Summary

The global combined heat and power market 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 increasing demand for combined heat and power is driven by their efficient utilization of heat, reduced carbon emissions, simultaneous electricity and heating demand and increasing reliance on electric heating.
“10-150 MW segment is expected to emerge as the largest segment based on capacity.”
Based on capacity, the combined heat and power market has been segmented into up to 10 MW, 10 MW to 150 MW, 151 MW to 300 MW and above 300 MW. This segment is increasing due to Ongoing advancements in CHP technology, such as improved engine efficiency, enhanced control systems, and integration with renewable energy sources, making systems within the 10-150 MW range more efficient, reliable, and attractive to end-users. Additionally, 10-150 MW range enables significant cost savings by reducing energy expenses through efficient onsite power generation and heat recovery. This can lead to lower operational costs and improved competitiveness for industrial and commercial facilities.
“Gas turbine is expected to be the second largest segment of the combined heat and power market, by prime mover.”
Based on prime mover, the combined heat and power market has been segmented into gas turbine, steam turbine, reciprocating engine, fuel cell, microturbine, others. The gas turbine segment is the second largest segment in the combined heat and power market as they offer favorable economics for CHP projects, with relatively low operating costs, high efficiency, and potential revenue streams from electricity sales and heat recovery. This economic viability makes gas turbine-based CHP systems financially attractive for end-users across various industries and sectors and they are known for their high efficiency in converting fuel into electricity and thermal energy. This efficiency makes them attractive for CHP applications, where maximizing energy output is crucial for cost savings and environmental sustainability.
“Europe” is expected to be the second largest region in the combined heat and power market.”
Europe is expected to be the second-largest region for combined heat and power (CHP) systems market between 2024–2029 due to its strong emphasis on energy efficiency, renewable energy integration, and climate goals. Robust regulatory frameworks, supportive policies, and significant investments in CHP infrastructure contribute to Europe's leading position in the global CHP market. Moreover, the region's mature industrial base, coupled with a focus on reducing greenhouse gas emissions, drives demand for efficient and sustainable energy solutions like CHP systems.
Breakdown of Primaries:
In-depth interviews have been conducted with various key industry participants, subject-matter experts, C-level executives of key market players, and industry consultants, among other experts, to obtain and verify critical qualitative and quantitative information, as well as to assess future market prospects. The distribution of primary interviews is as follows:
By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
By Designation: C-Level- 30%, Director Levels- 25%, and Others- 45%
By Region: North America- 20%, Europe- 30%, Asia Pacific- 50%
Note: Others include product engineers, product specialists, and engineering leads.
Note: The tiers of the companies are defined on the basis of their total revenues as of 2022. Tier 1: > USD 1 billion, Tier 2: From USD 500 million to USD 1 billion, and Tier 3: < USD 500 million

The combined heat and power market is dominated by some major players that have a wide regional presence. The leading players in the market are GE (US), Siemens Energy (Germany), Veolia (France), Wartsila (Finland), and 2G Energy (Germany).
Research Coverage:
The report defines, describes, and forecasts the global combined heat and power market, by capacity, fuel, prime mover, end user and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the combined heat and power market.
Key Benefits of Buying the Report
• Analysis of major drivers (Government programs and incentives to promote CHP), restraints (Increased installation and maintenance costs of CHP systems), opportunities (Rise in deployment of micro-CHP systems), challenges (Damage to prime movers due to impurities in biogas fueled CHP plans) influencing the combined heat and power market.
• Product Development/ Innovation: Players involved in the combined heat and power market are investing in research and development activities and are coming up with new products in order to maintain their competitive edge in the market. General Electric introduced the 7HA.03 gas turbine, boasting increased capacity and efficiency compared to its predecessor, the 7HA.02. With a net output of 430 MW and a net efficiency of 43.2%, it offers an additional 134 megawatts of power.
• Market Development: The global combined heat and power market is experiencing robust development, due to 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. Supportive policies and incentives from governments and regulatory bodies incentivize the adoption of CHP systems. Measures such as feed-in tariffs, tax credits, and renewable energy targets encourage investment in CHP projects and create a favorable market environment for manufacturers and developers.
• Market Diversification: 2G Energy AG, a prominent provider of gas-fueled CHP systems worldwide, has forged a framework agreement with Centrica Business Solutions UK Ltd. This agreement underscores their dedication to supplying combined heat and power (CHP) systems, marking a strategic partnership between the two entities.
• Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like GE (US), Siemens Energy (Germany), Veolia (France), Wartsila (Finland), and 2G Energy (Germany) among others in the combined heat and power market.

