The total renewable energy capacity in the south Asian country of India was around *** gigawatts in 2024. This was up from about ***** gigawatts in 2020 and was also the peak value within the period in consideration.

As of March 2024, the southern region of India had an installed renewable energy capacity of around 54.8 thousand megawatts. In 2023, the South Asian country ranked fourth in installed renewable energy capacity.

The leading countries for installed renewable energy in 2024 were China, the United States, and Brazil. China was the leader in renewable energy installations, with a capacity of around 1,827 gigawatts. The U.S., in second place, had a capacity of around 428 gigawatts. Renewable energy is an important step in addressing climate change and mitigating the consequences of this phenomenon. Renewable energy capacity and productionRenewable power capacity is defined as the maximum generating capacity of installations that use renewable sources to generate electricity. The share of renewable energy in the world’s power production has increased in recent years, surpassing 30 percent in 2023. Renewable energy consumption varies from country to country. The leading countries for renewable energy consumption are China, the United States, and Canada.Renewable energy sourcesThere are various sources of renewable energy used globally, including bioenergy, solar energy, hydropower, and wind energy, to name a few. Globally, China and Brazil are the top two countries in terms of generating the most energy through hydropower. Regarding solar power, China, the United States, and Japan boast the highest installed capacities worldwide.

In 2023, India's hydropower consumption amounted to 1.39 exajoules, down from some 1.64 exajoules in the previous year. Between 1998 and 2023, consumption of hydropower in the South Asian country increased by over 560 petajoules.

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Combined Heat and Power Market Size 2024-2028

The combined heat and power market size is forecast to increase by USD 9.35 billion at a CAGR of 6.29% between 2023 and 2028. Factors like the electrification of heating and transport, the digitalization of economies, and increasing income levels are fueling the escalating demand for energy worldwide. Notably, China and India are anticipated to make substantial contributions to this growth trajectory. However, the market faces challenges, including the high costs associated with combined heat and power units and non-economic barriers hindering the uptake of such systems, including micro CHP. Additionally, the lack of standards in CHP systems poses a significant obstacle. Navigating these challenges demands strategic initiatives aimed at addressing cost concerns, overcoming non-economic barriers, and establishing standardized practices to foster the widespread adoption of combined heat and power systems. Concurrently, the integration of renewable heat sources and energy efficiency measures is shaping market trends. Combined heat and power integrated with smart grid technologies, including smart grid IT systems, offer opportunities for enhanced efficiency and cost savings.

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Combined Heat and Power Market Segmentation

The Combined Heat and Power market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD Billion' for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments. The market growth analysis report underscores the pivotal role of the surging global energy consumption in driving market expansion.

Product Outlook 

  Natural gas
  Coal
  Others


End-user Outlook 

  Industrial
  Commercial
  Residential


 Geography Outlook

  North America

    The U.S.
    Canada


  Europe

    The U.K.
    Germany
    France
    Rest of Europe


  APAC

    China
    India


  South America

    Chile
    Argentina
    Brazil


  Middle East & Africa

    Saudi Arabia
    South Africa
    Rest of the Middle East & Africa

Cogeneration technology, also known as combined heat and power (CHP), maximizes energy efficiency by simultaneously producing electricity and capturing waste heat for various applications. Heat recovery systems play a crucial role in this process, extracting and repurposing thermal energy that would otherwise go to waste. Through distributed energy generation, CHP systems provide reliable and sustainable power to localized areas. Additionally, district heating and cooling networks further optimize thermal energy utilization, reducing overall energy-consumption and greenhouse gas emissions. Embracing these energy efficiency solutions facilitates seamless integration of renewable-energy sources, driving towards a more sustainable and resilient energy future. Integration optimizes distributed energy resources, improves system performance, and actively manages electricity generation and consumption, fostering sustainable energy practices and driving market growth and district heating during the forecast period.

By Product

The natural gas segment is estimated to witness significant growth during the forecast period. Combined heat and power technology, also referred to as cogeneration, allows the simultaneous generation of electricity and useful heat from a single fuel source. In addition, natural gas, including natural gas liquids, is a popular choice for combined heat and power systems due to its clean-burning properties, efficiency, and availability. Furthermore, one of the key advantages of the natural gas segment in the market is its environmental friendliness due to its positive environmental impact.

