Market Size of Asia-Pacific Combined Heat and Power Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2020 - 2022 |
| CAGR | > 5.90 % |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
APAC Combined Heat & Power Market Analysis
The Asia-Pacific combined heat and power (CHP) market is expected to register a CAGR of more than 5.9% during 2022 to 2027. The outbreak of COVID-19 in Q1 of 2020 has negatively impacted the market's growth. Governments in the region were forced to implement lockdowns during the first half of 2020, and all non-essential operations remain halted. This adversely impacted the CHP market due to end users' suspension of activities. In addition, production and disruption in the supply chain have slowed down the construction activities, which posed a challenge to the CHP market in the region. For Instance, in November 2020, Bert Energy GmbH announced that its Bert Mobil Gas demo plant scheduled to be commissioned at Sri City in Andhra Pradesh (India) was delayed by over six months due to disruptions caused by COVID-19. Factors such as the positive outlook for natural gas supply and price, increased energy efficiency, and environmental regulatory pressures on power plants and industrial boilers are expected to drive the number of installations of combined heat and power plants across the region. However, factors such as weak grid interconnections and high capital investment remain a significant challenge for Asia-Pacific's combined heat and power market.
- Biomass-based combined heat and power are expected to witness the fastest growth during the forecast period.
- Small-to-medium industrial facilities could benefit from flexible and cost-effective combined heat and power systems. Such systems benefit from conventional combined heat and power but could also provide support to the electricity grid in the form of electricity supply, frequency regulation, and reserve capacity. This, in turn, is expected to create significant opportunities for the combined heat and power system providers and plant developers shortly.
- China has dominated the combined heat and power market, with the majority of the demand coming from the industrial application of CHP.
