Combined Heat and Power CHP

Combined Heat and Power CHP Market Outlook

The global Combined Heat and Power (CHP) market is projected to reach approximately USD 37.5 billion by 2035, growing at a compound annual growth rate (CAGR) of around 10.5% from 2025 to 2035. The significant growth of this market is primarily driven by the increasing demand for energy efficiency and sustainable energy solutions across various sectors. In addition, government mandates and incentives promoting the adoption of renewable energy sources and efficiency measures are pushing industries to consider CHP systems. Furthermore, the rising energy costs and fluctuating prices of fuel are compelling more organizations to invest in CHP technologies that can provide reliable and cost-effective energy solutions. The growing trend towards decarbonization and the need for energy independence are other critical factors that are expected to enhance the growth trajectory of the CHP market.

Growth Factor of the Market

The CHP market's growth is significantly influenced by the global shift towards low-carbon technologies and the need for increasing energy efficiency. Governments worldwide are encouraging the adoption of CHP systems through various incentives and subsidies, which is increasing the market's attractiveness. Moreover, technological advancements in CHP systems, including improved designs and controls, are enhancing their efficiency and reliability, making them appealing for both new installations and retrofits in existing facilities. The rising focus on energy security due to geopolitical tensions and supply chain issues has led organizations to seek localized energy solutions, where CHP plays a crucial role by providing on-site power generation. Additionally, the integration of CHP systems with renewable energy sources, such as solar and wind, is paving the way for hybrid systems that can optimize energy production and consumption.

Key Highlights of the Market

• The global CHP market is expected to reach USD 37.5 billion by 2035.
• Technological advancements are enhancing the efficiency and reliability of CHP systems.
• Government incentives are driving the adoption of CHP technologies across industries.
• Increased focus on energy security is leading organizations to invest in localized energy solutions.
• The integration of CHP with renewable energy sources is gaining traction.

By Technology

Gas Turbine:

Gas turbine technology is a dominant segment in the CHP market, primarily due to its high efficiency and capability to provide both electricity and heat simultaneously. Gas turbines typically offer better fuel efficiency than traditional systems, making them an attractive option for large-scale industrial applications. They are particularly effective in meeting the fluctuating energy demands of industries that require both heating and power. Furthermore, advancements in gas turbine technology, such as the development of combined cycle plants, are enhancing their overall efficiency and reliability. As a result, gas turbines are widely adopted in sectors such as manufacturing, where thermal and power demands are substantial, further driving the growth of this segment in the CHP market.

Steam Turbine:

Steam turbine technology represents another significant segment within the CHP market. This technology is renowned for its ability to utilize waste heat from industrial processes, thereby maximizing energy efficiency. Steam turbines are primarily utilized in large-scale applications where substantial amounts of steam are generated, such as in power plants and refineries. The ability of steam turbines to operate on various fuel types, including biomass and fossil fuels, enhances their adaptability to different industrial setups. This versatility, along with their proven performance and reliability, ensures that steam turbines remain a critical component in the CHP ecosystem, especially in industries that prioritize energy recovery and sustainability.

Micro CHP:

Micro CHP technology has gained traction, particularly in residential and small commercial applications due to its compact size and suitability for decentralized energy generation. These systems provide on-demand electricity and heat, thus significantly reducing energy costs for end-users. The increasing interest in energy independence and self-sufficiency has fueled the growth of micro CHP installations, especially in regions with high electricity prices. Additionally, advancements in micro CHP technologies, including improvements in fuel cell systems and combined heat and power engines, are enhancing their efficiency and reliability. As energy consumers become more conscious of their carbon footprints, the micro CHP segment is expected to experience substantial growth.

Fuel Cell:

Fuel cell technology is emerging as a promising segment within the CHP market, particularly due to its potential for high efficiency and low emissions. Fuel cells convert chemical energy directly into electrical energy, producing heat as a byproduct. This technology is particularly suitable for commercial and industrial applications where both power and heat are essential. The ongoing advancements in fuel cell technology, including reducing costs and increasing durability, are expected to drive their adoption in the CHP market significantly. Moreover, as countries and organizations strive to meet stringent environmental regulations, fuel cells offer a clean energy alternative, aligning with the global shift towards low-carbon solutions.

