Global Combined Heat and Power (CHP) Installation Market Size Booming to Cross USD 24.1 Billion by 2029

Published | 13 September 2023

Global combined heat and power (CHP) installation market is flourishing because of an increasing demand for distributed energy systems driven by rapid urbanization and infrastructure development.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated the global combined heat and power (CHP) installation market size at USD 15.21 billion in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the global combined heat and power installation market size to grow at a significant CAGR of 6.8% reaching a value of USD 24.1 billion by 2029. Major growth drivers for the global combined heat and power (CHP) installation market include an increasing potential for energy efficiency, reduced greenhouse gas emissions, cost savings, and strict governmental measures to curb carbon emissions. This surge in demand is driven by rising industrialization and urbanization worldwide, creating a higher need for power. In response, many countries prioritize renewable energy and promote the adoption of combined heat and power (CHP) systems. The United States, the United Kingdom, Germany, and Japan lead these efforts with initiatives and incentives to boost the CHP industry. The parallel growth of industry and urbanization contributes to higher CHP usage, especially in residential and transportation sectors, resulting in increased household incomes. Also, investment flows from developed to developing countries give businesses a competitive edge in promoting CHP systems. These factors collectively support the flourishing prospects of the global combined heat and power (CHP) installation market. However, high initial investment costs is anticipated to restrain the overall market growth during the period in analysis.

Global Combined Heat and Power (CHP) Installation Market – Overview

The combined heat and power (CHP) technology, also known as cogeneration, efficiently produces heat and electricity in a single power plant or heat engine. Widely used in commercial, residential, and institutional sectors, including offices, hotels, nursing homes, and universities, CHP installations are favored for their energy efficiency and reduced emissions. They also find applications in municipal systems and industrial complexes. CHP systems contribute to energy conservation, cost savings, and environmental sustainability, making them a compelling choice for sustainable energy solutions. As a result, the Global Combined heat and power (CHP) Installation Market has experienced substantial growth, driven by increasing recognition of the technology's benefits in enhancing energy efficiency and environmental performance.

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Impact of COVID-19 on Global Combined Heat and Power (CHP) Installation Market

COVID-19 pandemic adversely affected the global combined heat and power (CHP) installation market. As economies faced lockdowns and restrictions, construction activities and industrial operations were disrupted, leading to project delays and cancellations. Uncertainty and financial constraints deterred potential investors, affecting the growth of the market. However, the crisis also highlighted the importance of resilient and efficient energy systems, driving interest in CHP installations for their reliability and reduced carbon footprint. As economies gradually recover, increased focus on sustainability and energy efficiency is expected to fuel the market's resurgence, with governments supporting green initiatives and incentivizing CHP adoption.

Global Combined Heat and Power (CHP) Installation Market – By Application

By application, the global combined heat and power (CHP) installation market is bifurcated into Commercial & Residential and Industrial segments. The commercial & residential segment hold a higher market share during the forecast period by application. The rising energy demand in commercial buildings, such as offices, hotels, and retail spaces, has led to increased interest in CHP systems to meet power and heating needs efficiently. Also, in residential settings, CHP installations offer cost savings and reduced reliance on centralized power grids. Notably, growing awareness of environmental sustainability and the desire for energy independence drive the adoption of CHP in both sectors. The versatility of CHP systems enables customized solutions, making them a preferred choice for a wide range of commercial and residential applications.

Competitive Landscape

Major players operating in the global combined heat and power (CHP) installation market include Centrica PLC, Caterpillar Inc., Mitsubishi Electric Corporation, General Electric Company, Kawasaki Heavy Industries Ltd, Bosch Thermotechnology GmbH, Viessmann Werke Group GmbH & Co. KG, FuelCell Energy Inc., Siemens Energy AG, Wartsila Oyj Abp, ABB Ltd, and Aegis Energy Services LLC. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of Global Combined Heat and Power (CHP) Installation Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in Global Combined Heat and Power (CHP) Installation Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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