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.
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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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Combined Heat And Power Market Scope
Report Coverage
Details
Base year
2023
Historic period
2018-2022
Forecast period
2024-2028
Growth momentum & CAGR
Accelerate at a CAGR of 6.29%
Market Growth 2024-2028
USD 9.35 billion
Market structure
Fragmented
YoY growth 2022-2023 (%)
6.01
Regional analysis
APAC, Europe, North America, South America, and Middle East and Africa
Performing market contribution
APAC at 52%
Key countries
US, China, India, Japan, and Germany
Competitive landscape
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled
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
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period.
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
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.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com
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SOURCE Technavio