The Combined Heat And Power Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Combined Heat And Power Global Market Report 2024, The combined heat and power market size has grown strongly in recent years. It will grow from $27.44 billion in 2023 to $29.23 billion in 2024 at a compound annual growth rate (CAGR) of 6.5%. The growth in the historic period can be attributed to energy efficiency goals, industrial cogeneration, environmental regulations, increased combined cooling, heating, and power (cchp) applications, district heating and cooling projects, waste heat recovery, decentralization of energy generation, increased awareness of chp benefits..
The combined heat and power market size is expected to see strong growth in the next few years. It will grow to $38.07 billion in 2028 at a compound annual growth rate (CAGR) of 6.8%. The growth in the forecast period can be attributed to transition to low-carbon energy systems, smart grid integration, resilience planning in critical infrastructure, urbanization and district energy networks, biogas and biomass chp projects, support for micro-chp in residential settings.. Major trends in the forecast period include energy-as-a-service (eaas) models, market consolidation and partnerships, remote monitoring and control, technological advancements, grid resilience and reliability, collaboration between utilities and chp providers, advancements in fuel cell chp systems..
The growing adoption of biomass power is driving the growth of the combined heat and power market. Biomass power refers to the energy generated or produced by living or once-living organisms such as plants, in which energy from these organisms can be burned to create heat or converted into electricity. Biomass is used in combined heat and power (CHP) systems to produce energy through the biomass gasification process, as well as in the development of micro-CHPs and hydrogen energy systems by combining biomass gasification to use biomass feedstock to produce fuel cells. For instance, in 2021, according to the US Energy Information Administration (EIA), a US-based federal agency for collecting, analyzing, and disseminating energy information, nearly 5 quadrillion British thermal units (Btu) and 5% of all primary energy used in the United States were provided by biomass in 2021. Additionally, in March 2021, according to the Ministry of New and Renewable Energy, an India-based government agency for new and renewable energy sources, more than 70% of the population of India relies on biomass for its energy needs and accounts for about 32% of the nation’s primary energy use. Therefore, the growing adoption of biomass power is expected to propel the growth of the combined heat and power market in the coming years.
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The combined heat and power market covered in this report is segmented –
1) By Fuel: Natural Gas, Coal, Biomass, Other Fuel
2) By Technology: Combined Cycle, Steam Turbine, Gas Turbine, Reciprocating Engine, Other Technologies
3) By Capacity: Up To 10 MW, 10-150 MW, 151-300 MW, Above 300 MW
4) By End-Use: Commercial, Industrial, Residential, Utilities, Other End-Uses
Major companies operating in the combined heat and power market are innovating new technological solutions such as Bloom Energy Server to increase their profitability in the market. The Bloom Energy Server is a fuel cell power generation system. For instance, in February 2023, Bloom Energy, a US-based green energy company launched Bloom Energy Server. This cutting-edge technology can effectively generate electricity to meet a variety of energy demands while having a compact modular footprint. The Bloom Energy Server offers clean, dependable, and reasonably priced energy solutions by delivering onsite power that is dependable, robust, and constant. Because of its flexibility and ability to grow with the energy requirements of various applications, this platform may be used in a variety of locations and sectors. The technique is adaptable with respect to fuel and can produce energy from natural gas, mixed hydrogen, biogas, and hydrogen. It is based on Solid Oxide technology and operates at high temperatures.
The combined heat and power market report table of contents includes:
- Executive Summary
- Combined Heat And Power Market Characteristics
- Combined Heat And Power Market Trends And Strategies
- Combined Heat And Power Market – Macro Economic Scenario
- Global Combined Heat And Power Market Size and Growth
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- Global Combined Heat And Power Market Competitive Benchmarking
- Global Combined Heat And Power Market Competitive Dashboard
- Key Mergers And Acquisitions In The Combined Heat And Power Market
- Combined Heat And Power Market Future Outlook and Potential Analysis
- Appendix
Top 5 Major Key Players Are:
- General Electric Company
- Siemens AG
- Veolia Environnement S.A
- Wärtsilä Oyj Abp
- 2G Energy AG
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