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The combined heat and power (CHP) industry is experiencing significant growth, driven by the increasing demand for energy efficiency and sustainability. Key trends include the adoption of advanced CHP systems in various industries, including commercial, residential, and industrial sectors, to reduce energy costs and carbon emissions. The integration of renewable energy sources, such as biomass and biogas, into CHP systems is also gaining traction, supported by favorable government policies and incentives aimed at reducing greenhouse gas emissions.
Technological advancements in micro-CHP and the development of smart grid technologies are further propelling market expansion. Additionally, the rising need for reliable and resilient power supply, especially in the wake of natural disasters and grid instability, is boosting the deployment of CHP systems worldwide.
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.
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.