Top Companies in Combined Heat and Power Industry - GE (US), Siemens Energy (Germany) and Veolia (France)
The global combined heat and power market is projected to reach USD 39.2 billion by 2029 from an estimated USD 30.4 billion in 2024, at a CAGR of 5.2% during the forecast period. The global market for combined heat and power market is propelled by its ability to deliver significant benefits in terms of energy efficiency, cost savings, and environmental sustainability. This growth is driven by increased awareness of the need for sustainable energy solutions and stricter regulations on emissions. Businesses and industries are turning to CHP systems to optimize their energy use, reduce operational costs, and lower carbon footprints. Additionally, advancements in CHP technology, along with government incentives and support, are further fueling the market's growth as more organizations recognize the advantages of integrating power and heat generation processes.
The combined heat and power market is served by a mix of large international players with a global operational presence and local players with a strong domestic supply network.
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GE (US), Siemens Energy (Germany), Veolia (France), Wärtsilä (Finland), and 2G Energy (Germany) are the market leaders in the global combined heat and power market. These companies use strategies such as acquisitions, sales contracts, product launches, and partnerships to increase their market share.
General Electric (US) is a prominent digital industrial company and a key player in the global power generation solutions market. It operates through three main business segments: Power, Renewable Energy, and Aerospace. Within its Power segment, GE offers combined heat and power (CHP) services. This segment is further divided into Gas Power and Power Portfolio divisions. The Gas Power division specializes in both heavy-duty and aero-derivative gas turbines catering to a wide range of clients including utilities, independent power producers (IPPs), and various industries. These gas turbines are suitable for power plants of varying scales, from small to utility-scale installations. Meanwhile, the Power Portfolio division focuses on providing steam power technology, encompassing boilers, generators, and steam turbines designed for both fossil and nuclear applications. Additionally, it delivers essential equipment such as motors, generators, automation and control systems, and drives tailored for energy-intensive sectors like marine, oil & gas, and mining & metals.
Siemens Energy (Germany) is an energy technology company that provides products and services for the generation, transmission, and distribution of power. It also offers solutions for the production, conversion, and transportation of primary fuels and oil and gas. Siemens Energy's product portfolio includes gas turbines, steam turbines, generators, transformers, compressors, and wind turbines. Siemens Energy operates through four business segments namely, Gas services, Grid Technologies, Transformation of industry and Siemens Gamesa Renewable Energy. It offers Combined heat and power system through the gas services segment.
Veolia (France) is one of global leader in environmental services, providing sustainable solutions for water, waste, and energy management. It has operations in over 40 countries, and offers a comprehensive range of services to industries, municipalities, and commercial clients. The company specializes in water treatment and supply, waste collection and recycling, energy efficiency, and environmental consulting. It operates through 3 business segments namely water, waste and energy and offers combined heat and power solutions through energy segment.
Related Reports:
Combined Heat and Power Market by Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine), Capacity (Up to 10 MW, 10-150 MW, 151-300 MW, Above 300 MW), Fuel, End User and Region - Global Forecast to 2029
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