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Global Combined Heat And Power Market: Stellar Growth Towards $31.01 Billion In 2025 And $41.61 Billion In 2029, Driven By Rising Adoption Of Biomass Power And Efficient Energy Systems
Combined Heat And Power Market
What Is The Projected Market Size Of The Global Combined Heat And Power Market And Its Growth Rate?
• The combined heat and power market size is expected to catapult from $29.17 billion in 2024 to an impressive $31.01 billion in 2025, at a solid compound annual growth rate (CAGR) of 6.3%.
• Several factors attributed to this include energy efficiency goals, industrial cogeneration, environmental regulations, increased combined cooling, heating, and power (CCHP) applications, district heating and cooling projects, waste heat recovery, among others.
• The same market is further forecasted to grow to a whopping $41.61 billion in 2029 at an even higher compound annual growth rate (CAGR) of 7.6%.
• Drivers for this growth include the 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.
What Is Driving The Growth In The Combined Heat And Power Market?
The growth in the combined heat and power market is significantly driven by the growing adoption of biomass power, exploiting the energy generated by living or once-living organisms such as plants to create heat or electricity. The implementation of this power in combined heat and power (CHP) systems delivers clean energy through the biomass gasification process and other strategies. For example, in April 2024, the U.S. Energy Information Administration (EIA) projected that renewables would contribute to 24% of U.S. electricity generation, increasing to 25% by 2025, with biomass expected to contribute approximately 2.27% to renewable electricity generation in 2024. This rise spells recurring opportunities for the combined heat and power market in the foreseeable future.
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Who Are the Key Players Driving Combined Heat And Power Market Growth?
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., and many others.
What Are The Key Trends In The Combined Heat And Power Market?
Key trends in the forecast period include:
• Energy-as-a-service (EaaS) models
• Market consolidation and partnerships
• Remote monitoring and control
• Technological advancements
• Grid resilience and reliability
• Collaboration between utilities and CHP providers
• Advancements in fuel cell CHP systems
What Are The Segments Of The Global Combined Heat And Power Market?
• By Fuel: Natural Gas, Coal, Biomass, Other Fuel
• By Technology: Combined Cycle, Steam Turbine, Gas Turbine, Reciprocating Engine, Other Technologies
• By Capacity: Up To 10 MW, 10-150 MW, 151-300 MW, Above 300 MW
• By End-Use: Commercial, Industrial, Residential, Utilities, Other End-Uses
Which Region Leads The Combined Heat And Power Market?
Presenting the highest performance, Asia-Pacific was the largest region in the combined heat and power market in 2024, and it is expected to be the fastest-growing region in the global combined heat and power market during the forecast period.
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What Is Covered In The Combined Heat And Power Market Global Market Report?
- Market Size Analysis: Analyze the Combined Heat And Power Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Combined Heat And Power Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Combined Heat And Power Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Combined Heat And Power Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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