

    10

     

    The following are the key features:

    • Industry life cycle analysis, supply chain analysis.
    • Environment analysis: Drivers and constraints, Porter’s five forces analysis, SWOT analysis.
    • Trend and forecast analysis.
    • Segment trend and forecast.
    • Competitive landscape and dynamics: Market share, Product portfolio, New Product Launches, etc.
    • Attractive market segments and associated growth opportunities.
    • Emerging trends.
    • Strategic growth opportunities for the existing and new players.
    • Key success factors.

    Research Methodology

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. 

    More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. 

    We conducted more than 15 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Target Audience

    The target audience of the combined heat and power market includes-

    • Vendors
    • Manufacturers
    • Distributors
    • Organizations
    • Government Bodies.

    Critical Questions Answered in the Report

    This market research provides in-depth information on trends, dynamics, revenue opportunities, competitive landscape, and recent developments in the global market. The historic years considered for the study are 2017-2028, base year is 2022, estimated year is 2023, and Assessment period is 2023-28.

    Following are the critical questions answered in the report.

    • What are the key trends in the global market?
    • How the market (and its various sub-segments) has grown in the last five years and what would be the growth rate in next five years?
    • What is the impact of COVID-19 on global market?
    • What are the key strategies adopted by the major vendors to lead in the global market?
    • What is the market share of the top vendors?

    Customization Options

    Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview research offers custom research services across the sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@Stratviewresearch.com.

    Frequently Asked Questions (FAQs)

    The process of generating both, heat, and electricity, at the same time is known as combined heat and power (CHP) generation. Different fuels, such as natural gas, biofuels, and oil, are used in the process. CHP is a system that recovers lost energy by using waste heat. It provides heat to the power plant, or the buildings connected to the power plant via a steam pipe network.

    The market is expected to grow at a CAGR of 5.7% during 2023-28.

    The market for steam turbine is anticipated to increase significantly during the next several years.

    The market size is estimated to grow from US$ 27.9 Billion in 2022 to US$ 38.91 Billion by 2028.

    2G Energy AG, Caterpillar Inc., General Electric, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions SE, Siemens AG, Veolia Environment S.A., VIESSMANN Manufacturing Company Inc., Wrtsil, and Yanmar Co., Ltd. are some of the key players in the market.

    North America is estimated to be the leading region in the market during the forecast period.

    Rising demand for clean energy, increasing urbanization and industrialization, and growing adoption of biomass power are expected to drive the market.

    The study period of the market is 2017-28.