Combined Heat and Power Industry: Current and Future Trends, Key Players Analysis, and Forecast to 2029

According to a latest research report, the global market for Combined Heat and Power Industry 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 market for Combined heat and power is propelled by factors such as increased demand for energy efficiency and environmental regulations, energy security, cost savings, and technological advancements. They offer advantages such as improved reliability, enhanced energy independence, and reduced environmental impact, further driving market growth.

Key Market Players:

• GE (US),
• Siemens Energy (Germany),
• Veolia (France),
• Wartsila (Finland),
• 2G Energy (Germany).

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Asia Pacific is expected to be the fastest growing region in the combined heat and power market between 2024–2029, followed by Europe. The CHP market is poised for growth in countries like China and India, fueled by infrastructure expansions, ongoing power projects, and technological advancements. For instance, the Zhaoqing Dinghu CHP project will leverage Siemens Energy's advanced gas turbine technology. Investment in large new gas-fired cogeneration and coal-fired plants, coupled with increasing electricity demand, is expected to propel the Asia Pacific CHP market in the next five years. With China and India leading in power generation and energy consumption, the region's rapid economic growth and transition from coal to gas-fired generation offer significant potential for CHP adoption.

This research report categorizes the combined heat and power market by capacity, prime mover, fuel, end user, and region.

On the basis of capacity:

• Up to 10 MW
• 10-150 MW
• 151-300 MW
• Above 300 MW

On the basis of prime mover:

• Gas Turbine
• Steam Turbine
• Reciprocating Engine
• Fuel Cell
• Microturbine
• Others

On the basis of end-userl:

• Industrial
• Residential
• Commercial
• Utilities

On the basis of fuel:

• Coal
• Natural Gas
• Biogas/biomass
• Nuclear
• Diesel
• Others

On the basis of region:

• Asia Pacific
• Europe
• North America
• Middle East & Africa
• South America

This report segments the combined heat and power market based on prime mover into six types: gas turbine, steam turbine, reciprocating engine, fuel cell, microturbine and others. The reciprocating engine segment is expected to be the largest segment during the forecast period. The reciprocating engine segment is growing due to increasing demand for distributed power generation, reciprocating engines, primarily gas-powered, are widely utilized in CHP solutions offered by companies like Wartsila, Clarke Energy, and 2G Energy. Their flexibility, ranging from 10 kW to 10 MW, and compatibility with natural gas contribute to their growing popularity in the market.

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This report segments the Combined heat and power market based on capacity into four segments: upto 10 MW, 10-150 MW, 150-300 MW, and above 300 MW. The upto 10 MW segment is anticipated to have the largest growth rate during the forecast period due to various factors, this segment is experiencing growth in combined heat and power (CHP) plants. Demand for diesel power engines arises from utility-scale plants, industrial facilities, and independent power producers (IPPs). Gas and steam turbine-based CHP plants are favored for applications like solar thermal and geothermal plants, while energy-intensive industries install on-site CHP plants for power, heat, and steam needs, driving market expansion.

The combined heat and power market is experiencing robust growth in the combined heat and power market is fueled by government programs and incentives to promote CHP, rise in use of natural gas for power generation and significant benefits of CHP systems in wastewater treatment facilities. Advancements such as higher efficiency gas turbines, improved heat recovery systems, and integration with renewable energy sources contribute to expanding the capabilities and appeal of CHP systems.

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Carbon Footprint Management Market to Witness Comprehensive Growth by 2028

The global carbon footprint management market is projected to reach USD 30.8 Billion by 2028 from an estimated USD 11.3 Billion in 2023, at a CAGR of 22.2% during the forecast period. An environmental indicator, carbon footprint represents the total amount of greenhouse gas emissions caused by an individual, event, organization, service, place, or product. The global market for carbon footprint management is expanding as a result of rising demand for energy by industries, and increasing initiatives to reduce carbon emissions from the governments. Moreover, the stricter implementation of COP27 targets to limit global warming around the world i also boosting the demand for carbon footprint management software.

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The carbon footprint management market, by deployment mode, is segmented into on-premise and cloud. The market for carbon footprint management of deployment mode cloud is expected to be the largest during the forecast period. Implementing cloud technology has advantages such as lower operating expenses, security and better project management costs.

The carbon footprint management market, by component, is divided into solutions and services. The services segment of the carbon footprint management market is projected to register the highest growth rate during the forecast period. Services like consulting, integration and deployment, as well as support and maintenance are crucial segments in carbon footprint management. Technical expertise is often lacked by many firms and companies in the carbon footprint management and hence there is an increasing need for professional service providers.

By organization size, the carbon footprint management market is corporates/enterprises, mid-tier enterprises, and small businesses. The corporates/enterprises segment is expected to be the largest owing to the large sizes of company facilities and an increased pressure from stakeholders for emissions disclosure. Governments of various countries and environment protection bodies closely monitor carbon emissions of these enterprises and their compliance with norms, making it necessary for them to use tools like carbon footprint management software for accounting, disclosure, and mitigation of carbon emissions.

The carbon footprint management market, by vertical, is segmented into manufacturing, energy & utilities, residential & commercial buildings, transportation & logistics, IT & telecom, financial services, and government. The financial services segment is expected to be the fastest growing segment during the forecast period. The GHG emissions associated with financial institutions' investing, lending, and underwriting activities, i.e., their scope 3 emissions, are on average over 700 times higher than their direct emissions. Given the growing momentum of financial institutions announcing net zero targets, the sector is expected take further action to align portfolios with a net zero carbon economy.

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North America is estimated to be the largest regional market for carbon footprint management during the forecast period.  North America includes US, Canada, and Mexico. Increasing pressure to achieve NDC target, federal/national laws on ESG disclosure, and emphasis on sector-specific measures for carbon reduction is expected to aid the fast growth of the carbon footprint management market in this region.

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