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Table of Contents

1 INTRODUCTION 32
1.1 STUDY OBJECTIVES 32
1.2 MARKET DEFINITION 32
1.3 STUDY SCOPE 33
1.3.1 MARKETS COVERED 33
1.3.2 REGIONAL SCOPE 33
1.3.3 INCLUSIONS AND EXCLUSIONS 34
TABLE 1 COMBINED HEAT AND POWER MARKET: INCLUSIONS AND EXCLUSIONS, BY END USER 34
TABLE 2 COMBINED HEAT AND POWER MARKET: INCLUSIONS AND EXCLUSIONS, BY CAPACITY 34
TABLE 3 COMBINED HEAT AND POWER MARKET: INCLUSIONS AND EXCLUSIONS, BY PRIME MOVER 34
TABLE 4 COMBINED HEAT AND POWER MARKET: INCLUSIONS AND EXCLUSIONS, BY FUEL 35
TABLE 5 COMBINED HEAT AND POWER MARKET: INCLUSIONS AND EXCLUSIONS, BY REGION 35
1.3.4 YEARS CONSIDERED 36
1.4 CURRENCY CONSIDERED 36
1.5 UNITS CONSIDERED 36
1.6 LIMITATIONS 36
1.7 STAKEHOLDERS 37
1.8 SUMMARY OF CHANGES 37
1.9 RECESSION IMPACT 38
2 RESEARCH METHODOLOGY 39
2.1 RESEARCH DATA 39
FIGURE 1 COMBINED HEAT AND POWER MARKET: RESEARCH DESIGN 39
2.1.1 SECONDARY DATA 40
2.1.1.1 Key data from secondary sources 40
2.1.1.2 List of major secondary sources 40
2.1.2 PRIMARY DATA 41
2.1.2.1 List of key primary interview participants 41
2.1.2.2 Key data from primary sources 41
2.1.2.3 Key industry insights 42
2.1.2.4 Breakdown of primaries 42
FIGURE 2 BREAKDOWN OF PRIMARY INTERVIEWS: BY COMPANY TYPE, DESIGNATION, AND REGION 43
2.2 DATA TRIANGULATION 44
FIGURE 3 COMBINED HEAT AND POWER MARKET: DATA TRIANGULATION METHODOLOGY 44
2.3 MARKET SCOPE 45
FIGURE 4 MAIN METRICS CONSIDERED WHILE ANALYZING AND ASSESSING DEMAND IN COMBINED HEAT AND POWER MARKET 45
2.4 MARKET SIZE ESTIMATION 46
2.4.1 BOTTOM-UP APPROACH 46
FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 46
2.4.2 TOP-DOWN APPROACH 47
FIGURE 6 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH 47
2.4.3 DEMAND-SIDE ANALYSIS 48
2.4.3.1 Regional analysis (demand side) 48
2.4.3.2 Country-level analysis (demand side) 49
2.4.3.3 Demand-side calculations 49
2.4.3.4 Demand-side assumptions 49
2.4.4 SUPPLY-SIDE ANALYSIS 50
FIGURE 7 KEY STEPS CONSIDERED IN ASSESSING SUPPLY FOR COMBINED HEAT AND POWER MARKET 50
FIGURE 8 COMBINED HEAT AND POWER MARKET: SUPPLY-SIDE ANALYSIS 50
2.4.4.1 Supply-side calculations 51
2.4.4.2 Supply-side assumptions 51
2.4.5 GROWTH FORECAST ASSUMPTIONS 51
2.5 RISK ASSESSMENT 51
2.6 RESEARCH ASSUMPTIONS 51
2.7 RESEARCH LIMITATIONS 52
2.8 IMPACT OF RECESSION 52
2.8.1 PARAMETERS CONSIDERED TO ANALYZE RECESSION IMPACT ON COMBINED HEAT AND POWER MARKET 52
3 EXECUTIVE SUMMARY 53
TABLE 6 COMBINED HEAT AND POWER MARKET SNAPSHOT 54
FIGURE 9 11–150 MW SEGMENT TO ACCOUNT FOR LARGEST SHARE OF COMBINED HEAT AND POWER MARKET IN 2029 55
FIGURE 10 RECIPROCATING ENGINE SEGMENT TO HOLD LARGEST SHARE OF COMBINED HEAT AND POWER MARKET IN 2029 55
FIGURE 11 NATURAL GAS SEGMENT TO LEAD COMBINED HEAT AND POWER MARKET IN 2029 56
FIGURE 12 INDUSTRIAL SEGMENT TO DOMINATE COMBINED HEAT AND POWER MARKET IN 2029 56
FIGURE 13 ASIA PACIFIC ACCOUNTED FOR LARGEST SHARE OF COMBINED HEAT AND POWER MARKET IN 2024 57
4 PREMIUM INSIGHTS 58
4.1 ATTRACTIVE OPPORTUNITIES FOR PLAYERS IN COMBINED HEAT AND POWER MARKET 58
FIGURE 14 INCREASING URBANIZATION, POPULATION, AND NEED TO REDUCE CARBON EMISSIONS TO PROPEL MARKET 58
4.2 COMBINED HEAT AND POWER MARKET IN ASIA PACIFIC, BY FUEL AND COUNTRY 59
FIGURE 15 NATURAL GAS SEGMENT AND CHINA DOMINATED COMBINED HEAT AND POWER MARKET IN ASIA PACIFIC IN 2023 59
4.3 COMBINED HEAT AND POWER MARKET, BY CAPACITY 60
FIGURE 16 11–150 MW SEGMENT TO HOLD LARGEST SHARE OF COMBINED HEAT AND POWER MARKET IN 2029 60
4.4 COMBINED HEAT AND POWER MARKET, BY PRIME MOVER 60
FIGURE 17 RECIPROCATING ENGINE SEGMENT TO DOMINATE MARKET SHARE IN 2029 60
4.5 COMBINED HEAT AND POWER MARKET, BY FUEL 61
FIGURE 18 NATURAL GAS SEGMENT TO LEAD COMBINED HEAT AND POWER MARKET SHARE IN 2029 61
4.6 COMBINED HEAT AND POWER MARKET, BY END USER 61
FIGURE 19 INDUSTRIAL SEGMENT TO HOLD LARGEST SHARE OF COMBINED HEAT AND POWER MARKET IN 2029 61
4.7 COMBINED HEAT AND POWER MARKET, BY REGION 62
