The combined heat and power market is poised for substantial growth, with a projected increase of USD 9.35 billion from 2023 to 2028. According to Technavio, the market will experience a compound annual growth rate (CAGR) of 6.29% during this forecast period.
Driving Factors
The surge in global energy consumption is a significant driver for the combined heat and power market. Despite this positive momentum, the high costs associated with these units may pose challenges to market expansion.
Segmentation
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 the Middle East and Africa).
Natural Gas Segment Growth
The natural gas segment is expected to witness substantial growth due to its clean-burning properties, energy efficiency, and environmental sustainability. As one of the most preferred choices for combined heat and power systems, natural gas is propelling the market’s rapid expansion.
Geographical Impact: APAC Leads
Asia-Pacific (APAC) is a frontrunner, contributing to 52% of the market growth. Government initiatives promoting the adoption of combined heat and electricity, particularly in Japan with its feed-in tariff mechanism since 2012, are major factors influencing the market’s growth in this region.
Key Highlights for 2024-2028
Historic Market Size (2018-2022)
CAGR during 2024-2028
Factors influencing market growth
Market size estimation and contribution
Forecasts on upcoming trends and changes in consumer behavior
Competitive landscape analysis with details on key companies
Factors impeding the growth of combined heat and power market companies
Source：prnewswire.com
