Residential Combined Heat & Power Market Size
| 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.
Residential Combined Heat & Power Market Trends
This section covers the major market trends shaping the Residential Combined Heat & Power Market according to our research experts:
Engine Based to Dominate the Market
- The Engine based residential combined heat and power systems are expected to dominate the market in terms of market share, due to the factors like ease of use, no loss in transmission and its relatively matured technology compared to fuel cell based combined heat and power systems.
- The increase in the production of natural gas has shifted the global focus on the development of gas-fired CHP systems. The greenhouse gases emitted from gas-fired CHP are comparatively lower than that emitted from coal-fired power plants. Moreover, the demand for peak power is increasing globally, which can be most effectively met by gas-based power generation.
- For residential buildings the on-site electricity generation from engine based CHP have proved to save up to 40% of primary energy when compared to conventional electricity supply from central grids.
- The electricity consumption rose more than primary energy consumption, with increases at 4% and 2.3%, respectively. The electricity demand increased more than overall energy growth because more people got access to electricity.
- Therefore, factors such as increased demand of heat and electricity, economical superiority of CHP over conventional electricity supply, reduction in transportation and distribution losses, and increased concerns over greenhouse gas emissions from coal based power plants, are expected to help drive the market in forecast period.
North America to Dominate the Market
- North America has dominated the combined heat and power market in 2018 and is expected to continue its dominance in the coming years as well. A reliable and resilient grid is critical to the economic growth and energy security of countries like the United States. As the country's grid interconnects a growing number of renewable energy sources, such as wind and solar, the intermittent nature of power generation from these sources is creating challenges for power system operations. Electric utilities and other system operators are facing an increasing and immediate need for additional power to keep the electric grid stable and secure.
- Due to aging transmission and distribution network of the USA, Canada, and China, CHP is seen as an attractive option for heat and electricity generation, due to the requirement of no transmission network and low carbon emission, which, in turn, is expected to support the significant growth of the market in North American region.
- As of August 2018, there were 81.3 GWs of CHP installed at more than 4,400 sites around the United States and its territories. There were 111 new CHP installations in the country, representing 554 megawatts of new capacity in 2017. The states with the most new CHP installations were New York (53), New Jersey (10), California (5), and Pennsylvania (5).
- Therefore, the aforementioned factors are expected to drive the market in forecast period, similar to the trend witnessed in recent years.
Residential Combined Heat & Power Industry Overview
The residential combined heat & power system market is consolidated with major players holding a big share of the market. Some of the major companies are BDR Thermea Group B.V., Yanmar Holdings Co. Ltd, Vaillant Group,Centrica PLC, and Clarke Energyamong others.
Residential Combined Heat & Power Market Leaders
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BDR Thermea Group B.V.
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Yanmar Holdings Co. Ltd
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Centrica PLC
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Clarke Energy
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Vaillant Group Ltd
*Disclaimer: Major Players sorted in no particular order
Residential Combined Heat & Power Market Report - Table of Contents
1. INTRODUCTION
- 1.1 Scope of the Study
- 1.2 Market Definition
- 1.3 Study Assumptions
2. EXECUTIVE SUMMARY
3. RESEARCH METHODOLOGY
4. MARKET OVERVIEW
- 4.1 Introduction
- 4.2 Market Size and Demand Forecast, in USD billion, till 2025
- 4.3 Recent Trends and Developments
- 4.4 Government Policies & Regulations
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4.5 Market Dynamics
- 4.5.1 Drivers
- 4.5.2 Restraints
- 4.6 Supply Chain Analysis
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4.7 Porter's Five Forces Analysis
- 4.7.1 Bargaining Power of Suppliers
- 4.7.2 Bargaining Power of Consumers
- 4.7.3 Threat of New Entrants
- 4.7.4 Threat of Substitutes Products and Services
- 4.7.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
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5.1 Type
- 5.1.1 Fuel Cell Based
- 5.1.2 Engine Based
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5.2 Geography
- 5.2.1 North America
- 5.2.2 Europe
- 5.2.3 Asia-Pacific
- 5.2.4 South America
- 5.2.5 Middle-East and Africa
6. COMPETITIVE LANDSCAPE
- 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
- 6.2 Strategies Adopted by Leading Players
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6.3 Company Profiles
- 6.3.1 BDR Thermea Group
- 6.3.2 Yanmar Holdings Co. Ltd
- 6.3.3 Vaillant Group
- 6.3.4 Centrica Plc
- 6.3.5 Clarke Energy A Kohler Company
- 6.3.6 Cummins Inc.
- 6.3.7 Aisin Group
- 6.3.8 Capstone Turbine Corporation
- 6.3.9 Remeha
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
** Subject To AvailablityResidential Combined Heat & Power Industry Segmentation
The residential combined heat & power system market report include:
| Type | Fuel Cell Based |
| Engine Based | |
| Geography | North America |
| Europe | |
| Asia-Pacific | |
| South America | |
| Middle-East and Africa |
Residential Combined Heat & Power Market Research FAQs
What is the current Residential Combined Heat & Power System Market size?
The Residential Combined Heat & Power System Market is projected to register a CAGR of greater than 4% during the forecast period (2024-2029)
Who are the key players in Residential Combined Heat & Power System Market?
BDR Thermea Group B.V. , Yanmar Holdings Co. Ltd , Centrica PLC , Clarke Energy and Vaillant Group Ltd are the major companies operating in the Residential Combined Heat & Power System Market.
Which is the fastest growing region in Residential Combined Heat & Power System Market?
North America is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Residential Combined Heat & Power System Market?
In 2024, the North America accounts for the largest market share in Residential Combined Heat & Power System Market.
What years does this Residential Combined Heat & Power System Market cover?
The report covers the Residential Combined Heat & Power System Market historical market size for years: 2020, 2021, 2022 and 2023. The report also forecasts the Residential Combined Heat & Power System Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Residential Combined Heat & Power System Industry Report
Statistics for the 2024 Residential Combined Heat & Power System - market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Residential Combined Heat & Power System - analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
