The global Combined Heat & Power (CHP) market is expected to grow at a CAGR of 5.48%, from 2018 to 2023, to reach a market size of USD 27.01 billion by 2023. The increasing demand for energy efficiency, government programs, and incentives to promote CHP are driving the growth for the CHP market. Emerging technologies such as fuel cell based micro-CHO in Europe and Asia Pacific provide opportunities for the growth of the CHP market.
The residential segment of the CHP market, by end-user, is expected to grow at the fastest rate from 2018 to 2023. The segment is driven by government programs for fuel cell based micro-CHP in countries such as Germany, Japan, and South Korea. The program is aimed at increasing distributed power generation in households for better energy efficiency and reduce emissions. The ene-field project of the European Union is spearheading the penetration of residential micro-CHP in Europe by providing incentives.
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On the basis of fuel, the natural gas segment is expected to grow at the fastest rate from 2018 to 2023. The growth of this segment is mainly due to the rising share of natural gas in the energy mix in the Asia Pacific region, particularly in China. The shale gas boom in the US has also contributed to the rise in natural gas fired power generation in North America, and thus driving the CHP market in the region.
The up to 10 MW segment, by capacity, is estimated to grow at the fastest rate during the forecast period. The segment consists mainly of residential and on-site industrial and commercial CHP installations. Larger capacities in this range are usually on-site commercial CHP installations for end-users, such as healthcare and data centers, where there is a growing need for energy efficiency. The market for this segment is driven by the government micro-CHP programs for fuel cells in regions such as Europe and Asia Pacific and the growth of distributed power generation in North America and Asia Pacific.
The target audience of this report includes:
• Consulting companies in the energy sector
• EPC contractors for CHP
• Reciprocating engine manufactures
• Gas and steam turbine manufactures
• Fuel cell and microturbine manufactures
• Environmental associations
• Government and research organizations
• Distributed energy associations
• Investment banks
• Power companies
Scope of the Report:
• Up to 10 MW
• 10–150 MW
• 150–300 MW
• Above 300 MW
By Prime Mover
• Gas Turbine
• Steam Turbine
• Reciprocating Engine
• Fuel Cell
• Natural Gas
• Others (Biodiesel and Geothermal)
• Utilities, District Heating & Cooling
• On-site Industrial
• On-site Commercial
• North America
• Asia Pacific
• Middle East
• South America
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The CHP market has been segmented, by region, into North America, Europe, Asia Pacific, the Middle East, South America, and Africa. Asia Pacific is expected to grow at the fastest rate during the forecast period, followed by Africa. The growth in the market in Asia Pacific is driven by countries such as China, Japan, and South Korea. The growing share of natural gas in the energy mix in these countries has given rise to large-scale gas-fired cogeneration plants and is driving the market for CHP in this region.
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Combined Heat & Power (CHP) Market is Growing Rapidly Due to the Increasing Demand for Energy Effici
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