FIGURE 20 ASIA PACIFIC TO REGISTER HIGHEST CAGR IN COMBINED HEAT AND POWER MARKET DURING FORECAST PERIOD 62
5 MARKET OVERVIEW 63
5.1 INTRODUCTION 63
5.2 MARKET DYNAMICS 64
FIGURE 21 COMBINED HEAT AND POWER MARKET: DRIVERS, RESTRAINTS, OPPORTUNITIES, AND CHALLENGES 64
5.2.1 DRIVERS 65
5.2.1.1 Favorable government programs and incentives to promote adoption of CHP systems 65
5.2.1.2 Rise in use of natural gas for power generation 66
FIGURE 22 POWER GENERATION FROM NATURAL GAS, 2021–2022 67
FIGURE 23 GLOBAL NATURAL GAS CONSUMPTION 67
5.2.1.3 Improved cost-efficiency in wastewater treatment facilities 67
TABLE 7 WASTEWATER TREATMENT FACILITIES WITH COMBINED HEAT AND POWER SYSTEMS IN US 68
5.2.2 RESTRAINTS 68
5.2.2.1 High installation and maintenance costs of CHP systems 68
5.2.2.2 Existence of competing technologies 68
5.2.2.3 Rising concerns over stable natural gas supply for CHP systems 69
5.2.3 OPPORTUNITIES 69
5.2.3.1 Increasing deployment of micro-CHP systems 69
FIGURE 24 FUEL CELL MICRO-CHP INSTALLATIONS IN JAPAN, 2009–2017 70
5.2.3.2 Pressing need to replace and upgrade aged power generation equipment 70
5.2.3.3 Rising trend of distributed power generation 70
5.2.4 CHALLENGES 71
5.2.4.1 High contamination from biogas fuel causing damage to prime movers 71
TABLE 8 CHP PRIME MOVER TOLERANCE TO BIOGAS CONTAMINANTS 71
5.2.4.2 Challenges posed by utilities for sale of excess electricity by CHP plants 72
5.2.4.3 Stability issues arising from decentralization of energy generation 73
5.3 TRENDS AND DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 73
FIGURE 25 TRENDS/DISRUPTIONS IMPACTING CUSTOMERS’ BUSINESSES 73
5.4 PRICING ANALYSIS 74
5.4.1 AVERAGE INSTALLATION COST OF SMALL-CAPACITY COMBINED HEAT AND POWER SYSTEMS, BY PRIME MOVER 74
TABLE 9 AVERAGE INSTALLATION COST OF SMALL-CAPACITY COMBINED HEAT AND POWER SYSTEMS, BY PRIME MOVER, 2021, 2022, 2023, AND 2029 (USD/KW) 74
FIGURE 26 AVERAGE INSTALLATION COST OF SMALL-CAPACITY COMBINED HEAT AND POWER SYSTEMS, BY PRIME MOVER, 2021, 2022, 2023, AND 2029 74
TABLE 10 AVERAGE INSTALLATION COST OF MEDIUM-CAPACITY COMBINED HEAT AND POWER SYSTEMS, BY PRIME MOVER, 2021, 2022, 2023, AND 2029 (USD/KW) 74
FIGURE 27 AVERAGE INSTALLATION COST OF MEDIUM-CAPACITY COMBINED HEAT AND POWER SYSTEMS, BY PRIME MOVER, 2021, 2022, 2023, AND 2029 75
5.4.2 AVERAGE INSTALLATION COST OF LARGE-CAPACITY COMBINED HEAT AND POWER SYSTEMS, BY PRIME MOVER 75
TABLE 11 AVERAGE INSTALLATION COST OF LARGE-CAPACITY COMBINED HEAT AND POWER SYSTEMS, BY PRIME MOVER, 2021, 2022, 2023, AND 2029 (USD/KW) 75
FIGURE 28 AVERAGE INSTALLATION COST OF LARGE-CAPACITY COMBINED HEAT AND POWER SYSTEMS, BY PRIME MOVER, 2021, 2022, 2023, AND 2029 76
5.4.3 AVERAGE INSTALLATION COST OF COMBINED HEAT AND POWER SYSTEMS, BY REGION 76
TABLE 12 AVERAGE INSTALLATION COST OF COMBINED HEAT AND POWER SYSTEMS, BY REGION, 2021, 2022, 2023, AND 2029 (USD/KW) 76
FIGURE 29 AVERAGE INSTALLATION COST OF COMBINED HEAT AND POWER SYSTEMS, BY REGION, 2021, 2022, 2023, AND 2029 77
5.5 VALUE CHAIN ANALYSIS 77
FIGURE 30 COMBINED HEAT AND POWER MARKET: VALUE CHAIN ANALYSIS 77
5.5.1 RAW MATERIAL PROVIDERS/COMPONENT MANUFACTURERS/SUPPLIERS 78
5.5.2 COMBINED HEAT AND POWER SYSTEM MANUFACTURERS/ASSEMBLERS 78
5.5.3 DISTRIBUTORS/RESELLERS 78
5.5.4 END USERS 78
5.5.5 MAINTENANCE/SERVICE PROVIDERS 78
5.6 ECOSYSTEM ANALYSIS 79
TABLE 13 ROLE OF COMPANIES IN COMBINED HEAT AND POWER ECOSYSTEM 79
FIGURE 31 COMBINED HEAT AND POWER MARKET: ECOSYSTEM MAPPING 80
5.7 TECHNOLOGY ANALYSIS 80
5.7.1 HYBRID STORAGE SYSTEM WITH LITHIUM-ION AND REDOX FLOW BATTERY 80
5.7.2 ADVANCED CONTROL AND MONITORING SYSTEMS 80
5.8 REGULATORY LANDSCAPE 81
TABLE 14 COMBINED HEAT AND POWER MARKET: REGULATIONS 81
5.9 PATENT ANALYSIS 82
FIGURE 32 TOP 10 PLAYERS WITH HIGHEST NUMBER OF PATENTS PERTAINING TO COMBINED HEAT AND POWER, 2016–2023 82
FIGURE 33 TOTAL NUMBER OF PATENTS GRANTED PERTAINING TO COMBINED HEAT AND POWER, 2013–2023 83