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The natural gas segment showed a gradual increase in the market share of USD 12.25 billion in 2018. Moreover, natural gas combustion emits fewer GHGs and air pollutants compared to other fossil fuels, making it a more sustainable option. In addition, the market has witnessed significant growth in recent years, and the natural gas segment is a major contributor to this expansion. Furthermore, several industries, including manufacturing, healthcare, residential buildings, and commercial sectors, are increasingly adopting natural gas combined heat and power systems to meet their energy needs. In addition, these systems offer a reliable source of electricity and provide thermal energy for various processes, such as space heating, water heating, and industrial applications. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

By Region

For more insights on the market share

The solar energy capacity in the south Asian country of India peaked at some **** gigawatts in 2024, an increase from a capacity of nearly ** gigawatts in the previous year. In the period of consideration, figures presented a trend of continuous growth.

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Residential Solar Photovoltaic Systems Market Size 2024-2028

The residential solar photovoltaic (PV) systems market is projected to grow by USD 13.25 billion, expanding at a CAGR of 4.73% from 2023 to 2028.

This growth is driven by favorable government policies and an increasing adoption of microgrids as dependable energy solutions. The shift towards renewable energy and the urgency to reduce carbon emissions are key factors propelling market expansion. Government incentives, including subsidies and tax credits, have made solar PV an attractive choice for homeowners, boosting demand. Additionally, integrating solar PV systems with microgrids enhances energy efficiency and provides greater energy reliability during power outages. As the global economy pivots toward a low-carbon future, the demand for solar PV systems is expected to rise, presenting lucrative opportunities for market players. Continued government support for renewable energy initiatives and sustainable practices is a crucial driver of this market's growth, positioning the sector for continued innovation and expansion in the coming years.

What will be the Size of the Residential Solar Photovoltaic Systems Market During the Forecast Period?

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The market refers to the growing demand for cleaner energy sources in homes, driven by concerns over carbon emissions and the depletion of conventional fuels. The residential solar PV systems market is fueled by various incentives and tax benefits, making Solar PV systems an attractive investment for homeowners. Net metering schemes enable homeowners to sell excess electricity back to the grid, providing additional financial benefits. Battery storage systems offer the advantage of uninterrupted power supply during power outages and peak electricity bills. Private investment in residential solar PV systems is on the rise due to the increasing importance of renewable sources in meeting energy demands.

Moreover, innovations in floating panels and financing options are also contributing to the market's growth. The Federal government's support for renewable energy and the rising popularity of Green building certification further boost the market's prospects. Other renewable sources like wind power, fuel cells, biomass, and data centers also contribute to the shift towards cleaner energy. The resale value of homes with solar PV systems is another incentive for homeowners, making it a win-win situation for both the environment and homeowners.

Solar panel installation for residential solar energy is gaining popularity as homeowners seek sustainable energy solutions. Solar PV technology is at the forefront, offering efficient power generation through rooftop solar systems. Solar inverters play a critical role in converting the generated power for household use, while solar energy storage solutions ensure a reliable energy supply, even during outages. Net metering allows homeowners to send excess power back to the grid, making solar power generation even more attractive. With solar PV market growth fueled by incentives and home solar financing options, the adoption of smart solar solutions is increasing. Regular solar system maintenance ensures peak solar panel efficiency, while distributed energy resources are empowering homes to generate and manage their energy independently.

Residential Solar Photovoltaic Systems Market Segmentation

The residential solar PV systems market research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in 'USD billion' for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.

Type

  On grid
  Off grid


Technology

  Crystalline silicon
  Thin film


Geography

  APAC

    China
    India


  Europe

    Germany
    UK


  North America

    US


  Middle East and Africa



  South America

By Type Insights

The on grid segment is estimated to witness significant growth during the forecast period. Residential solar PV systems have gained significant traction in recent years due to growing environmental concerns and the need to reduce carbon emissions from conventional fuels. These systems enable power generation from cleaner energy sources, contributing to a reduction in transportation-related emissions and the reliance on fossil fuel reserves. Incentives and tax benefits, such as the solar tax credit offered by the federal government, make solar PV an attractive investment for homeowners. Net metering schemes and grid-connected systems allow homeowners to sell excess electricity back to energy providers, offsetting electricity bills and increasing the resale value of residential properties.

Battery storage systems provide uninterrupted power supply during power outages and store surplus electricity gen