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What key factors are powering the surge in the combined heat and power market right now?

In recent times, the combined heat and power market has seen robust growth. The market value is projected to ascend from $29.17 billion in 2024 to $31.01 billion in 2025, showcasing a compound annual growth rate (CAGR) of 6.3%. Factors contributing to growth during the historical period include energy efficiency targets, cogeneration in industries, environmental rules and regulations, a rise in combined cooling, heating, and power (CCHP) applications, district heating and cooling initiatives, waste heat recovery methods, energy generation decentralization, and growing cognizance of the advantages of CHP.

How fast Is the combined heat and power market expected to grow, and what’s its future value?

A noticeable surge is anticipated in the combined heat and power market size in the forthcoming years. The market is projected to escalate to a value of $41.61 billion by 2029, growing at a compound annual growth rate (CAGR) of 7.6%. This growth during the forecast period is expected to be driven by the shift towards low-carbon energy systems, the integration of smart grids, resilience planning in vital infrastructure, urbanization and district energy networks, and biogas and biomass CHP projects, along with the support for micro-CHP in residential environments. The forecast period is also likely to witness major trends such as the energy-as-a-service (EaaS) models, market consolidation and partnerships, remote monitoring and control, technological progress, grid resilience and reliability, cooperation between utilities and CHP suppliers, and advancements in fuel cell CHP systems.

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What are the leading drivers of growth in the combined heat and power market?

The combined heat and power market is seeing growth propelled by the increasing use of biomass power. This term pertains to energy harnessed from living or once-living organisms, such as plants. This energy can be combusted to produce heat or transformed into electricity. Biomass is incorporated into combined heat and power (CHP) systems to generate power through the process of biomass gasification. It also plays a role in creating micro-CHPs and hydrogen energy systems, where biomass gasification is coupled with the use of biomass feedstock to manufacture fuel cells. As per the U.S. Energy Information Administration (EIA) in April 2024, it is expected that renewables will represent 24% of U.S. electricity generation, with a forecast increase to 25% by 2025. In this renewable sector, biomass is estimated to make up around 2.27% of renewable electricity production in 2024. Hence, this surge in biomass power use is foreseen to continue fuelling the expansion of the combined heat and power market into the foreseeable future.

What are the key segments defining the combined heat and power market?

The combined heat and power market covered in this report is segmented –

1) By Fuel: Natural Gas, Coal, Biomass, Other Fuel

2) By Technology: Combined Cycle, Steam Turbine, Gas Turbine, Reciprocating Engine, Other Technologies

3) By Capacity: Up To 10 MW, 10-150 MW, 151-300 MW, Above 300 MW

4) By End-Use: Commercial, Industrial, Residential, Utilities, Other End-Uses

Subsegments:

1) By Natural Gas: Gas Turbines, Reciprocating Engines

2) By Coal: Coal-Fired Boilers, Integrated Gasification Combined Cycle (IGCC)

3) By Biomass: Wood Chips, Agricultural Residues

4) By Other Fuel: Oil, Waste Heat Recovery

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Who are the key players steering the development of the combined heat and power market?

Major companies operating in the combined heat and power market are General Electric Company, Siemens AG, Veolia Environnement S.A., Wärtsilä Oyj Abp, 2G Energy AG, Capstone Green Energy Corporation, Caterpillar Inc., Dalkia Aegis EDF Group LLC, Bosch Industriekessel GmbH, Centrica PLC, Cummins Inc., Kawasaki Heavy Industries Ltd., The Viessmann Group, Kohler Co., Elite Energy Systems LLC, MAN Energy Solutions SE, Centrax Gas Turbines, ABB Limited, Tecogen Inc., Aegis Energy Services Inc., Curtis Engine & Equipment Co. Inc., Rolls-Royce Power Systems AG, Mitsubishi Heavy Industries Ltd., Doosan Fuel Cell America Inc., FuelCell Energy Inc., Bloom Energy Corporation, ClearEdge Power Inc., Ceres Power Holdings PLC, Ceramic Fuel Cells Limited, Ballard Power Systems Inc., Plug Power Inc., Hydrogenics Corporation, ITM Power PLC, AFC Energy plc

What emerging trends are influencing the growth of the combined heat and power market?

The leading companies in the combined heat and power market are coming up with innovative technology solutions like Bloom Energy Server to enhance their market profitability. Bloom Energy Server is essentially a fuel cell power generation system. For instance, Bloom Energy, a green energy firm based in the US, launched Bloom Energy Server in February 2023. This state-of-the-art technology is highly effective in generating electricity to cater to different energy needs and has the benefit of occupying minimal space due to its modular design. The Bloom Energy Server provides a solution for energy that is clean, reliable, and economically priced, offering power on-site that is consistent and strong in performance. Thanks to its versatile nature and ability to evolve with the changing energy needs of diverse applications, this platform is useful across a range of industries and locations. The method is fuel-flexible, enabling the generation of energy from various sources like natural gas, mixed hydrogen, biogas, and hydrogen. This system leverages Solid Oxide technology and functions at high temperatures.

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Which regions are most influential in expanding the combined heat and power market?

Asia-Pacific was the largest region in the combined heat and power market in 2024. Asia-Pacific is expected to be the fastest-growing region in the global combined heat and power (CHP) market share during the forecast period. The regions covered in the combined heat and power market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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