Home > Energy & Power > Renewable Energy > Combined Heat and Power > Combined Heat and Power (CHP) Market

Combined Heat and Power (CHP) Market Size

Report ID: GMI1537
Published Date: Jul 2024
Report Format: PDF

Download Free Sample

Combined Heat and Power Market Size

Combined Heat and Power Market size was accessed at USD 22.9 billion in 2023 and is anticipated to grow at a CAGR of 7.6% between 2024 and 2032. Chief drivers for the significant growth include the rising demand for energy efficiency, especially in industries, where CHP systems play a pivotal role in curbing energy wastage by simultaneously producing electricity and thermal energy.

To get key market trends

Download Free Sample

According to the U.S. Department of Energy, CHP systems can attain efficiency levels of up to 80%, when compared to the 50% efficiency of conventional systems. Furthermore, the market is bolstered by a global push to cut down on greenhouse gas emissions, with many countries enforcing stricter environmental regulations.

Combined Heat and Power Market Report Attributes
Report Attribute	Details
Base Year:	2023
Combined Heat and Power Market Size in 2023:	USD 22.9 Billion
Forecast Period:	2024 to 2032
Forecast Period 2024 to 2032 CAGR:	7.6%
2032 Value Projection:	USD 45.5 Billion
Historical Data for:	2021 - 2023
No. of Pages:	110
Tables, Charts & Figures:	20
Segments covered:	Fuel, End Use, Capacity, Technology
Growth Drivers:	Reducing dependency on conventional coal fired plant Growing adoption of biomass power Increasing clean energy demand
Pitfalls & Challenges:	Lack of grid infrastructure

Learn more about the key segments shaping this market

Download Free Sample

CHP systems, being a sustainable energy solution, are well-positioned to capitalize on this trend. Technological advancements, a shift towards integrating renewable energy sources, and supportive government incentives are all contributing to the market's momentum. Lastly, the economic advantages, such as lower energy costs and heightened energy security, are making CHP systems an attractive choice for many.

Authors: Ankit Gupta, Vishal Saini

Frequently Asked Questions (FAQ) :

The market size of combined heat and power (CHP) reached USD 22.9 billion in 2023 and is anticipated to record a CAGR of 7.6% through 2032, owing to the rising demand for energy efficiency, especially in industries, where CHP systems help in curbing energy wastage by simultaneously producing electricity and thermal energy.

The combined heat and power (CHP) industry share from industrial sector is projected to achieve a CAGR exceeding 6% through 2032, driven by the increasing need for energy efficiency and the reduction of GHG emissions within industrial operations.

Europe market is expected to exceed USD 17.5 billion by 2032, led by increasing energy efficiency regulations, rising demand for sustainable and decentralized energy solutions, and technological advancements.

Caterpillar, Centrica Business Solutions, Centrax Gas Turbines, Cummins, Inc., Daikin, Dalkia Aegis, EDF Group, Edina, FuelCell Energy, Inc., General Electric, Kawasaki Heavy Industries, Ltd., MAN Energy Solutions SE, Mitsubishi Power, and MWM among others.