Northbrook, IL 60062 -- (SBWIRE) -- 09/08/2023 -- According to a new market research report, the Combined Heat and Power Market is expected to grow from an estimated USD 26.5 billion in 2021 to USD 35.2 billion by 2026, at a CAGR of 5.8% during the forecast period. Combined heat and power (CHP) is an energy-efficient technology that generates electricity and captures the heat that would otherwise be wasted to provide useful thermal energy, such as steam or hot water. This steam or hot water, in turn, can be used for heating, cooling, and other domestic and industrial processes.

Key Market Players

A few major players that have a wide regional presence and dominate the CHPs market. The leading players in the CHPs market include GE (US), Siemens Energy (Germany), Veolia (France), Wärtsilä (Finland), and 2G Energy (Germany).

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This research report categorizes the combined heat and power market based by capacity, prime mover, fuel, end user, and region.
Based on capacity, the CHP Market has been segmented as follows:

Up to 10 MW
10-150 MW
151-300 MW
Above 300 MW

Based on Prime Mover, the CHP Market has been segmented as follows:

Gas Turbine
Steam Turbine
Reciprocating Engine
Fuel Cell
Microturbine
Others (stirling engine and combined cyle power plants)

Based on Fuel, the CHP Market has been segmented as follows:

Coal
Natural Gas
Biogas/biomass
Nuclear
Diesel
Others (Biodiesel and geothermal)

Based on the region, the CHP Market has been segmented as follows:

North America
Asia Pacific
South America
Europe
Middle East & Africa

The industrial segment is expected to dominate the CHP market, by end user, during the forecast period.

The industrial segment accounted for the largest share of 41.6% of the global combined heat and power market in 2020. The sector is also the largest consumer of delivered energy; according to BP Energy Outlook, the sector consumes around 50% of the world's total delivered energy every year. In industrial sectors such as chemicals, oil & gas, pharmaceuticals, and food & beverages, energy is used for a variety of applications, including steam and cogeneration, heating and air conditioning for buildings, and process heating. Countries such as China and India are going through rapid industrialization and have introduced several policies to support industrial growth, including initiatives to ensure adequate power supply. According to the National Bureau of Statistics, China's fixed-asset investments in 2019 were up by 3.1% in the manufacturing sector, and investments in high-tech manufacturing and services grew by 17.3% in the same year. Industries prefer using heat to produce electricity instead of letting it go waste.

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Asia Pacific is expected to lead the CHP market

Asia Pacific accounted for a 55.7% share of the CHP market in 2020. The countries covered in the region are China, Japan, South Korea, India, Australia, and the Rest of Asia Pacific. The market is expected to grow due to rapid industrialization, urbanization, and economic growth in the region, leading to the installation of new CHP systems in various emerging economies.

The CHP market is expected to grow in countries such as China and India due to infrastructural expansions, ongoing power generation projects, and technological innovations. Investments in large new gas-fired cogeneration plants and large coal-fired plants, along with rising demand for electricity, are expected to drive the growth of the Asia Pacific combined heat and power market over the next five years.

The region is the largest energy consumer globally, with China and India leading the growth in power generation and consumption. Combined heat and power has tremendous potential in Asia Pacific, mainly due to the rapid economic growth in China and the transition from coal-based generation to gas-fired power generation.

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