Combined Heat and Power Market is projected to reach $39.2 billion due to growing demand

From GlobeNewswire: 2024-07-11 04:00:00

The Combined Heat and Power Market is on track to reach USD 39.2 billion by 2029, growing at a CAGR of 5.2% fueled by demand for energy efficiency and environmental regulations. Advantages include reliability, energy independence, and reduced environmental impact. Major players include GE, Siemens Energy, and Veolia among others.

The market segments based on prime mover include gas turbine, steam turbine, reciprocating engine, fuel cell, microturbine, and others. The largest segment is the reciprocating engine, growing due to demand for distributed power generation. In terms of capacity, the up to 10 MW segment is expected to have the largest growth due to increased applications in CHP plants.

Asia Pacific is anticipated to be the fastest growing region for Combined Heat and Power Market between 2024-2029. Countries like China and India are driving growth with infrastructure expansions and technological advancements. Government programs and rising use of natural gas are contributing to market expansion.

Recent developments include Siemens Energy partnering for methanol fuel cell systems, 2G Energy acquiring Dutch heat pump manufacturer NRGTEQ, Mitsubishi Heavy Industries investing in Feryo Energy, and Wärtsilä and Uniper supplying a 105 MW CHP gas engine plant in Germany. These developments showcase the industry’s commitment to sustainable energy solutions.



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