South Korea Combined Heat & Power Market Size Insights Forecasts to 2033

• The Market Size is Growing at a CAGR of 3.21% from 2023 to 2033.
• The South Korea Combined Heat & Power Market Size is Expected to Hold a Significant Share by 2033.

The South Korea Combined Heat & Power Market Size is Expected to hold a significant share by 2033, at a CAGR of 3.21% during the Forecast period 2023 to 2033.

Market Overview

Cogeneration, often known as combined heat and power (CHP), is the simultaneous generation of electricity and useful heat by a heat engine or power plant. Since the heat that would otherwise be loss during the production of electricity is put to some useful use, cogeneration is a more efficient use of fuel or heat. Heat energy that would be lost is recovered for heating in combined heat and power (CHP) facilities. Furthermore, the increasing use of government incentives can spur future industry expansion and the deployment of energy-efficient technologies. Technology is preferred by people over traditional means of producing electricity. Since the system uses less fuel to produce energy, it is in demand. By cutting expenses and consuming less energy, it lowers the costs associated with the production process. The South Korea market is growing more quickly because there are well-known businesses offering CHP technology. In addition, South Korean developing countries also tend to have laxer environmental laws and regulations and they gaining the businesses benefit more from this. Growing urbanization and industrialization have raised middle-class and lower-middle-class people's disposable income and household income. As a result, the transportation and residential sectors have adopted combined heat and power basics. Thus, such factors are boosting the market growth in South Korea.

Report Coverage

This research report categorizes the market for South Korea combined heat & power market based on various segments and regions and forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the South Korea combined heat & power market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the South Korea combined heat & power market.

Driving Factors

The advantages of combined heat and power (CHP) include lower industrial process costs due to less superfluous energy use. It is possible to resource energy by employing waste materials. The factors propelling the South Korea growth of the combined heat and power market include the deployment of combined heat and power (CHP) technology, the increasing usage of government incentives for boosting cogeneration, and the demand for energy efficiency. Furthermore, South Korean governments are pushing combined heat and power (CHP) technology through a range of advantageous long-term regulations and financial incentives, which accelerate the expansion of the CHP market over the evaluation period. In addition, the industry is expanding more quickly because to the abundance of businesses offering CHP installation services.

Restraining Factors

The establishment of a combined heat and power (CHP) plant requires a significant initial investment. Boilers, heat exchangers, absorption chillers, and other equipment are needed for this CHP plant. Furthermore, high efficiency was needed for these components' upkeep, which raises the system's overall cost. The market's expansion is being hampered by the fact that combined heat and power (CHP) is only utilized when both electricity and hot water are required locally.

Market Segment

• In 2023, the natural gas segment accounted for the largest revenue share over the forecast period.

Based on the fuel type, the South Korea combined heat & power market is segmented into natural gas, coal, oil, and others. Among these, the natural gas segment has the largest revenue share over the forecast period. Significant factors that encourage the technology's adoption include initiatives aimed at lowering the total cost of installation and operation as well as ongoing financial support from public and private sources for the creation of natural gas power plant projects.

• In 2023, the residential segment accounted for the largest revenue share over the forecast period.

On the basis of application, the South Korea combined heat & power market is segmented into residential, commercial, industrial (C&I), and utilities. Among these, the residential segment has the largest revenue share over the forecast period. to a growth in the residential sector's use of CHP units for emergency power backup. The South Korea is witnessing a similar trend as more countries adopt energy-efficient and sustainable technology for heating and powering residential structures. The irony is that country is investing in energy policy for residential buildings in an effort to decrease its reliance on fossil fuels and boost energy security.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the South Korea combined heat & power market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Mitsubishi Heavy Industries Ltd
• General Electric Company
• Siemens Energy AG
• Kawasaki Heavy Industries Ltd
• Korea District Heating Engineering Co. Ltd
• KEPCO Engineering & Construction Co. Inc.
• GS E&R Corp.
• Hanwha Engineering & Construction Corp.
• Wärtsilä Oyj Abp

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting and Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Recent Development

• On July 2021, Bloom Energy, a green energy firm based in the United States, has launched its first combined heat and power (CHP) project in conjunction with SK Ecoplant (previously known as SK Engineering and Construction). The recently installed 4.2-megawatt (MW) facility represents the first utility-scale solid oxide fuel cell (SOFC) CHP venture in South Korea.

Market Segment

This study forecasts revenue at regional, and country levels from 2022 to 2033. Spherical Insights has segmented the South Korea combined heat & power market based on the below-mentioned segments:

South Korea Combined Heat & Power Market, By Fuel Type

• Natural Gas
• Coal
• Oil
• Others

South Korea Combined Heat & Power Market, By Application

• Residential
• Commercial
• Industrial (C&I)
• Utilities