TABLE 15 TOP 15 PATENT OWNERS PERTAINING TO COMBINED HEAT AND POWER, 2013–2023 83
TABLE 16 LIST OF MAJOR PATENTS PERTAINING TO COMBINED HEAT AND POWER, 2016–2023 84
5.10 TRADE ANALYSIS 85
5.10.1 HS CODE 8406 85
5.10.1.1 Export scenario for HS code 8406-compliant products 85
TABLE 17 EXPORT DATA FOR HS CODE 8406-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND) 85
FIGURE 34 EXPORT DATA FOR HS CODE 8406-COMPLIANT PRODUCTS TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND) 86
5.10.1.2 Import scenario for HS code 8406-compliant products 86
TABLE 18 IMPORT SCENARIO FOR HS CODE 8406-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND) 86
FIGURE 35 IMPORT DATA FOR HS CODE 8406-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND) 87
5.10.2 HS CODE 841182 88
5.10.2.1 Export scenario for HS code 841182-compliant products 88
TABLE 19 EXPORT DATA FOR HS CODE 841182-COMPLIANT PRODUCTS, BY COUNTRY, 2020–2022 (USD THOUSAND) 88
FIGURE 36 EXPORT DATA FOR HS CODE 841182-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND) 89
5.10.2.2 Import scenario for HS code 841182-compliant products 89
TABLE 20 IMPORT DATA FOR HS CODE 841182, BY COUNTRY, 2020–2022 (USD THOUSAND) 89
FIGURE 37 IMPORT DATA FOR HS CODE 841182-COMPLIANT PRODUCTS FOR TOP FIVE COUNTRIES, 2020–2022 (USD THOUSAND) 90
5.11 KEY CONFERENCES AND EVENTS, 2024 91
TABLE 21 COMBINED HEAT AND POWER MARKET: LIST OF KEY CONFERENCES AND EVENTS, 2024 91
5.12 TARIFF ANALYSIS 92
5.12.1 TARIFFS RELATED TO COMBINED HEAT AND POWER MARKET 92
TABLE 22 IMPORT TARIFF FOR HS CODE 841182-COMPLIANT PRODUCTS, 2022 92
TABLE 23 IMPORT TARIFF FOR HS CODE 8406-COMPLIANT PRODUCTS, 2022 93
5.13 PORTER’S FIVE FORCES ANALYSIS 94
FIGURE 38 COMBINED HEAT AND POWER MARKET: PORTER’S FIVE FORCES ANALYSIS 94
TABLE 24 IMPACT OF EACH FORCE ON COMBINED HEAT AND POWER MARKET 94
5.13.1 THREAT OF SUBSTITUTES 95
5.13.2 BARGAINING POWER OF SUPPLIERS 95
5.13.3 BARGAINING POWER OF BUYERS 95
5.13.4 THREAT OF NEW ENTRANTS 95
5.13.5 INTENSITY OF COMPETITIVE RIVALRY 96
5.14 CASE STUDY ANALYSIS 96
5.14.1 TATA CHEMICALS DEPLOYED NEW CHP SYSTEM TO REDUCE CARBON EMISSIONS AND INCREASE SODIUM BICARBONATE PRODUCTION 96
5.14.2 NHS INSTALLED VEOLIA’S CHP-BASED SYSTEM TO ACHIEVE CARBON REDUCTION TARGETS 97
5.14.3 PLACES LEISURE INSTALLED CENTRICA BUSINESS SOLUTIONS’ CHP UNITS TO REDUCE ENERGY COSTS 97
5.14.4 SOUTHEND HOSPITAL USED CLARKE ENERGY’S CHP SYSTEMS TO REDUCE ELECTRICITY COSTS 97
6 COMBINED HEAT AND POWER MARKET, BY CAPACITY 98
6.1 INTRODUCTION 99
FIGURE 39 COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2023 99
TABLE 25 COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 100
TABLE 26 COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 100
6.2 UP TO 10 MW 100
6.2.1 GROWING NEED FOR ENERGY EFFICIENCY IN RESIDENTIAL AND COMMERCIAL APPLICATIONS TO DRIVE MARKET 100
TABLE 27 UP TO 10 MW: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 101
TABLE 28 UP TO 10 MW: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 101
6.3 11–150 MW 101
6.3.1 HIGH DEMAND FROM ENERGY-INTENSIVE INDUSTRES TO FUEL MARKET GROWTH 101
TABLE 29 11–150 MW: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 102
TABLE 30 11–150 MW: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 102
6.4 151–300 MW 103
6.4.1 INCREASING ADOPTION IN COGENERATION AND COMBINED CYCLE POWER PLANTS TO SUPPORT MARKET GROWTH 103
TABLE 31 151–300 MW: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 103
TABLE 32 151–300 MW: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 103
6.5 ABOVE 300 MW 104
6.5.1 RISING FOCUS OF UTILITIES ON COST-EFFICIENT AND CLEAN FUELS FOR POWER GENERATION TO CREATE DEMAND 104
TABLE 33 ABOVE 300 MW: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 104
TABLE 34 ABOVE 300 MW: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 104
7 COMBINED HEAT AND POWER MARKET, BY PRIME MOVER 105
7.1 INTRODUCTION 106
