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Combined Cycle Power Plants Market

Combined Cycle Power Plants Market - Global Forecast to 2029

Report Code: UC-EP-6829 Jul, 2025, by marketsandmarkets.com

The Combined Cycle Power Plants (CCPP) market is projected to grow from USD 63.84 million in 2024 to USD 83.12 million by 2029, at a CAGR of 5.4% during 2024–2029. CCPPs are multifaceted power generation systems that involve integration of a gas turbine with a steam turbine to produce more efficiency and reduced emission levels than conventional thermally driven power plants. The electricity is generated from the gas turbine and heat of the exhaust is used to generate steam for an efficient steam turbine. These systems are critical in the up gradation of energy systems and sustainable development, particularly in the areas that are in the process of shifting towards the green economy.

Based on fuel type segment, the CCPP industry has been assessed as natural gas, coal, biomass. Natural gas has become the fuel of choice in most CCPPs because it has lower emission levels, widely available and compatible with other renewable energy sources. These plants play the role of connecting society to cleaner energy systems by offering base load power while lowering their reliance on coal. Coal remains an available fuel choice in areas where the resources are available and there is no natural gas distribution infrastructure. Nonetheless, emphasis upon the CCS techniques is pivotal to the continuance of the coal-oriented CCPPs due to the escalating clamping down on emissions. CCPPs are gradually being substituted by biomass that employs biological substances to create power and whose carbon emission is negligible. Especially in areas that are heavily connected to agriculture or forestry these plants can contribute to the circular economy as they give less emphasis to the use of fossil fuels.

On the basis of output capacity segment, the CCPP market has been divided into below 500MW, 500MW to 1000 MW, and more than 1000MW. Below 500 MW CCPPs satisfied the small loads and demands like industries and small grid systems. These compact systems offer localized power solution and provide reliable energy where infrastructure is hard to deliver. 500–1000 MW plants can be categorized as utility scale lighting up urban as well as industrial areas. This mean scale allows them to be disperse either on the grid or as IPP. Utility scale solar system are those systems with power rating above 1000MW which can often be found in utility scale power generation with electricity grid backup. These high-capacity plants are necessary given the increased energy demands in populated areas while keying on efficiency and environment compliance.

In End User segment, the combined cycle power plants market has been segmented as industrial-captive, utilities. Industrial-Captive users adopt CCPPs to ensure a consistent and cost-effective energy supply for operations. Industries like petrochemicals, metals, and manufacturing benefit from these plants' reliability and ability to reduce energy costs through captive power generation. Utilities leverage CCPPs for large-scale electricity generation, ensuring grid stability and flexibility. These plants support peak load management, renewable energy integration, and compliance with decarbonization goals. Utilities increasingly rely on CCPPs to address the challenges of balancing renewable variability and meeting growing consumer energy demands.

A few of the players operating in the Combined Cycle Power Plant market include Caterpillar (US), GE Vernova (US), Siemens Energy (Germany), Ansaldo Energia (Italy), and MITSUBISHI HEAVY INDUSTRIES, LTD (Tokyo) among others.

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TABLE OF CONTENTS
 
1 INTRODUCTION 
    1.1. OBJECTIVE OF THE STUDY 
    1.2. MARKET DEFINITION 
    1.3. INCLUSIONS AND EXCLUSIONS 
    1.4. MARKET SCOPE 
           1.4.1. MARKET SEGMENTATION
           1.4.2. REGIONAL SCOPE
    1.5. YEARS CONSIDERED 
    1.6. CURRENCY 
    1.7. LIMITATIONS 
    1.8. STAKEHOLDERS 
    1.9. SUMMARY OF CHANGES
           1.9.1. IMPACT OF RECESSION
 
2 RESEARCH METHODOLOGY 
    2.1. RESEARCH DATA 
    2.2. MARKET BREAKDOWN AND DATA TRIANGULATION 
           2.2.1. SECONDARY DATA
                    2.2.1.1. KEY DATA FROM SECONDARY SOURCES
           2.2.2. PRIMARY DATA
                    2.2.2.1. KEY DATA FROM PRIMARY SOURCES
                    2.2.2.2. KEY INDUSTRY INSIGHTS
                    2.2.2.3. BREAKDOWN OF PRIMARY INTERVIEWS
    2.3. MARKET SIZE ESTIMATION 
           2.3.1. BOTTOM-UP APPROACH
           2.3.2. TOP-DOWN APPROACH
           2.3.3. DEMAND SIDE ANALYSIS
                    2.3.3.1. ASSUMPTIONS FOR DEMAND SIDE ANALYSIS
                    2.3.3.2. DEMAND SIDE CALCULATION
           2.3.4. SUPPLY-SIDE ANALYSIS
                    2.3.4.1. ASSUMPTIONS FOR SUPPLY SIDE ANALYSIS
                    2.3.4.2. SUPPLY-SIDE CALCULATION
    2.4. FORECAST 
           2.4.1. IMPACT OF RECESSION
           2.4.2. GEOPOLITICAL SCENARIO
           2.4.3. RESEARCH ASSUMPTIONS
           2.4.4. LIMITATIONS OF RESEARCH
           2.4.5. RISK ASSESSMENT
 