Others:

The 'Others' category encompasses various emerging technologies in the CHP market that are gaining traction, including organic Rankine cycle systems and geothermal energy systems. These technologies are particularly beneficial in specific geographic regions or applications, providing efficient energy solutions where traditional systems might not be viable. For instance, organic Rankine cycles use low-temperature heat sources, making them suitable for industrial processes with lower heat recovery potential. The development of innovative technologies within this segment is expected to contribute to the overall growth of the CHP market, providing end-users with diverse options to meet their specific energy needs.

By Application

Residential:

The residential application segment is witnessing significant growth within the CHP market, driven by the increasing demand for energy efficiency and self-sustaining energy solutions. Homeowners are increasingly adopting micro CHP systems that can provide on-site power generation, reducing dependence on the grid and lowering energy costs. These systems are particularly beneficial in regions where energy prices are high, allowing families to generate their own electricity and heat simultaneously. Additionally, the rising awareness of environmental sustainability among consumers is driving the acceptance of CHP solutions in residential settings. As technological advancements continue to enhance the efficiency of micro CHP systems, this segment is expected to experience robust growth in the coming years.

Commercial:

The commercial segment of the CHP market is expanding rapidly as businesses seek reliable and cost-effective energy solutions. Commercial buildings, such as hotels, hospitals, and office complexes, typically have significant thermal and electrical energy demands. By adopting CHP systems, these establishments can achieve substantial energy savings and reduce their carbon footprints. Moreover, the ability of CHP systems to operate efficiently even during peak demand periods enhances their attractiveness for commercial applications. As energy costs continue to rise, more businesses are recognizing the long-term economic and environmental benefits of implementing CHP solutions within their operations.

Industrial:

The industrial application segment is one of the largest contributors to the CHP market, driven by the need for efficient energy production and management in manufacturing and processing industries. CHP systems provide a reliable source of power and heat, which is essential for numerous industrial processes. Additionally, the ability to utilize waste heat from manufacturing operations allows industries to maximize their energy efficiency, leading to significant cost savings. Industries that consume large amounts of energy, such as chemicals, food and beverage, and paper, are increasingly investing in CHP systems to enhance operational efficiency and meet sustainability goals. As industries continue to prioritize energy efficiency, the demand for CHP solutions is expected to grow considerably.

Others:

The 'Others' category includes various applications such as district heating, agricultural processes, and wastewater treatment, where CHP systems can provide efficient energy solutions. In district heating, CHP plants supply heat to multiple buildings from a central location, optimizing resource use and reducing emissions. In agriculture, CHP systems can utilize biomass and organic waste, transforming it into energy while providing heat for processes such as drying or heating greenhouses. The versatility of CHP applications across different sectors enhances its appeal, as industries seek to innovate and adopt environmentally friendly technologies, contributing to the overall growth of the CHP market.

By User

Utilities:

The utilities segment is a key player in the CHP market as utility companies increasingly integrate CHP systems into their energy generation portfolios. These systems allow utilities to improve overall energy efficiency and reduce operational costs by generating electricity and heat simultaneously. Additionally, CHP systems can enhance grid stability by providing distributed generation capabilities, particularly during peak demand periods. As regulatory pressures to reduce greenhouse gas emissions become more stringent, utilities are exploring CHP technologies as a viable solution to meet these challenges while also ensuring reliable energy delivery. This segment is expected to experience strong growth as utilities invest in CHP infrastructure to enhance energy production sustainability.

District Energy:

District energy systems represent a growing segment within the CHP market, as communities seek to improve energy efficiency and reduce costs through centralized heating and cooling systems. These systems leverage CHP technology to provide efficient energy solutions to multiple buildings, thereby optimizing resource use and minimizing emissions. The increasing interest in sustainable urban development and smart city initiatives is propelling the adoption of district energy systems, where CHP plays a pivotal role in providing reliable energy. As cities and municipalities strive to reduce their carbon footprints and enhance energy resilience, the district energy segment is poised for considerable growth in the coming years.

Independent Power Producers:

Independent Power Producers (IPPs) are increasingly recognizing the benefits of CHP technology as a means to diversify their energy generation portfolios. IPPs can leverage CHP systems to provide reliable and efficient power generation for various applications, including industrial and commercial customers. The growing demand for sustainable energy solutions is creating opportunities for IPPs to invest in CHP technologies, particularly in regions where energy efficiency mandates are in place. Furthermore, IPPs can capitalize on the increasing interest in decentralized energy generation by offering CHP solutions that enhance energy independence for their clients. As the energy landscape evolves, the role of IPPs in the CHP market is expected to grow significantly.

