Combined heat and power market to grow by USD 9.35 billion from 2023 to 2028, APAC accounts for 52% of market growth – Technavio

NEW YORK, Dec. 8, 2023 /PRNewswire/ — The combined heat and power market size is expected to grow by USD 9.35 billion from 2023 to 2028. In addition, the growth momentum of the market will progress at a CAGR of 6.29% during the forecast period, according to Technavio. An increase in the consumption of energy globally is notably driving the combined heat and power market. However, factors such as high cost associated with combined heat and power units may impede market growth. The market is segmented by product (natural gas, coal, and others), end-user (industrial, commercial, and residential), and geography (APAC, Europe, North America, South America, and Middle East and Africa). We provide a detailed analysis of 20 companies operating in the combined heat and power market including  ABB Ltd., Ameresco Inc., Capstone Green Energy Corp., Caterpillar Inc., Cummins Inc., FuelCell Energy Inc., General Electric Co., Helec Ltd., HoSt Holding B.V., Kawasaki Heavy Industries Ltd., Kraft Power Corp., Mitsubishi Heavy Industries Ltd., MTT bv, Robert Bosch GmbH, Rolls Royce Holdings Plc, Siemens Energy AG, Traton SE, Veolia Environnement SA, Wartsila Corp., and 2G Energy AG.

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Combined Heat And Power Market 2024-2028: Company Analysis

ABB Ltd: The company offers combined heat and power products such as Agenitor.

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Combined Heat And Power Market 2024-2028: Segmentation

Product

The natural gas segment is estimated to witness significant growth during the forecast period. Given its clean-burning properties, energy efficiency, and availability, natural gas is one of the most common choices for combined heat and power systems. Furthermore, its environmental sustainability is a key advantage of the natural gas segment. Therefore, this segment is growing at a rapid rate and thus driving market growth over the forecast period.

Geography 

APAC accounts for 52% of market growth. The favorable government initiatives aimed at increasing the uptake of combined heat and electricity are one of the major factors that contribute to the growth of the market in the APAC region. For instance, since 2012, the feed-in tariff mechanism has been prevalent in Japan, wherein preferable tax treatments and certain subsidies are available for combined heat and power.

Learn about the contribution of each segment summarized in concise infographics and thorough descriptions. View a PDF Sample Report

Combined Heat And Power Market 2024-2028: Key Highlights

Historic Market Size 2018-2022CAGR of the market during 2024-2028Detailed information on factors that will assist combined heat and power market growth during the next five yearsEstimation of the market size and its contribution to the parent marketForecasts on upcoming trends and changes in consumer behaviorThe growth of the combined heat and power marketAnalysis of the competitive landscape and detailed information on companiesComprehensive details of factors that will impede the growth of combined heat and power market companies

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ToC:

Executive Summary

Market Landscape

Market Sizing

Historic Market Sizes

Five Forces Analysis

Market Segmentation by Product

Market Segmentation by End-user 

Market Segmentation by Geography

Customer Landscape

Geographic Landscape

Drivers, Challenges, & Trends

Company Landscape

Company Analysis

Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio