South Korea Combined Heat and Power Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

The South Korea Combined Heat and Power Market Report is segmented by Application (Residential, Commercial and Industrial (C&I), and Utilities) and Fuel Type (Natural Gas, Coal, Oil, and Other Fuel Types).

South Korea Combined Heat and Power Market Size & Share Analysis - Growth Trends & Forecasts (2025 - 2030)

South Korea Combined Heat and Power Market Size

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South Korea Combined Heat and Power Market - Market Summary
Study Period 2020 - 2030
Base Year For Estimation 2024
Forecast Data Period 2025 - 2030
Historical Data Period 2020 - 2023
CAGR 3.50 %
Market Concentration Low

Major Players

South Korea Combined Heat and Power Market Major Players

*Disclaimer: Major Players sorted in no particular order

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South Korea Combined Heat and Power Market Analysis

The South Korea Combined Heat and Power Market is expected to register a CAGR of greater than 3.5% 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.

South Korea Combined Heat and Power Industry Overview

The South Korean combined heat and power market is fragmented, with the presence of numerous players, including General Electric Company, Mitsubishi Heavy Industries Ltd, Siemens Energy AG, GS E&R Corp., and KEPCO Engineering & Construction Co. Inc.

South Korea Combined Heat and Power Market Leaders

  1. General Electric Company

  2. Siemens Energy AG

  3. KEPCO Engineering & Construction Co., Inc.

  4. Mitsubishi Heavy Industries, Ltd.

  5. GS E&R Corp.

  6. *Disclaimer: Major Players sorted in no particular order
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South Korea Combined Heat and Power Market News

  • In July 2021, Bloom Energy, the United States-based green energy company, announced its first combined heat and power (CHP) project in collaboration with SK Ecoplant (formerly known as SK Engineering and Construction). The new 4.2-megawatt (MW) installation marks South Korea's first-ever utility-scale solid oxide fuel cell (SOFC) CHP initiative.

South Korea Combined Heat and Power Market Report - Table of Contents

1. INTRODUCTION

  • 1.1 Scope of the Study
  • 1.2 Market Definition
  • 1.3 Study Assumptions

2. RESEARCH METHODOLOGY

3. EXECUTIVE SUMMARY

4. MARKET OVERVIEW

  • 4.1 Introduction
  • 4.2 Market Size and Demand Forecast, in USD million, till 2027
  • 4.3 Recent Trends and Developments
  • 4.4 Government Policies and Regulations
  • 4.5 Market Dynamics
    • 4.5.1 Drivers
    • 4.5.2 Restraints
  • 4.6 Supply Chain Analysis
  • 4.7 PESTLE Analysis

5. MARKET SEGMENTATION

  • 5.1 Application
    • 5.1.1 Residential
    • 5.1.2 Commercial and Industrial (C&I)
    • 5.1.3 Utilities
  • 5.2 Fuel Type
    • 5.2.1 Natural Gas
    • 5.2.2 Coal
    • 5.2.3 Oil
    • 5.2.4 Other Fuel Types

6. COMPETITIVE LANDSCAPE

  • 6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
  • 6.2 Strategies Adopted by Leading Players
  • 6.3 Company Profiles
    • 6.3.1 General Electric Company
    • 6.3.2 Siemens Energy AG
    • 6.3.3 KEPCO Engineering & Construction Co. Inc.
    • 6.3.4 GS E&R Corp.
    • 6.3.5 Mitsubishi Heavy Industries Ltd
    • 6.3.6 Hanwha Engineering & Construction Corp.
    • 6.3.7 Kawasaki Heavy Industries Ltd
    • 6.3.8 Korea District Heating Engineering Co. Ltd
    • 6.3.9 Wärtsilä Oyj Abp
  • *List Not Exhaustive

7. MARKET OPPORTUNITIES AND FUTURE TRENDS

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South Korea Combined Heat and Power Industry Segmentation

The South Korean combined heat and power market report includes:

Application Residential
Commercial and Industrial (C&I)
Utilities
Fuel Type Natural Gas
Coal
Oil
Other Fuel Types
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South Korea Combined Heat and Power Market Research FAQs

What is the current South Korea Combined Heat and Power Market size?

The South Korea Combined Heat and Power Market is projected to register a CAGR of greater than 3.5% during the forecast period (2025-2030)

Who are the key players in South Korea Combined Heat and Power Market?

General Electric Company, Siemens Energy AG, KEPCO Engineering & Construction Co., Inc., Mitsubishi Heavy Industries, Ltd. and GS E&R Corp. are the major companies operating in the South Korea Combined Heat and Power Market.

What years does this South Korea Combined Heat and Power Market cover?

The report covers the South Korea Combined Heat and Power Market historical market size for years: 2020, 2021, 2022, 2023 and 2024. The report also forecasts the South Korea Combined Heat and Power Market size for years: 2025, 2026, 2027, 2028, 2029 and 2030.

South Korea Combined Heat & Power Industry Report

Statistics for the 2025 South Korea Combined Heat and Power market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. South Korea Combined Heat and Power analysis includes a market forecast outlook for 2025 to 2030 and historical overview. Get a sample of this industry analysis as a free report PDF download.