Others:

The 'Others' category includes various end-users such as captive power plants and large-scale commercial entities that seek energy self-sufficiency. These users often have unique energy needs and can benefit from the flexibility and efficiency offered by CHP systems. By generating their own power and heat on-site, these users can significantly reduce their energy costs and enhance operational resilience. Additionally, as energy consumers become more aware of sustainability issues, many are actively seeking greener energy solutions to meet their corporate social responsibility goals. This trend is expected to drive the adoption of CHP technologies among diverse end-users, contributing to the overall growth of the CHP market.

By Fuel Type

Natural Gas:

Natural gas is the leading fuel type in the CHP market due to its availability, affordability, and lower environmental impact compared to traditional fossil fuels. Gas-fired CHP systems can achieve high efficiencies, often exceeding 80%, making them a preferred choice for both industrial and commercial applications. The increasing investment in natural gas infrastructure and the growing trend towards cleaner energy solutions are driving the adoption of natural gas CHP systems. Additionally, as countries transition towards greener energy sources, natural gas serves as a bridge fuel, facilitating the deployment of CHP technologies that can significantly reduce overall emissions from power generation.

Coal:

Coal has traditionally been a significant fuel type for power generation; however, its share in the CHP market is gradually diminishing due to environmental concerns and stringent regulations aimed at reducing carbon emissions. While coal-fired CHP systems can offer substantial energy production capabilities, the increasing focus on sustainability and the shift towards cleaner energy sources are prompting industries to seek alternatives. As a result, the coal segment is expected to experience limited growth, with many industries transitioning to more sustainable fuel options. Nevertheless, some legacy plants may continue to operate coal-fired CHP systems, particularly in regions with abundant coal resources.

Biomass:

Biomass is emerging as a sustainable fuel option in the CHP market, driven by increasing environmental awareness and the need to reduce carbon footprints. Biomass CHP systems utilize organic materials such as wood, agricultural residues, and waste products to generate energy, making them a carbon-neutral option for energy generation. The ability to convert waste into energy aligns with circular economy principles, making biomass an appealing choice for industries seeking sustainable energy solutions. As technology advancements enhance the efficiency of biomass energy conversion, the adoption of biomass CHP systems is expected to grow, particularly in sectors focused on sustainability and renewable energy.

Biogas:

Biogas, produced from organic waste and agricultural byproducts, is gaining traction as a renewable fuel source in the CHP market. Utilizing biogas in CHP systems allows industries to reduce waste while simultaneously generating heat and electricity. The environmental benefits of biogas, including lower greenhouse gas emissions and the ability to manage waste sustainably, are driving its adoption in various applications, including agricultural and municipal waste management. As governments emphasize the importance of sustainable waste management practices, the biogas segment is poised for significant growth, contributing to the overall expansion of the CHP market.

Others:

The 'Others' category includes various alternative fuel types, such as hydrogen and synthetic fuels that are gaining interest in the CHP market. These fuels present unique opportunities for the development of cleaner energy solutions, particularly as technologies evolve to enable their efficient use in CHP systems. Hydrogen, in particular, is being explored as a zero-emission fuel option, providing a pathway towards decarbonization in energy generation. As research and development efforts continue, the utilization of alternative fuel types in CHP applications is expected to expand, offering new possibilities for enhancing energy efficiency and sustainability in the market.

By Region

The regional analysis of the CHP market reveals that North America is poised to maintain a significant share of the market due to the increasing adoption of energy-efficient technologies and supportive government policies promoting sustainable energy solutions. The United States and Canada are investing heavily in upgrading existing energy infrastructure to incorporate CHP systems, particularly in industrial applications, which is driving growth in this region. As a result, North America is projected to experience a CAGR of 8.5% during the forecast period, with significant investments in gas-fired and biomass CHP systems contributing to its expansion. Furthermore, the increasing focus on reducing greenhouse gas emissions is encouraging utilities and industries to adopt CHP technologies for enhanced energy efficiency.

