North America CHP Market Size, Share, Growth Analysis, By Fuel(Natural Gas, Coal), By Technology(Combined Cycle, Steam Turbine) - Industry Forecast 2024-2031

Report ID: SQMIR10G2037 | Region: Regional | Published Date: February, 2024
Pages: 157 | Tables: 66 | Figures: 80

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North America CHP Market size was valued at USD 8.99 billion in 2022 and is poised to grow from USD 9.48 billion in 2023 to USD 14.56 billion by 2031, growing at a CAGR of 5.5% in the forecast period (2024-2031).

The Combined Heat and Power (CHP) market of North America is filled with a diverse array of companies vying for a piece, defining the market’s competitive landscape. Industry leaders satiate the need of multiple industries employed in various applications by offering an expansive range of different CHP systems and services. These leaders include names like Capstone Turbine Corporation, General Electric, ABB, Siemens AG, and Veolia Environnement S.A. 'General Electric (USA)', 'Veolia (USA)', 'E.ON SE (USA)', 'Caterpillar Inc. (USA)', 'ABB Group (USA)', 'Siemens AG (USA)', 'Capstone Turbine Corporation (USA)', 'Centrica plc (USA)', 'Engie North America (USA)', 'Mitsubishi Power Americas, Inc. (USA)', 'Exelon Corporation (USA)', 'Johnson Controls (Canada)', 'NRG Energy (USA)', 'FuelCell Energy (USA)', 'DTE Energy (USA)', 'Clearway Energy Group (Canada)', 'Constellation (USA)', 'Turbomach (Canada)', 'Bloom Energy (USA)', 'Ener-G Cogen International (USA)', 'Solar Turbines (USA)', 'Echogen Power Systems (USA)', 'Ameresco (USA and Canada)', '2G Energy, Inc. (USA)', 'Tecogen Inc. (USA)'

The world is making amends and changes in light of recent worries about the environment. Governments and organizations have established new environmental standards and goals for achieving green targets. This has fueled the expansive usage of CHP systems in North America. This technology is supposedly cleaner and greener than traditional power generation techniques. This is because it lowers emissions of greenhouse gas and other pollutants. Many North American areas have established noteworthy targets for reduced carbon footprint. Thus, CHP systems are widely demanded across the continent to improve air quality using sustainable methods.

Increased Adoption of Natural Gas CHP Systems: The CHP market in North America is heavily influenced by one specific trend. That is the rising usage of CHP systems based on natural gas. This energy source is supposedly cleaner and more affordable, thus gaining popularity in the market. North America’s wide sources of natural gas have fueled this trend. That coupled with the region’s focus on diminished carbon emissions by using sources which are not coal or other fossil fuels has driven the regional market expansion. Furthermore, the technological advancements in the gas turbine production has also made natural gas-CHP systems more sustainable and energy efficient.

The US is the largest contributor of the North American CHP market and thus holds the largest market share. Its dominance can be credited to several reasons. One of the reasons is the country’s flourishing and expansive commercial and industrial sector. Others include the region’s emphasis on sustainable and efficient energy, along with a developed energy infrastructure. The United States is a hub for CHP producers and distributors as its government has put out several incentives to support higher adoption rate of CHP systems. The country houses a ranging landscape of energy sources, from gas to waste heat, which only strengthen its place in the North American CHP market.

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North America CHP Market Size, Share, Growth Analysis, By Fuel(Natural Gas, Coal), By Technology(Combined Cycle, Steam Turbine) - Industry Forecast 2024-2031

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