Combined Heat and Power Market

According to a research report "Combined Heat and Power Market by Capacity (Up to 10 MW, 11–150 MW, 151–300 MW, and Above 300 MW), Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine, Other Prime Movers), End User (Utilities, Industrial, Commercial, Residential), Fuel, and Region - Global Forecast to 2030" published by MarketsandMarkets, the combined heat and power market is projected to reach USD 41.48 billion by 2030 from an estimated USD 32.02 billion in 2025, at a CAGR of 5.3%.

Browse 417 market data Tables and 64 Figures spread through 350 Pages and in-depth TOC on "Combined Heat and Power Market by Capacity (Up to 10 MW, 11–150 MW, 151–300 MW, and Above 300 MW), Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine, Other Prime Movers), End User (Utilities, Industrial, Commercial, Residential), Fuel, and Region - Global Forecast to 2030"
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The combined heat and power (CHP) market continues to expand under the influence of the growing demand for energy efficiency and reliable power generation. With the rising load on global power systems due to expanding urban infrastructures, industrial processes, and the integration of renewable energy sources, there is a critical need for high-level monitoring systems. Aging power generation units in developed economies and high rates of energy demand growth in developing economies are also pushing utilities and industries to adopt intelligent, IoT-based monitoring solutions. Other factors contributing to this market trend include government energy efficiency standards and the increasing adoption of smart energy systems worldwide.

The microturbine segment is projected to register the highest CAGR during the forecast period.

The microturbine segment is projected to register the highest growth in the combined heat and power market during the forecast period, owing to its compact design, high reliability, and high efficiency applications in space-constrained applications. Due to the rapid growth of urbanization and smart cities, efficient and space-saving power generation has seen a surge in demand, particularly in densely populated regions. The technology is also safer, less susceptible to reduced maintenance, and provides more resiliency when subject to intense weather conditions in comparison to larger systems. Thus, this technology is more desirable in critical infrastructures such as commercial buildings, hospitals, and distant installations. Furthermore, the growing trend to incorporate more renewable energy sources in the systems and more sophisticated monitoring systems in distributed energy systems influences the utilities and industries' preferences for microturbines.

Asia Pacific is estimated to be the largest market during the forecast period.

Asia Pacific is anticipated to emerge as a key region in the combined heat and power (CHP) market, propelled by a growing emphasis on energy efficiency, stringent environmental regulations, and rising industrial energy needs. Significant investments in modernizing power infrastructure, integrating renewable energy sources, and advancing smart grid technologies are encouraging utilities and industries in the region to adopt innovative CHP systems for enhanced reliability and performance. Additionally, the presence of extensive manufacturing plants and expanding commercial developments is increasing the demand for uninterrupted power and fault detection capabilities. Government incentives to upgrade aging energy systems and promote sustainable practices, alongside supportive policies for clean energy adoption, are further driving market expansion. The region's demand for cost-effective and high-efficiency solutions is attracting global companies, positioning Asia Pacific as a significant market leader through the forecast period.

Some of the major players in the combined heat and power market are Siemens Energy, GE Vernova, Wärtsilä, Veolia, and MITSUBISHI HEAVY INDUSTRIES, LTD. The major strategies adopted by these players include acquisitions, product launches, agreements, partnerships, and expansions.

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