Europe is another key regional market for CHP systems, driven by stringent regulations aimed at reducing emissions and enhancing energy security. Countries such as Germany, the United Kingdom, and the Netherlands are leaders in CHP technology adoption, implementing policies that incentivize renewable energy and energy efficiency measures. The European market's emphasis on decentralized energy generation and sustainability is expected to foster substantial growth, with a projected CAGR of 11% during the forecast period. The ongoing transition towards a low-carbon economy is driving significant investments in CHP technologies across various applications, making Europe a crucial player in the global CHP market.

Opportunities

The growth of the combined heat and power (CHP) market presents numerous opportunities for businesses and industries seeking to enhance their energy efficiency and sustainability. One of the primary opportunities lies in the integration of renewable energy sources with CHP systems, such as solar and wind energy. This hybrid approach allows organizations to optimize energy production by utilizing renewable power during peak generation times while relying on CHP technology to meet consistent energy demands. As government incentives and mandates encouraging renewable energy adoption increase, businesses that invest in CHP technologies will be well-positioned to capitalize on these opportunities and enhance their sustainability efforts. Additionally, the rise in energy costs amplifies the attractiveness of CHP systems as they provide organizations with the potential for cost savings and improved energy independence.

Another significant opportunity exists in the industrial sector, where companies are increasingly prioritizing energy efficiency as part of their operational strategies. The ongoing push for decarbonization and sustainability across various industries is prompting organizations to explore CHP solutions that can provide reliable energy while minimizing environmental impact. Furthermore, the transition towards electrification of processes in specific industries can be supported by CHP technologies, allowing companies to achieve their energy goals more effectively. As industries continue to seek innovative solutions for energy management, the demand for CHP systems is expected to rise, offering ample opportunities for manufacturers and service providers in the market.

Threats

Despite the opportunities present in the combined heat and power (CHP) market, several threats could hinder its growth and adoption. One of the most significant challenges is the intense competition from alternative energy sources, including solar and wind power, which are increasingly favored due to their low operational costs and environmental benefits. The rapid advancements in renewable technologies, coupled with declining costs, could lead to a shift away from traditional CHP systems as businesses and consumers opt for more sustainable energy generation methods. Furthermore, the initial capital investment required for CHP installations can be substantial, which may deter smaller enterprises from adopting these systems. In regions where energy prices are low, the economic justification for investing in CHP technology may also be weakened, posing a threat to market expansion.

Another potential threat to the CHP market is the regulatory landscape, which can vary significantly across regions. Changes in energy policies or the introduction of regulations favoring renewable energy sources over traditional CHP technologies could impact market growth. Additionally, fluctuations in fuel prices, particularly for natural gas and biomass, can affect the overall economic viability of CHP systems. Companies that rely heavily on specific fuel types may also face operational risks associated with supply chain disruptions or availability issues. As the energy landscape continues to evolve, stakeholders in the CHP market must remain vigilant to these threats and adapt their strategies accordingly.

Competitor Outlook

• Siemens AG
• General Electric
• Veolia Environnement SA
• ENGIE SA
• MAN Energy Solutions
• Capstone Turbine Corporation
• Schneider Electric SE
• Doosan Fuel Cell America, Inc.
• ABB Ltd.
• Wartsila Corporation
• Mitsubishi Power, Ltd.
• Bloom Energy Corporation
• Ormat Technologies, Inc.
• Enel SpA
• Ferguson PLC

The competitive landscape of the combined heat and power (CHP) market is characterized by a diverse range of players, including large multinational corporations, specialized technology providers, and regional firms. As the demand for energy-efficient and sustainable solutions continues to grow, these companies are increasingly focusing on innovation and technological advancements to gain a competitive edge. Major players are investing in research and development to improve the efficiency and reliability of their CHP systems, while also exploring new fuel options and hybrid technologies. Additionally, strategic partnerships and collaborations are becoming more common as companies seek to expand their market reach and enhance their service offerings in the CHP domain.

Siemens AG and General Electric are two of the leading companies in the CHP market, leveraging their extensive expertise in energy systems and technology development. Siemens, for instance, offers a broad portfolio of CHP solutions that cater to various applications, including industrial, commercial, and residential. The company's focus on innovation and sustainability positions it favorably in the market, allowing it to capture significant market share. Similarly, General Electric has a strong presence in the CHP sector, providing advanced gas turbine and steam turbine technologies that enhance energy efficiency and reliability. Both companies are well-equipped to respond to the evolving energy landscape and meet the growing demand for CHP solutions.