FIGURE 40 COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2023 106
TABLE 35 COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 107
TABLE 36 COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 107
7.2 GAS TURBINE 108
7.2.1 EFFICIENT USE OF HIGH-TEMPERATURE HEAT GENERATED FROM TURBINES TO DRIVE MARKET 108
TABLE 37 GAS TURBINE: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 108
TABLE 38 GAS TURBINE: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 108
7.3 STEAM TURBINE 109
7.3.1 HIGH FLEXIBILITY OF STEAM TURBINES TO INCREASE DEMAND 109
TABLE 39 STEAM TURBINE: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 109
TABLE 40 STEAM TURBINE: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 109
7.4 RECIPROCATING ENGINE 110
7.4.1 GROWING TREND OF DISTRIBUTED POWER GENERATION WORLDWIDE TO SUPPORT MARKET GROWTH 110
TABLE 41 RECIPROCATING ENGINE: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 110
TABLE 42 RECIPROCATING ENGINE: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 110
7.5 FUEL CELL 111
7.5.1 RISING DEMAND FOR CLEAN POWER GENERATION TO DRIVE MARKET 111
TABLE 43 FUEL CELL: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 111
TABLE 44 FUEL CELL: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 111
7.6 MICROTURBINE 112
7.6.1 HIGH HEAT AND POWER COGENERATION AND LOW CARBON EMISSIONS OFFERED BY MICROTURBINES TO PROPEL MARKET 112
TABLE 45 MICROTURBINE: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 112
TABLE 46 MICROTURBINE: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 112
7.7 OTHER PRIME MOVERS 113
TABLE 47 OTHER PRIME MOVERS: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 113
TABLE 48 OTHER PRIME MOVERS: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 113
8 COMBINED HEAT AND POWER MARKET, BY FUEL 114
8.1 INTRODUCTION 115
FIGURE 41 COMBINED HEAT AND POWER MARKET, BY FUEL, 2023 115
TABLE 49 COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 115
TABLE 50 COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 116
8.2 COAL 116
8.2.1 SIGNIFICANT USE AS PRIMARY FUEL SOURCE FOR CONVENTIONAL ELECTRICITY GENERATION TO SUPPORT MARKET GROWTH 116
TABLE 51 COAL: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 116
TABLE 52 COAL: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 117
8.3 NATURAL GAS 117
8.3.1 INCREASING NEED FOR CLEAN-BURNING FUELS TO BOOST MARKET GROWTH 117
TABLE 53 NATURAL GAS: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 117
TABLE 54 NATURAL GAS: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 118
8.4 BIOGAS/BIOMASS 118
8.4.1 RISING AWARENESS OF SUSTAINABILITY TO DRIVE MARKET 118
TABLE 55 BIOGAS/BIOMASS: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 119
TABLE 56 BIOGAS/BIOMASS: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 119
8.5 NUCLEAR 119
8.5.1 ENVIRONMENTAL BENEFITS OFFERED BY NUCLEAR SYSTEMS TO FOSTER MARKET GROWTH 119
TABLE 57 NUCLEAR: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 120
TABLE 58 NUCLEAR: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 120
8.6 DIESEL 121
8.6.1 IMMINENT NEED FOR ENERGY SECURITY TO FUEL MARKET GROWTH 121
TABLE 59 DIESEL: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 121
TABLE 60 DIESEL: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 121
8.7 OTHER FUELS 122
TABLE 61 OTHER FUELS: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 122
TABLE 62 OTHER FUELS: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 122
9 COMBINED HEAT AND POWER MARKET, BY END USER 123
9.1 INTRODUCTION 124
FIGURE 42 COMBINED HEAT AND POWER MARKET, BY END USER, 2023 124
TABLE 63 COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 124
TABLE 64 COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 125
9.2 RESIDENTIAL 125
9.2.1 GROWING NEED TO MITIGATE CARBON EMISSIONS AND REDUCE DEPENDENCE ON CENTRALIZED POWER GENERATION TO CONTRIBUTE TO MARKET GROWTH 125
TABLE 65 RESIDENTIAL: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 126
