The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

Growing biomass power adoption is expected to drive innovation in combined heat and power manufacturing, propelling the market during the forecast period.

The global combined heat and power market is expected to grow from $25.82 billion in 2022 to $27.73 billion in 2023 at a compound annual growth rate (CAGR) of 7.38%. The combined heat and power market is expected to reach $34.52 billion in 2027 at a CAGR of 5.63%.

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Global Combined Heat And Power Market Segments Include:

• By Fuel: Natural Gas, Coal, Biomass, Other Fuel
• By Technology: Combined Cycle, Steam Turbine, Gas Turbine, Reciprocating Engine, Other Technologies
• By Capacity: Up To 10 MW, 10-150 MW, 151-300 MW, and Above 300 MW
• By End-Use: Commercial, Industrial, Residential, Utilities, and Other End-Uses
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Asia Pacific is the largest region in the global combined heat and power market in 2021.

Major Market Players in the combined heat and power market include General Electric Company, Siemens AG, Veolia Environnement S A, Wärtsilä Oyj Abp, 2G Energy AG, Capstone Green Energy, Caterpillar Inc., Dalkia Aegis EDF Group LLC.

The key trend that is gaining popularity in the combined heat and power market is technological advancement. Major market players are focusing on R&D for product innovations such as a 4.2 kW combined heat and power unit powered by a solid oxide fuel cell (SOFC). A solid oxide fuel cell (SOFC) is an energy conversion device that generates electricity via an electrochemical reaction between fuel and an oxidant across an ionic conducting oxide electrolyte. For example, in June 2019, Miura Co. Ltd., a Japan-based energy conservation and environmental preservation company, partnered with Ceres Power, a UK-based clean energy company, and launched a 4.2 kW combined heat and power product using Ceres Power’s SteelCell technology, a solid oxide fuel cell (SOFC) technology to target the Japanese commercial building sector. Using a petrol supply, a 4.2 kW combined heat and power (CHP) unit can provide clean energy and hot water to a commercial building with low carbon emissions, ensuring business continuity even during power outages.

The Combined Heat And Power Global Market Report 2023  provides a combined heat and power market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The combined heat and power market forecast analyzes combined heat and power market size, combined heat and power market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

Combined heat and power (CHP) is a power generation method that employs the cogeneration technique to produce useful thermal energy (heating and/or cooling) as well as mechanical power or electricity from a single source of energy.

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