Additionally, companies like ENGIE and Veolia Environnement SA are making significant strides in the CHP market by focusing on integrating renewable energy sources and developing sustainable energy solutions. ENGIE, for example, is committed to reducing its carbon footprint and transitioning towards cleaner energy systems, which aligns with the global trend towards sustainability. Veolia, on the other hand, specializes in waste-to-energy solutions and emphasizes the potential of CHP systems in managing waste while generating energy. Both firms are leveraging their strengths in sustainability and environmental management to capture new opportunities in the growing CHP market.

• 1 Appendix

  • 1.1 List of Tables
  • 1.2 List of Figures

• 2 Introduction

  • 2.1 Market Definition
  • 2.2 Scope of the Report
  • 2.3 Study Assumptions
  • 2.4 Base Currency & Forecast Periods

• 3 Market Dynamics

  • 3.1 Market Growth Factors
  • 3.2 Economic & Global Events
  • 3.3 Innovation Trends
  • 3.4 Supply Chain Analysis

• 4 Consumer Behavior

  • 4.1 Market Trends
  • 4.2 Pricing Analysis
  • 4.3 Buyer Insights

• 5 Key Player Profiles

  • 5.1 ABB Ltd.
    • 5.1.1 Business Overview
    • 5.1.2 Products & Services
    • 5.1.3 Financials
    • 5.1.4 Recent Developments
    • 5.1.5 SWOT Analysis
  • 5.2 ENGIE SA
    • 5.2.1 Business Overview
    • 5.2.2 Products & Services
    • 5.2.3 Financials
    • 5.2.4 Recent Developments
    • 5.2.5 SWOT Analysis
  • 5.3 Enel SpA
    • 5.3.1 Business Overview
    • 5.3.2 Products & Services
    • 5.3.3 Financials
    • 5.3.4 Recent Developments
    • 5.3.5 SWOT Analysis
  • 5.4 Siemens AG
    • 5.4.1 Business Overview
    • 5.4.2 Products & Services
    • 5.4.3 Financials
    • 5.4.4 Recent Developments
    • 5.4.5 SWOT Analysis
  • 5.5 Ferguson PLC
    • 5.5.1 Business Overview
    • 5.5.2 Products & Services
    • 5.5.3 Financials
    • 5.5.4 Recent Developments
    • 5.5.5 SWOT Analysis
  • 5.6 General Electric
    • 5.6.1 Business Overview
    • 5.6.2 Products & Services
    • 5.6.3 Financials
    • 5.6.4 Recent Developments
    • 5.6.5 SWOT Analysis
  • 5.7 MAN Energy Solutions
    • 5.7.1 Business Overview
    • 5.7.2 Products & Services
    • 5.7.3 Financials
    • 5.7.4 Recent Developments
    • 5.7.5 SWOT Analysis
  • 5.8 Wartsila Corporation
    • 5.8.1 Business Overview
    • 5.8.2 Products & Services
    • 5.8.3 Financials
    • 5.8.4 Recent Developments
    • 5.8.5 SWOT Analysis
  • 5.9 Schneider Electric SE
    • 5.9.1 Business Overview
    • 5.9.2 Products & Services
    • 5.9.3 Financials
    • 5.9.4 Recent Developments
    • 5.9.5 SWOT Analysis
  • 5.10 Mitsubishi Power, Ltd.
    • 5.10.1 Business Overview
    • 5.10.2 Products & Services
    • 5.10.3 Financials
    • 5.10.4 Recent Developments
    • 5.10.5 SWOT Analysis
  • 5.11 Veolia Environnement SA
    • 5.11.1 Business Overview
    • 5.11.2 Products & Services
    • 5.11.3 Financials
    • 5.11.4 Recent Developments
    • 5.11.5 SWOT Analysis
  • 5.12 Bloom Energy Corporation
    • 5.12.1 Business Overview
    • 5.12.2 Products & Services
    • 5.12.3 Financials
    • 5.12.4 Recent Developments
    • 5.12.5 SWOT Analysis
  • 5.13 Ormat Technologies, Inc.
    • 5.13.1 Business Overview
    • 5.13.2 Products & Services
    • 5.13.3 Financials
    • 5.13.4 Recent Developments
    • 5.13.5 SWOT Analysis
  • 5.14 Capstone Turbine Corporation
    • 5.14.1 Business Overview
    • 5.14.2 Products & Services
    • 5.14.3 Financials
    • 5.14.4 Recent Developments
    • 5.14.5 SWOT Analysis
  • 5.15 Doosan Fuel Cell America, Inc.
    • 5.15.1 Business Overview
    • 5.15.2 Products & Services
    • 5.15.3 Financials
    • 5.15.4 Recent Developments
    • 5.15.5 SWOT Analysis