TABLE 66 RESIDENTIAL: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 126
9.3 COMMERCIAL 126
9.3.1 RISING NEED FOR ENVIRONMENT-FRIENDLY SYSTEMS FOR LARGE-SCALE COMMERCIAL APPLICATIONS TO FUEL MARKET GROWTH 126
TABLE 67 COMMERCIAL: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 127
TABLE 68 COMMERCIAL: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 127
9.4 INDUSTRIAL 128
9.4.1 GROWING DEMAND FOR RELIABLE POWER SUPPLY TO DRIVE MARKET 128
TABLE 69 INDUSTRIAL: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 128
TABLE 70 INDUSTRIAL: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 129
9.5 UTILITIES 129
9.5.1 RISING FOCUS OF UTILITIES ON COST-EFFICIENT AND CLEAN FUELS TO CREATE DEMAND 129
TABLE 71 UTILITIES: COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 130
TABLE 72 UTILITIES: COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 130
10 COMBINED HEAT AND POWER MARKET, BY REGION 131
10.1 INTRODUCTION 132
FIGURE 43 COMBINED HEAT AND POWER MARKET IN ASIA PACIFIC TO REGISTER HIGHEST CAGR FROM 2024 TO 2029 132
FIGURE 44 COMBINED HEAT AND POWER MARKET, BY REGION, 2023 133
TABLE 73 COMBINED HEAT AND POWER MARKET, BY REGION, 2019–2023 (USD MILLION) 133
TABLE 74 COMBINED HEAT AND POWER MARKET, BY REGION, 2024–2029 (USD MILLION) 133
TABLE 75 COMBINED HEAT AND POWER CAPACITY, BY REGION, 2019–2023 (MW) 134
TABLE 76 COMBINED HEAT AND POWER CAPACITY, BY REGION, 2024–2029 (MW) 134
10.2 ASIA PACIFIC 134
FIGURE 45 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET SNAPSHOT 135
10.2.1 IMPACT OF RECESSION ON COMBINED HEAT AND POWER MARKET IN ASIA PACIFIC 135
TABLE 77 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 136
TABLE 78 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 136
TABLE 79 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 136
TABLE 80 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 137
TABLE 81 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 137
TABLE 82 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 137
TABLE 83 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 138
TABLE 84 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 138
TABLE 85 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY COUNTRY, 2019–2023 (USD MILLION) 138
TABLE 86 ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 139
10.2.2 CHINA 139
10.2.2.1 Rapid industrialization and infrastructure development to fuel market growth 139
TABLE 87 CHINA: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 140
TABLE 88 CHINA: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 140
TABLE 89 CHINA: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 140
TABLE 90 CHINA: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 141
TABLE 91 CHINA: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 141
TABLE 92 CHINA: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 141
TABLE 93 CHINA: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 142
TABLE 94 CHINA: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 142
10.2.3 JAPAN 142
10.2.3.1 Transition from nuclear energy to gas-based energy generation to drive market 142
TABLE 95 JAPAN: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 143
TABLE 96 JAPAN: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 143
TABLE 97 JAPAN: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 143
TABLE 98 JAPAN: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 144
TABLE 99 JAPAN: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 144
TABLE 100 JAPAN: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 144
TABLE 101 JAPAN: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 145
TABLE 102 JAPAN: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 145
10.2.4 SOUTH KOREA 145
10.2.4.1 Aim to reduce greenhouse gas emissions to drive market 145
TABLE 103 SOUTH KOREA: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 146
TABLE 104 SOUTH KOREA: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 146
