Combined Heat and Power Market worth $41.48 billion by 2030 | MarketsandMarkets™
DELRAY BEACH, Fla., Aug. 15, 2025 /PRNewswire/ -- The global Combined Heat and Power Market is anticipated to grow from estimated USD 32.02 billion in 2025 to USD 41.48 billion by 2030, at a CAGR of 5.3% during the forecast period. The combined heat and power (CHP) market continues to expand under the influence of the growing demand for energy efficiency and reliable power generation. With the rising load on global power systems due to expanding urban infrastructures, industrial processes, and the integration of renewable energy sources, there is a critical need for high-level monitoring systems. Aging power generation units in developed economies and high rates of energy demand growth in developing economies are also pushing utilities and industries to adopt intelligent, IoT-based monitoring solutions. Other factors contributing to this market trend include government energy efficiency standards and the increasing adoption of smart energy systems worldwide.
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The microturbine segment is projected to register the highest CAGR during the forecast period
The microturbine segment is projected to register the highest growth in the combined heat and power market during the forecast period, owing to its compact design, high reliability, and high efficiency applications in space-constrained applications. Due to the rapid growth of urbanization and smart cities, efficient and space-saving power generation has seen a surge in demand, particularly in densely populated regions. The technology is also safer, less susceptible to reduced maintenance, and provides more resiliency when subject to intense weather conditions in comparison to larger systems. Thus, this technology is more desirable in critical infrastructures such as commercial buildings, hospitals, and distant installations. Furthermore, the growing trend to incorporate more renewable energy sources in the systems and more sophisticated monitoring systems in distributed energy systems influences the utilities and industries' preferences for microturbines.
Asia Pacific is estimated to be the largest market during the forecast period
Asia Pacific is anticipated to emerge as a key region in the combined heat and power (CHP) market, propelled by a growing emphasis on energy efficiency, stringent environmental regulations, and rising industrial energy needs. Significant investments in modernizing power infrastructure, integrating renewable energy sources, and advancing smart grid technologies are encouraging utilities and industries in the region to adopt innovative CHP systems for enhanced reliability and performance. Additionally, the presence of extensive manufacturing plants and expanding commercial developments is increasing the demand for uninterrupted power and fault detection capabilities. Government incentives to upgrade aging energy systems and promote sustainable practices, alongside supportive policies for clean energy adoption, are further driving market expansion. The region's demand for cost-effective and high-efficiency solutions is attracting global companies, positioning Asia Pacific as a significant market leader through the forecast period.
Key Market Players
Some of the major players in the Combined Heat and Power Market are Siemens Energy, GE Vernova, Wärtsilä, Veolia, and MITSUBISHI HEAVY INDUSTRIES, LTD. The major strategies adopted by these players include acquisitions, product launches, agreements, partnerships, and expansions.
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GE Vernova (US)
GE Vernova (US) is a global leader offering power generation solutions. The company has been operating through three major divisions: Power, Wind, and Electrification. In the Power segment, GE Vernova offers combined heat and power (CHP) services. This segment is very critical, accounting for a major share of GE Vernova revenues. This segment also offers steam power technology, providing boilers, generators, and steam turbines for both fossil and nuclear applications. This division also offers motors, generators, automation and control equipment, and drives for energy-intensive sectors such as marine, oil & gas, and mining & metals. GE Vernova's subsidiaries operate across 91 manufacturing sites, 18 of which are located in the US and 73 are located internationally. The power segment has 38 manufacturing facilities globally. Geographically, GE Vernova has a strong presence across North America, Europe, Asia Pacific, the Middle East, and Africa.
Siemens Energy (Germany)
Siemens Energy (Germany) is a technology company focused on electrification, automation, and digitalization. The company offers a product portfolio comprising gas and steam turbines, generators, gas engines, instrumentation and controls, and electrical systems. Siemens' Gas and Power segment has been reassigned into three business areas: Gas Services (GS), Grid Technologies (GT), and Transformation of Industries (TI). Siemens Energy provides its combined heat and power solutions through the Gas Services business segment. The segment serves central and distributed power generation, transmission, and industrial process markets with a wide range of products, systems, and service capabilities. Siemens Energy experienced more revenues in both Asia and Australia due to the business performance in the entire business segment. At present, Siemens Energy is also engaged in the development of the next generation of gas turbines, especially in the US and Germany. The company operates in 90 countries around the world, including France, Italy, India, Canada, Colombia, China, Spain, Denmark, Korea, the US, and Germany, with major manufacturing units.
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