• 6 Market Segmentation

  • 6.1 Combined Heat and Power CHP Market, By User
    • 6.1.1 Utilities
    • 6.1.2 District Energy
    • 6.1.3 Independent Power Producers
    • 6.1.4 Others
  • 6.2 Combined Heat and Power CHP Market, By Fuel Type
    • 6.2.1 Natural Gas
    • 6.2.2 Coal
    • 6.2.3 Biomass
    • 6.2.4 Biogas
    • 6.2.5 Others
  • 6.3 Combined Heat and Power CHP Market, By Technology
    • 6.3.1 Gas Turbine
    • 6.3.2 Steam Turbine
    • 6.3.3 Micro CHP
    • 6.3.4 Fuel Cell
    • 6.3.5 Others
  • 6.4 Combined Heat and Power CHP Market, By Application
    • 6.4.1 Residential
    • 6.4.2 Commercial
    • 6.4.3 Industrial
    • 6.4.4 Others

• 7 Competitive Analysis

  • 7.1 Key Player Comparison
  • 7.2 Market Share Analysis
  • 7.3 Investment Trends
  • 7.4 SWOT Analysis

• 8 Research Methodology

  • 8.1 Analysis Design
  • 8.2 Research Phases
  • 8.3 Study Timeline

• 9 Future Market Outlook

  • 9.1 Growth Forecast
  • 9.2 Market Evolution

• 10 Geographical Overview

  • 10.1 Europe - Market Analysis
    • 10.1.1 By Country
      • 10.1.1.1 UK
      • 10.1.1.2 France
      • 10.1.1.3 Germany
      • 10.1.1.4 Spain
      • 10.1.1.5 Italy
  • 10.2 Asia Pacific - Market Analysis
    • 10.2.1 By Country
      • 10.2.1.1 India
      • 10.2.1.2 China
      • 10.2.1.3 Japan
      • 10.2.1.4 South Korea
  • 10.3 Latin America - Market Analysis
    • 10.3.1 By Country
      • 10.3.1.1 Brazil
      • 10.3.1.2 Argentina
      • 10.3.1.3 Mexico
  • 10.4 North America - Market Analysis
    • 10.4.1 By Country
      • 10.4.1.1 USA
      • 10.4.1.2 Canada
  • 10.5 Middle East & Africa - Market Analysis
    • 10.5.1 By Country
      • 10.5.1.1 Middle East
      • 10.5.1.2 Africa
  • 10.6 Combined Heat and Power CHP Market by Region

• 11 Global Economic Factors

  • 11.1 Inflation Impact
  • 11.2 Trade Policies

• 12 Technology & Innovation

  • 12.1 Emerging Technologies
  • 12.2 AI & Digital Trends
  • 12.3 Patent Research

• 13 Investment & Market Growth

  • 13.1 Funding Trends
  • 13.2 Future Market Projections

• 14 Market Overview & Key Insights

  • 14.1 Executive Summary
  • 14.2 Key Trends
  • 14.3 Market Challenges
  • 14.4 Regulatory Landscape

Segments Analyzed in the Report

The global Combined Heat and Power CHP market is categorized based on

By Technology

• Gas Turbine
• Steam Turbine
• Micro CHP
• Fuel Cell
• Others

By Application

• Residential
• Commercial
• Industrial
• Others

By User

• Utilities
• District Energy
• Independent Power Producers
• Others

By Fuel Type

• Natural Gas
• Coal
• Biomass
• Biogas
• Others

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa

Key Players

• Siemens AG
• General Electric
• Veolia Environnement SA
• ENGIE SA
• MAN Energy Solutions
• Capstone Turbine Corporation
• Schneider Electric SE
• Doosan Fuel Cell America, Inc.
• ABB Ltd.
• Wartsila Corporation
• Mitsubishi Power, Ltd.
• Bloom Energy Corporation
• Ormat Technologies, Inc.
• Enel SpA
• Ferguson PLC