TABLE 105 SOUTH KOREA: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 146
TABLE 106 SOUTH KOREA: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 147
TABLE 107 SOUTH KOREA: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 147
TABLE 108 SOUTH KOREA: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 147
TABLE 109 SOUTH KOREA: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 148
TABLE 110 SOUTH KOREA: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 148
10.2.5 AUSTRALIA 148
10.2.5.1 Favorable government incentives for installing clean and energy-efficient technologies to drive market 148
TABLE 111 AUSTRALIA: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 149
TABLE 112 AUSTRALIA: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 149
TABLE 113 AUSTRALIA: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 149
TABLE 114 AUSTRALIA: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 150
TABLE 115 AUSTRALIA: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 150
TABLE 116 AUSTRALIA: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 150
TABLE 117 AUSTRALIA: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 151
TABLE 118 AUSTRALIA: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 151
10.2.6 INDIA 151
10.2.6.1 Strong focus of industry players on enhancing energy efficiency to accelerate market growth 151
TABLE 119 INDIA: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 152
TABLE 120 INDIA: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 152
TABLE 121 INDIA: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 152
TABLE 122 INDIA: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 153
TABLE 123 INDIA: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 153
TABLE 124 INDIA: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 153
TABLE 125 INDIA: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 154
TABLE 126 INDIA: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 154
10.2.7 REST OF ASIA PACIFIC 154
TABLE 127 REST OF ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 155
TABLE 128 REST OF ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 155
TABLE 129 REST OF ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 155
TABLE 130 REST OF ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 156
TABLE 131 REST OF ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 156
TABLE 132 REST OF ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 156
TABLE 133 REST OF ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 157
TABLE 134 REST OF ASIA PACIFIC: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 157
10.3 EUROPE 157
10.3.1 IMPACT OF RECESSION ON COMBINED HEAT AND POWER MARKET IN EUROPE 158
FIGURE 46 EUROPE: COMBINED HEAT AND POWER MARKET SNAPSHOT 158
TABLE 135 EUROPE: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 159
TABLE 136 EUROPE: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 159
TABLE 137 EUROPE: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 159
TABLE 138 EUROPE: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 160
TABLE 139 EUROPE: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 160
TABLE 140 EUROPE: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 160
TABLE 141 EUROPE: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 161
TABLE 142 EUROPE: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 161
TABLE 143 EUROPE: COMBINED HEAT AND POWER MARKET, BY COUNTRY, 2019–2023 (USD MILLION) 161
TABLE 144 EUROPE: COMBINED HEAT AND POWER MARKET, BY COUNTRY, 2024–2029 (USD MILLION) 162
10.3.2 GERMANY 162
10.3.2.1 Rising need to achieve CO2 emissions reduction targets to propel market 162
TABLE 145 GERMANY: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 163
TABLE 146 GERMANY: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 163
TABLE 147 GERMANY: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 163
TABLE 148 GERMANY: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 164
