|Status : Upcoming
|Report Code : VREP3003
|Industry : Energy & Power
|Available Format :
Combined Heat and Power, also known as cogeneration, is the production of heat and electricity from a single source at the same time. It is a system that reclaims lost energy by using the waste heat to provide heat to the power plant or to the buildings that are connected to the power plant through a steam pipe network.
The global combined heat and power market is growing at a good rate and also expected to grow at a decent rate in the coming years, as it increases the efficiency of power generation up to 80% and is suited for industrial parks, military bases, college campuses, and others which are close to the power sources to use the cogenerated heat.
Insight by Fuel
Based on fuel, the combined heat and power market is categorized into natural gas, coal, and biomass. The natural gas fuel category is anticipated to hold the largest share in the market and is also projected to register the highest CAGR, owing to various factors including abundance availability, low price, clean fuel, and easy installation of systems based on natural gas as compared to other fuel types.
Insight by Capacity
Based on capacity, the combined heat and power market is classified into >10 MW, 10-150 MW, 151-300 MW, and>300MW. The more than 300MW capacity is the dominant category in the market, due to the rising number of natural gas-based power plants for power generation due to the rising environmental concerns in the North American and European region.
Insight by Technology
Based on technology, the combined heat and power market is categorized into combined cycle, steam turbine, gas turbine, reciprocating engine, and others. The largest market share is expected to be held by the reciprocating engine segment, due to the increasing distributed power generation in various parts of the world. Along with that, the growth in distributed power generation is driving the demand of the segment in the market.
Insight by End-User
Based on end-users, the combined heat and power market is classified into residential, commercial, and industrial users. The industrial end-user category holds the largest share in the market due to the increasing requirement for heat and steam in industries. These systems are used in various industries such as pharmaceuticals, petrochemicals, and others.
Global Combined Heat and Power Market Report Coverage
2018 - 2023
Base Year Considered
2025 - 2030
Market Size in 2023
U.S.D. XX Billion
Revenue Forecast in 2030
U.S.D. XX Billion
Segments Covered in the Report
By Fuel, By Capacity, By Technology, By End-User
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Impact of COVID-19; Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling
Regions Covered in the Report
North America, Europe, Asia-Pacific, Middle East, and Rest of the World
Increasing energy demand in the commercial and industrial sectors, stringent government regulation, abundant natural gas supply along low pricing are the major factors that are driving the combined heat and power market growth. The energy demand is increasing in the commercial and industrial sectors and this is a clean way to generate electricity and thermal energy from a single fuel cell, which can significantly reduce the dependency on electricity purchasing from the local utility and afterward burning fuel in a boiler, and hence driving the market growth.
The high initial investment is the major factor that can hinder the combined heat and power market growth in the coming years. As these systems are made of complex technologies, they are costly to install in small or medium-sized enterprises. However, in large industries, they have proved to be beneficial.
The major players in the combined heat and power market are focusing on merger and acquisition strategies to expand their regional presence and gain a competitive advantage in the market.
Globally, Asia-Pacific is the largest combined heat and power market and is also expected to retain its largest share during the forecast period. Rapid industrialization and growing urbanization along with the increasing demand for clean fuel energy will propel the growth of the region’s combined heat and power industry. Along with that, strict norms to reduce carbon emissions along with decentralized power generation will propel the market growth in the region.
ENER-G Rudox, AN Diesel & Turbo, General Electric, Caterpillar, Mitsubishi, Kawasaki, Bosch Thermotechnology, Viessmann Werke, FuelCell Energy, MWM, Cummins, Veolia, BDR Thermea, CENTRAX Gas Turbines, Wartsila, ABB, 2G Energy, Aegis Energy, and Siemens AG are some of the major players operating in the combined heat and power industry.