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US Combined Heat and Power Market Size & Share 2021-2028 | Growth Market Reports

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Sheryl Dias
US Combined Heat and Power Market Size & Share 2021-2028 | Growth Market Reports

The United States combined heat and power market size is estimated to register a substantial CAGR during the forecast period, 2021–2028. The growth of the market is attributed to energy conservation efforts, adoption are energy efficiency requisites, favorable government initiatives, the drive toward carbon neutrality, rising energy prices, grid ability to complement variable renewable, greater primary energy savings, and resilience.

 

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Combined heat and power (CHP) refers to a highly efficient process that captures and utilizes the heat that is a by-product of the electricity generation process. CHP systems are highly efficient, making use of the heat which would otherwise be wasted when generating mechanical or electrical power.

 

The Covid-19 pandemic had an adverse impact on the US combined heat and power market. The production and supply in the market has been on halt owing to lockdown; however, the government’s steps and strategies have helped to neutralised the situation. This pandemic has encouraged the key players to implement advance technologies to overcome these challenges and expand the market growth.

 

Market Trends, Drivers, Restraints, and Opportunities

  • Rising need and efforts for energy conservation is expected to boost the market during the forecast period.
  • Increasing energy prices is anticipated to propel the combined heat and power market in coming years.
  • Growing drive toward carbon neutrality and grid ability to complement variable renewable & resilience are likely to boost the demand for CHP’s.
  • Cogeneration and distributed & onsite power generation are aiding towards achieving energy efficiency are the major factors driving the demand for combined heat and power.
  • Favorable legislation and government initiatives are projected to spur the market in near future.
  • Rising trend and preference towards fuel diversification, including hydrogen and renewable fuel-based systems to greater installation of high-efficiency systems and transition to net-zero-carbon systems are estimated to propel the CHP market
  • R&D investment and technological advancement in combined heat and power market are expected to offer lucrative opportunities for the market players.

 

Market Segment insights

 

The industrial segment is projected to constitute a large market share

Based on application, the combined heat and power market is segregated into commercial, and industrial. The industrial segment is expected to account for a key share of the market during the forecast period owing to the applications of flexible and cost-effective CHP systems. These systems have the advantage of conventional CHP but can also provide support to the electricity grid in the form of frequency regulation, electricity supply, and reserve capacity.

 

The natural gas segment is expected to register a substantial CAGR

Based on fuel type, the combined heat and power market is divided into natural gas, renewable, coal, and others. The natural gas segment accounts for a key share of the market and is estimated to propel even further over the forecast period owing to its applications such as lower greenhouse gas and other emissions, economic competitiveness, increased energy efficiency, and energy resiliency. Furthermore, 70% of the existing combined heat and power capacity in the US is driven by natural gas, which results to roughly 4.5 trillion cubic feet (Tcf) of annual consumption, accounting for approximately 18% of annual natural gas demand. Additionally, providing power and steam to large industries such as paper, chemicals, food processing, refining, and metals manufacturing are the key factors driving the segment growth.

 

Competitive Landscape

Key players competing in the United States combined heat and power market include 2G Energy Inc., General Electric Company, Aegis Energy Services Inc Caterpillar Inc, and Curtis Engine & Equipment Co. Inc.

 

About Growth Market Reports:

GROWTH MARKET REPORTS provides global enterprises as well as medium and small businesses with unmatched quality of “Market Research Reports” and “Industry Intelligence Solutions”. GROWTH MARKET REPORTS has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain. Our key analysis segments, though not restricted to the same, include market entry strategies, market size estimations, market trend analysis, market opportunity analysis, market threat analysis, market growth/fall forecasting, primary interviews, secondary research & consumer surveys.

 

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