The combined heat and power market size has experienced robust growth in recent years. It has evolved from $29.17 billion in 2024 to an anticipated $31.01 billion in 2025, at a compound annual growth rate (CAGR) of 6.3%. Factors such as energy efficiency goals, industrial cogeneration, environmental regulations, increased combined cooling, heating, and power (CCHP) applications, district heating and cooling projects, waste heat recovery, and decentralization of energy generation have contributed significantly to the historical period growth.
The combined heat and power market size is set for impressive growth, forecasted to reach $41.61 billion by 2029 at a CAGR of 7.6%. The growth boosters expected for this period include transition to low-carbon energy systems, smart grid integration, resilience planning in critical infrastructure, urbanization and district energy networks, biogas and biomass CHP projects, and support for micro-CHP in residential settings.
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What’s Influencing the Combined Heat And Power Market Growth?
The growth of the combined heat and power market is being stimulated by the rising adoption of biomass power. Biomass power generates energy from living or once-living organisms such as plants, which can be burned to produce heat or converted into electricity. Biomass is utilized in combined heat and power (CHP) systems to produce energy through the biomass gasification process. This development amplifies the potential for micro-CHPs and hydrogen energy systems. According to the U.S. Energy Information Administration (EIA), renewables are projected to contribute 24% and 25% to U.S. electricity generation in 2024 and 2025 respectively, with biomass tipped to contribute approximately 2.27% to renewable electricity generation in 2024.
How is the Combined Heat And Power Market Segmented?
The combined heat and power market report segments the market into –
1) By Fuel: Natural Gas, Coal, Biomass, Other Fuel
2) By Technology: Combined Cycle, Steam Turbine, Gas Turbine, Reciprocating Engine, Other Technologies
3) By Capacity: Up To 10 MW, 10-150 MW, 151-300 MW, Above 300 MW
4) By End-Use: Commercial, Industrial, Residential, Utilities, Other End-Uses
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Who are the Major Players in the Combined Heat And Power Market?
Major companies operating in the combined heat and power market include General Electric Company, Siemens AG, Veolia Environnement S.A., Wärtsilä Oyj Abp, 2G Energy AG, Capstone Green Energy Corporation, Caterpillar Inc., Dalkia Aegis EDF Group LLC, Bosch Industriekessel GmbH, Centrica PLC, Cummins Inc., Kawasaki Heavy Industries Ltd., and The Viessmann Group, among others.
What are the Emerging Trends in the Combined Heat And Power Market?
Innovations such as the Bloom Energy Server, a fuel cell power generation system, are being introduced by leading companies in the combined heat and power market to increase their profitability. The Bloom Energy Server offers clean, dependable, and reasonably priced energy solutions. It accommodates flexible fuel use, including natural gas, mixed hydrogen, biogas, and hydrogen.
What’s the Current Status of the Combined Heat And Power Market in Different Regions?
Asia-Pacific was the largest region in the combined heat and power market in 2024 and is also expected to be the fastest-growing region during the forecast period. Other regions covered in the combined heat and power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Combined Heat And Power Market Report 2025 Offer?
Combined heat and power (CHP) refers to the power generation method that uses the cogeneration technique for the simultaneous production of useful thermal energy (heating and/or cooling) and mechanical power or electricity from a single source of energy. The Combined Heat And Power Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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