TABLE 149 GERMANY: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 164
TABLE 150 GERMANY: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 164
TABLE 151 GERMANY: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 165
TABLE 152 GERMANY: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 165
10.3.3 UK 165
10.3.3.1 Growing need for efficient power generation to drive market 165
TABLE 153 UK: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 166
TABLE 154 UK: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 166
TABLE 155 UK: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 166
TABLE 156 UK: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 167
TABLE 157 UK: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 167
TABLE 158 UK: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 167
TABLE 159 UK: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 168
TABLE 160 UK: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 168
10.3.4 RUSSIA 168
10.3.4.1 Increasing trend of decentralized power generation to support market growth 168
TABLE 161 RUSSIA: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 169
TABLE 162 RUSSIA: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 169
TABLE 163 RUSSIA: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 169
TABLE 164 RUSSIA: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 170
TABLE 165 RUSSIA: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 170
TABLE 166 RUSSIA: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 170
TABLE 167 RUSSIA: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 171
TABLE 168 RUSSIA: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 171
10.3.5 FRANCE 171
10.3.5.1 Large installed base of nuclear power generation for commercial and residential applications to propel market 171
TABLE 169 FRANCE: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 172
TABLE 170 FRANCE: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 172
TABLE 171 FRANCE: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 172
TABLE 172 FRANCE: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 173
TABLE 173 FRANCE: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 173
TABLE 174 FRANCE: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 173
TABLE 175 FRANCE: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 174
TABLE 176 FRANCE: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 174
10.3.6 ITALY 174
10.3.6.1 Rising need to reduce carbon emissions to drive demand 174
TABLE 177 ITALY: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 175
TABLE 178 ITALY: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 175
TABLE 179 ITALY: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 175
TABLE 180 ITALY: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 176
TABLE 181 ITALY: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 176
TABLE 182 ITALY: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 176
TABLE 183 ITALY: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 177
TABLE 184 ITALY: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 177
10.3.7 REST OF EUROPE 177
TABLE 185 REST OF EUROPE: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2019–2023 (USD MILLION) 177
TABLE 186 REST OF EUROPE: COMBINED HEAT AND POWER MARKET, BY CAPACITY, 2024–2029 (USD MILLION) 178
TABLE 187 REST OF EUROPE: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2019–2023 (USD MILLION) 178
TABLE 188 REST OF EUROPE: COMBINED HEAT AND POWER MARKET, BY PRIME MOVER, 2024–2029 (USD MILLION) 178
TABLE 189 REST OF EUROPE: COMBINED HEAT AND POWER MARKET, BY FUEL, 2019–2023 (USD MILLION) 179
TABLE 190 REST OF EUROPE: COMBINED HEAT AND POWER MARKET, BY FUEL, 2024–2029 (USD MILLION) 179
TABLE 191 REST OF EUROPE: COMBINED HEAT AND POWER MARKET, BY END USER, 2019–2023 (USD MILLION) 179
TABLE 192 REST OF EUROPE: COMBINED HEAT AND POWER MARKET, BY END USER, 2024–2029 (USD MILLION) 180