US Combined Heat and Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The report covers US CHP Manufacturers and the market is segmented by Application (Commercial, and Industrial) and Fuel Type (Natural Gas, Renewable, Coal, and Other Fuel Types).

US Combined Heat and Power (CHP) Market Size

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United States Combined Heat and Power Market Summary
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Study Period 2020 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2020 - 2022
CAGR > 7.00 %

Major Players

United States Combined Heat and Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

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US Combined Heat and Power (CHP) Market Analysis

The United States combined heat and power market is expected to grow at a CAGR of more than 7% during the forecast period 2020-2025. The increasing demand for energy efficiency in industries, government incentives, and programs to promote CHP are driving the CHP market in the United States. Moreover, rapid investments toward renewable technologies to curb carbon emissions will drive the industry. Although many efforts have been made over the years to remove technical and regulatory barriers, and to promote wider adoption of CHP, factors, such as grid interconnection, high initial capital investment, amongst various others, remain a significant challenge for the CHP market.

  • Natural Gas Based CHP is expected to dominate in the market during the forecast period.
  • Small-to-medium size industrial facilities could benefit from flexible and cost-effective CHP systems. Such systems have the benefits of conventional CHP but could also provide support to the electricity grid in the form of electricity supply, frequency regulation, and reserve capacity. This, in turn, is expected to create significant opportunities for the CHP system providers and plant developers in the near future.

US Combined Heat and Power (CHP) Market Trends

This section covers the major market trends shaping the US Combined Heat & Power Market according to our research experts:

Natural Gas-based CHP is Expected to Dominate the Market

  • Over the past few years, the natural gas industry has grown significantly. Combined Heat and Power (CHP) or cogeneration, which is the generation of electricity or mechanical power and useful thermal energy from a single source of energy at the point of use, provides a number of potential benefits for the United States in terms of increased energy efficiency, lower greenhouse gas and other emissions, economic competitiveness, and energy resiliency. Approximately 70% of the existing CHP capacity in the United States is fueled by natural gas, resulting in approximately 4.5 trillion cubic feet (Tcf) of annual consumption, accounting for approximately 18% of annual natural gas demand.
  • CHP's high-efficiency results in less fuel use and lower levels of greenhouse gas emissions. CHP in the United States avoids more than 1.9 Quadrillion Btus of fuel consumption and 248 million metric tons of CO2 emissions when compared to traditional separate production of electricity and heat. This CO2 reduction is the equivalent of removing more than 45 million cars from the road.
  • Around 87% of the country's CHP capacity is found in industrial applications, providing power and steam to large industries such as chemicals, paper, refining, food processing, and metals manufacturing. CHP in commercial and institutional applications is 13% of existing capacity, providing power, heating, and cooling to hospitals, schools, campuses, nursing homes, hotels, and office and apartment complexes.
  • CHP is a commercially available clean energy solution that directly addresses a number of national priorities including improving the competitiveness of the United States manufacturing, increasing energy efficiency, reducing emissions, enhancing energy infrastructure, improving energy security and growing the economy.
United States Combined Heat and Power Market: Natural Gas Consumption, in billion cubic meters, United States, 2010-2018

Federal and State Policies to Support the Growth of the Market

  • Policymakers at the federal and state level are increasingly recognizing the benefits that CHP offers in terms of energy efficiency, reduced emissions, and economic growth.
  • CHP's inherent higher efficiency and elimination of transmission and distribution losses from the central station generator results in reduced primary energy use and lower greenhouse gas (GHG) emissions.
  • CHP provides not only operating savings for the user but may also represent a cost-effective supply of new power generation capacity for regions with declining reserve margins.
United States Combined Heat and Power Market: Carbon Dioxide Emission in a million tonnes of carbon dioxide, United States, 2014-2018

US Combined Heat and Power (CHP) Industry Overview

The United States combined heat and power market is moderately fragmented. Some of the key players in this market include 2G Energy Inc., General Electric Company, Aegis Energy Services Inc., Caterpillar Inc., and Curtis Engine & Equipment Co. Inc.

US Combined Heat and Power (CHP) Market Leaders

  1. 2G Energy Inc.

  2. General Electric Company

  3. Aegis Energy Services Inc

  4. Caterpillar Inc.

  5. Curtis Engine & Equipment Co. Inc.

*Disclaimer: Major Players sorted in no particular order

United States Combined Heat and Power Market Concentration
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US Combined Heat and Power (CHP) Market Report - Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Scope of the Study

    2. 1.2 Market Definition

    3. 1.3 Study Assumptions

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET OVERVIEW

    1. 4.1 Introduction

    2. 4.2 Market Size and Demand Forecast in USD billion, till 2025

    3. 4.3 Recent Trends and Developments

    4. 4.4 Government Policies and Regulations

  5. 5. MARKET DYNAMICS

    1. 5.1 Drivers

    2. 5.2 Restraints

  6. 6. Supply Chain Analysis

  7. 7. PESTLE ANALYSIS

  8. 8. MARKET SEGMENTATION & ANALYSIS

    1. 8.1 Applicaton

      1. 8.1.1 Commercial

      2. 8.1.2 Industrial

    2. 8.2 Fuel Type

      1. 8.2.1 Natural Gas

      2. 8.2.2 Renewable

      3. 8.2.3 Coal

      4. 8.2.4 Other Fuel Types

  9. 9. COMPETITIVE LANDSCAPE

    1. 9.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements

    2. 9.2 Strategies Adopted by Leading Players

  10. 10. Company Profiles

    1. 10.1 2G Energy Inc.

    2. 10.2 General Electric Company

    3. 10.3 Aegis Energy Services Inc.

    4. 10.4 Caterpillar Inc.

    5. 10.5 Curtis Engine & Equipment Co. Inc.

    6. 10.6 Yanmar America Corp

  11. *List Not Exhaustive
  12. 11. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
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US Combined Heat and Power (CHP) Industry Segmentation

United States combined heat and power market report include:

Applicaton
Commercial
Industrial
Fuel Type
Natural Gas
Renewable
Coal
Other Fuel Types
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US Combined Heat and Power (CHP) Market Research FAQs

The US Combined Heat and Power (CHP) Market is projected to register a CAGR of greater than 7% during the forecast period (2024-2029)

2G Energy Inc., General Electric Company , Aegis Energy Services Inc, Caterpillar Inc. and Curtis Engine & Equipment Co. Inc. are the major companies operating in the US Combined Heat and Power (CHP) Market.

The report covers the US Combined Heat and Power (CHP) Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the US Combined Heat and Power (CHP) Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

US CHP Industry Report

Statistics for the 2024 US CHP market share, size and revenue growth rate, created by Mordor Intelligenceā„¢ Industry Reports. US CHP analysis includes a market forecast outlook 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

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US Combined Heat and Power Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)