Combined heat and power (CHP) systems, also known as cogeneration, are highly efficient systems that generate electricity or mechanical power and capture the heat that would normally be wasted. CHP systems provide numerous advantages such as increased energy efficiency, reduced carbon footprint, and energy cost savings. As energy demands grow globally and concerns over climate change increase, there is a growing emphasis on transitioning to more sustainable and efficient sources of power. The global combined heat and power (CHP) market is estimated to be valued at US$ 31.09 Bn in 2024 and is expected to exhibit a CAGR of 12% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Increased adoption of decentralized power systems is expected to accelerate the growth of the CHP market over the next few years. Decentralized CHP systems are modular in nature and can be installed close to the point of energy use, eliminating the need for long transmission and distribution lines. They provide several advantages over centralized power systems such as greater reliability of supply, reduced transmission losses, and enhanced energy security. With government policies promoting distributed generation and growing focus on minimizing transmission losses and carbon footprint, the adoption of decentralized CHP systems is expected to grow substantially during the forecast period.
Segment Analysis
The global combined heat and power (CHP) market is segmented based on fuel type into natural gas, coal, biomass, and others. The natural gas segment dominates the market and accounts for over 50% share owing to the abundant availability of natural gas reserves globally and comparatively lower emissions from natural gas based CHPs.
Key Takeaways
The global combined heat and power (CHP) market demand is expected to witness high growth over the forecast period of 2024 to 2031.
Regional analysis:
Europe dominates the global CHP market with over 30% share due to stringent emission norms and supportive government policies promoting energy efficiency in the region. The Asia Pacific CHP market is expected to witness fastest growth over the forecast period led by rapidly growing energy needs in China and India.
Key players
operating in the combined heat and power (CHP) market are Lonza Group Ltd., Thermo Fisher Scientific Inc., Merck KGaA, and STEMCELL Technologies Inc. Lonza Group Ltd. is one of the leading players and offers a wide range of CHP systems for different applications.
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