Market Size of South Korea 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 | > 3.50 % |
| Market Concentration | Low |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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South Korea Combined Heat and Power Market Analysis
The South Korean combined heat and power market is expected to register a CAGR of more than 3.5% during the forecast period of 2022-2027. During the COVID-19 pandemic, the combined heat and power (CHP) market in South Korea has not witnessed any significant impact. However, due to the imposed travel restrictions, companies faced challenges in the transportation of power generation equipment for the CHP project, owing to the reduced availability and mobilization of resources. Factors such as the rising environmental concerns and a need for a reliable and uninterrupted power supply are likely to drive the CHP market in South Korea. On the other hand, factors such as the high initial cost and the increasing focus on other renewable technologies are likely to hinder the market growth during the forecast period.
- Natural gas-based fuel type is expected to witness significant demand during the forecast period.
- Technology advancements in CHP systems and an increasing trend of distributed power generation for the clean fuel-based CHP market are expected to create huge opportunities for the market players in South Korea.
- Increasing adoption of renewable technologies and ambitious targets may slow down the market growth during the forecast period.
