Combined Heat and Power Market Size, Trends, & Share 2032

Combined Heat and Power Market: Size

The global combined heat and power market size was worth around USD 28.92 billion in 2023 and is predicted to grow to around USD 48.89 billion by 2032 with a compound annual growth rate (CAGR) of roughly 6.13% between 2024 and 2032.

The report covers a forecast and an analysis of the combined heat and power market on a global and regional level. The study provides historical data from 2018 to 2022 along with a forecast from 2024 to 2032 based on revenue (USD Billion).

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Combined Heat and Power Market: Overview

The process of combined heat and power is also known as cogeneration and can be best described as an efficient method for producing energy. Combined heat and power system structures with cogeneration use a heat engine to produce thermal heat and electricity, which can further be utilized by various end-users of the industrial, commercial or residential sectors. The examples of heat engines in a combined heat and power system are steam turbines, reciprocating engines, gas turbine, internal combustion engines, and external combustion engines. Gas turbines or other heat engines that generate excess exhaust heat represents waste thermal energy, which is not converted into electricity.

The study includes drivers and restraints of the combined heat and power market along with the impact they have on the demand over the forecast time period. Additionally, the report includes the study of opportunities available in the combined heat and power market on a global level.

In order to give the users of this report a comprehensive view of the combined heat and power market, we have included a competitive landscape and an analysis of Porter’s Five Forces model for the market. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

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The report provides a company market share analysis to give a broader overview of the key market players. In addition, the report also covers key strategic developments of the market including acquisitions & mergers, new technology launches, agreements, partnerships, collaborations & joint ventures, research& development, and regional expansion of major participants involved in the market on a global and regional basis. Moreover, the study covers price trend analysis and product portfolios of various companies according to regions.

Combined Heat and Power Market: Growth Drivers

The acceptance of energy-efficient techniques and favorable government initiatives for sustainability is likely to fuel the combined heat and power market across the globe in the future. The method of generating electricity and thermal energy simultaneously is known as combined heat and power. The initiative for energy generation, the deployment of sustainable energy technologies, and the growing adoption of eco-friendly ways of power generation are the primary factors that are likely to boost this market’s growth in the future. The rising demand for cost-effective, reliable, and energy-efficient power by the industrial sector is projected to stimulate the combined heat and power market growth in upcoming years. However, the volatile prices of crude oil and coal might hamper this market’s growth on a global scale in the future.

Combined Heat and Power Market: Segmentation

The study provides a decisive view of the combined heat and power market by segmenting the market based on fuel, technology, end-user, and region. All the segments have been analyzed based on present and future trends and the market is estimated from 2024 to 2032.

By fuel, the combined heat and power market is segmented into coal, biomass, natural gas, and others.

On the basis of technology, the combined heat and power market is classified into a steam turbine, gas turbine, fuel cell, and others.

By end-use, this global market is segmented into industrial, residential, and commercial.

Combined Heat and Power Market: Report Scope

Combined Heat and Power Market: Regional Analysis

The regional segmentation includes the historical and forecast demand for North America, Europe, Asia Pacific, Latin America, and the Middle East, and Africa.

By region, North America is predicted to provide significant growth opportunities in the combined heat and power market in the years ahead, owing to the growing demand for energy efficient power plants to reduce carbon emission in the region. The European region is anticipated to hold a substantial revenue share in the global combined heat and power market in the years ahead. The Asia Pacific combined heat and power market is projected to register the highest rate of growth over the forecast timeframe, owing to rapid industrialization and urbanization.

Combined Heat and Power Market: Key Players Analysis

Some key industry players in the combined heat and power market include:

• General Electric
• Kawasaki
• Bosch Thermotechnology
• MAN Diesel & Turbo
• ENER-G Rudox
• Caterpillar
• Mitsubishi
• Wartsila
• ABB
• 2G Energy
• Aegis Energy
• Yanmar
• Siemens AG

This report segments the global combined heat and power market into:

Global Combined Heat and Power Market: Fuel Analysis

• Natural Gas
• Coal
• Biomass
• Others

Global Combined Heat and Power Market: Technology Analysis

• Gas Turbine
• Steam Turbine
• Fuel Cell
• Others

Global Combined Heat and Power Market: End-use Analysis

• Residential
• Industrial
• Commercial

Global Combined Heat and Power Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• The Middle East and Africa