Market Size of Residential Combined Heat & Power System Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | > 4.00 % |
| Fastest Growing Market | North America |
| Largest Market | North America |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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Residential Combined Heat & Power Market Analysis
The residential combined heat & power system market is expected to grow at a CAGR of over 4% during the forecast period of 2020 - 2025. Factors such as rapid urbanization and increasing demand for stable electrical energy and thermal energy are expected to be major drivers driving the market. The rising demand for more efficient and cleaner energy from combined heat and power systems over concerns of environmental impact of energy generation from coal fired plants, is expected to help grow the residential combined heat and power market. However, the unavailability of gas distribution infrastructure is expected to restrain the market growth in developing countries during the forecast period.
- Engine based CHP is expected to dominate the market in forecast period, owing to various factors such as increase in power generation from low greenhouse gas emitting systems due to rising concerns over greenhouse gases emissions, and economical aspects.
- The increasing demand for clean and efficient electrical energy to sustain global development requires consistent investments in development of combined heat and power systems. This has helped the market for combined heat and power systems to grow in recent years and is expected to do so in forecast period.
- North America is expected to lead the market with majority of the demand coming from the countries such as the Canada and the USA, owing to the factors like strong natural gas distribution network in the mentioned countries, increase in number of gas based power generation plant, and rising demand for clean and stable energy for both electricity generation and heat generation.
