Combined Heat and Power Market Size, Trends, Shares, and Forecast - 2031

Historic Data: 2021-2023   |   Base Year: 2024   |   Forecast Period: 2025-2031

Coverage: Combined Heat and Power Market covers analysis by Capacity (Below 10 MW, 10-150 MW, 151-300 MW, Above 300 MW); Prime Mover (Gas Turbine, Steam Turbine, Reciprocating Engine, Fuel Cell, Microturbine, Others); Fuel (Coal, Natural Gas, Biogas/Biomass, Nuclear, Diesel, Others); End-User (Residential, Commercial, Industrial, Utilities) , and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Date : Sep 2025
  • Report Code : TIPRE00006381
  • Category : Energy and Power
  • Status : Upcoming
  • Available Report Formats : pdf-format excel-format
  • No. of Pages : 150

MARKET OVERVIEW


The method of generating heat and electricity simultaneously is referred to combined heat and power generation. This is done through burning various fuels such as oil, natural gases and bio fuels. The growing initiatives for the deployment of CHP technologies for enhancing the energy efficiency and the supportive government initiatives to promote cogeneration are the prominent factors responsible for the growth of the combined heat and power market. In addition, rise in deployment of micro-CHP systems and growing trend for generating power from distributed power generation creats huge opportunity for gas turbine-based combined heat and power market.

MARKET SCOPE


The "Global Combined Heat and Power Market Analysis to 2031" is a specialized and in-depth study of the combined heat and power with a special focus on the global market trend analysis. The report aims to provide an overview of the combined heat and power market with detailed market segmentation by capacity, prime mover, fuel, end-user, and geography. The report provides key statistics on the market status of the leading combined heat and power market players and offers key trends and opportunities in the market.

MARKET SEGMENTATION


  • On the basis of capacity the market is segmented into below 10 MW, 10-150 MW, 151-300 MW, Above 300 MW
  • On the basis of prime mover, the market is segmented as gas turbine, steam turbine, reciprocating engine, fuel cell, microturbine, and other
  • On the basis of fuel, the market is segmented as coal, natural gas, biogas/biomass, nuclear, diesel, and others
  • On the basis of end-user, the market is segmented as residential, commercial, industrial, utilities

MARKET DYNAMICS


Drivers

   
  • Government incentives and favourable policies promotes combined heat power generation
  • Significant benefits of combined heat power systems drives the market growth

Restraints


  • Increased installation and maintenance costs of CHP systems restraints the market growth

REGIONAL FRAMEWORK


The report provides a detailed overview of the industry including both qualitative and quantitative information. It provides an overview and forecast of the global market based on various segments. It also provides market size and forecast estimates from the year 2021 to 2031 with respect to five major regions, namely; North America, Europe, Asia-Pacific (APAC), the Middle East and Africa (MEA), and South and Central America. The combined heat and power market by each region is later sub-segmented by respective countries and segments. The report covers the analysis and forecast of 18 countries globally along with the current trend and opportunities prevailing in the region.
The report analyzes factors affecting the market from both demand and supply side and further evaluates market dynamics affecting the market during the forecast period i.e., drivers, restraints, opportunities, and future trends. The report also provides exhaustive PEST analysis for all five region, evaluating political, economic, social and technological factors affecting the combined heat and power market in these regions.

IMPACT OF COVID-19 ON COMBINED HEAT AND POWER MARKET


The outbreak of the COVID-19 pandemic has severely impacted the energy and power industry, which resulted decline market growth in the year 2021. The emergence of the COVID-19 pandemic has slowed the growth of the combined heat and power market, as countries were forced to implement lockdowns during the first half of 2021. Strict guidelines were issued by governments and local authorities, and all non-essential operations were halted. This significantly affected the CHP market owing to the suspension of activities of end-users. In addition, production and supply chain delays were also witnessed during the second quarter which poised a challenge to the combined heat and power market, since CHP systems were still not operating at their full capacity. However, from the second half of 2021, the reopening of industrial operations and manufacturing facilities have fueled the energy demand which further augmented the market dynamics for combined heat and power market. During the pandemic recovery period, there has been witnessed government support for generating the power from cogeneration plants wherein favourable policies, incentives and subsidies have strengthened the demand for cogeneration which aids the market growth.

MARKET PLAYERS


The report covers key developments in the combined heat and power market as organic and inorganic growth strategies. Various companies are focusing on organic growth strategies such as advancement in products, reallocation of resources and others such as patents and events. Inorganic growth strategies activities witnessed in the market were acquisitions, and partnership & collaborations. These activities have paved way for the expansion of business and customer base of market players. The market players in the combined heat and power market are anticipated to provide lucrative growth opportunities in the future owing to rise in deployment of micro-combined heat power systems.
The report also includes the profiles of key companies along with their SWOT analysis and market strategies in the combined heat and power market. In addition, the report focuses on leading industry players with information such as company profiles, components, and services offered, financial information of the last 3 years, the key development in the past five years.
  • Wärtsilä
  • Veolia
  • General Electric
  • Siemens Energy
  • MAN Energy Solutions SE
  • Caterpillar
  • Clarke Energy
  • FuelCell Energy, Inc.
  • Capstone Green Energy Corporation
  • Cummins Inc.
The Insight Partner's dedicated research and analysis team consist of experienced professionals with advanced statistical expertise and offer various customization options in the existing study.
 

Combined Heat and Power Report Scope

Report Attribute Details
Market size in 2024 US$ XX million
Market Size by 2031 US$ XX Million
Global CAGR (2025 - 2031) XX%
Historical Data 2021-2023
Forecast period 2025-2031
Segments Covered By Capacity
  • Below 10 MW
  • 10-150 MW
  • 151-300 MW
  • Above 300 MW
By Prime Mover
  • Gas Turbine
  • Steam Turbine
  • Reciprocating Engine
  • Fuel Cell
  • Microturbine
By Fuel
  • Coal
  • Natural Gas
  • Biogas/Biomass
  • Nuclear
  • Diesel
By End-User
  • Residential
  • Commercial
  • Industrial
  • Utilities
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Wärtsilä
  • Veolia
  • General Electric
  • Siemens Energy
  • MAN Energy Solutions SE
  • Caterpillar
  • Clarke Energy
  • FuelCell Energy, Inc.
  • Capstone Green Energy Corporation
  • Nivedita Upadhyay
    Nivedita Upadhyay
    Manager,
    Market Research & Consulting

    Nivedita is an accomplished research professional with over 9 years of experience in Market Research and Business Consulting. Currently serving as a Project Manager in the ICT domain at The Insight Partners, she brings deep expertise in managing and executing Syndicated, Custom, Subscription-based, and Consulting research assignments across diverse technology sectors.

    With a proven track record of delivering data-driven analysis and actionable insights, Nivedita has been a key contributor to several critical projects. Her work involves end-to-end project execution—right from understanding client objectives, analyzing market trends, to deriving strategic recommendations. She has collaborated extensively with leading ICT companies, helping them identify market opportunities and navigate industry shifts.

    Nivedita holds an MBA in Management from IMS, Dehradun. Prior to joining The Insight Partners, she gained valuable experience at MarketsandMarkets and Future Market Insights in Pune, where she held various research roles and built a strong foundation in industry analysis and client engagement.

    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset

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    The List Of Companies

    1. Wärtsilä
    2. Veolia
    3. General Electric
    4. Siemens Energy
    5. MAN Energy Solutions SE
    6. Caterpillar
    7. Clarke Energy
    8. FuelCell Energy, Inc.
    9. Capstone Green Energy Corporation
    10. Cummina
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