3 EXECUTIVE SUMMARY 
 
4 PREMIUM INSIGHTS 
 
5 MARKET OVERVIEW 
    5.1. INTRODUCTION 
    5.2. MARKET DYNAMICS 
           5.2.1. DRIVERS
           5.2.2. RESTRAINTS
           5.2.3. OPPORTUNITIES
           5.2.4. CHALLENGES
    5.3.  TRENDS/DISRUPTIONS IMPACTING CUSTOMERS BUSINESS 
    5.4.  SUPPLY/VALUE CHAIN ANALYSIS 
    5.5.  ECOSYSTEM 
    5.6.  CASE STUDY ANALYSIS
    5.7.  INVESTMENT AND FUNDING SCENARIO
    5.8.  TECHNOLOGY ANALYSIS 
    5.9.  TRADE ANALYSIS
    5.10. PATENT ANALYSIS 
    5.11. KEY CONFERENCES & EVENTS IN 2024–2025
    5.12. PRICING ANALYSIS
           5.12.1. AVERAGE SELLING PRICE TREND OF KEY PLAYERS, BY CAPACITY
           5.12.2. AVERAGE SELLING PRICE TREND, BY REGION
    5.13. TARIFFS, CODE AND REGULATORY LANDSCAPE
           5.11.1. REGULATORY BODIES, GOVERNMENT AGENCIES, AND OTHER ORGANIZATIONS
           5.11.2. REGULATORY FRAMEWORK
    5.14. PORTER’S FIVE FORCES ANALYSIS
    5.15. KEY STAKEHOLDERS AND BUYING CRITERIA
           5.12.1. KEY STAKEHOLDERS IN BUYING PROCESS
           5.12.2. BUYING CRITERIA
 
6 COMBINED CYCLE POWER PLANT MARKET, BY FUEL TYPE 
(Value (USD Million) - 2021, 2022, 2023, 2024-e, 2029-f)          
    6.1. INTRODUCTION 
    6.2. NATURAL GAS
    6.3. COAL 
    6.4. OIL
    6.5. BIOMASS
 
7 COMBINED CYCLE POWER PLANT MARKET, BY OUTPUT CAPACITY 
(Value (USD Million) - 2021, 2022, 2023, 2024-e, 2029-f)          
    7.1. INTRODUCTION 
    7.2. BELOW 500 MW 
    7.3. 500 – 1000 MW
    7.4. ABOVE 1000 MW
 
8 COMBINED CYCLE POWER PLANT MARKET, BY END USER 
(Value (USD Million) - 2021, 2022, 2023, 2024-e, 2029-f)             
    8.1. INTRODUCTION 
    8.2. INDUSTRIAL-CAPTIVE 
    8.3. UTILITIES
 
9 COMBINED CYCLE POWER MARKET, BY REGION 
(Value (USD Million) - 2021, 2022, 2023, 2024-e, 2029-f)             
    9.1. INTRODUCTION 
    9.2. NORTH AMERICA
           9.2.1 RECESSION IMPACT
           9.2.2 BY FUEL TYPE
           9.2.3 BY OUTPUT CAPACITY
           9.2.4 BY END USER
           9.2.5 BY COUNTRY
                    9.2.5.1. US
                             9.2.5.1.1. BY END USER
                    9.2.5.2. CANADA
                    9.2.5.3. MEXICO
    9.3. ASIA PACIFIC
           9.3.1 RECESSION IMPACT
           9.3.2 BY FUEL TYPE
           9.3.3 BY OUTPUT CAPACITY
           9.3.4 BY END USER
           9.3.5 BY COUNTRY
                    9.3.5.1. CHINA
                             9.3.5.1.1. BY END USER
                    9.3.5.2. INDIA
                    9.3.5.3. JAPAN
                    9.3.5.4. SOUTH KOREA
                    9.3.5.5. VIETNAM
                    9.3.5.6. REST OF ASIA PACIFIC
    9.4. EUROPE
           9.4.1 RECESSION IMPACT
           9.4.2 BY FUEL TYPE
           9.4.3 BY OUTPUT CAPACITY
           9.4.4 BY END USER
           9.4.5 BY COUNTRY
                    9.4.5.1. ITALY
                             9.4.5.1.1. BY END USER
                    9.4.5.2. UK
                    9.4.5.3. GERMANY
                    9.4.5.4. SPAIN
                    9.4.5.5. FRANCE
                    9.4.5.6. NETHERLANDS
                    9.4.5.7. REST OF EUROPE
    9.5. SOUTH AMERICA
           9.5.1 RECESSION IMPACT
           9.5.2 BY FUEL TYPE
           9.5.3 BY OUTPUT CAPACITY
           9.5.4 BY END USER
           9.5.5 BY COUNTRY
                    9.5.5.1. BRAZIL
                             9.5.5.1.1. BY END USER
                    9.5.5.2. ARGENTINA
                    9.5.5.3. REST OF SOUTH AMERICA
    9.6. MIDDLE EAST & AFRICA
           9.6.1 RECESSION IMPACT
           9.6.2 BY FUEL TYPE
           9.6.3 BY OUTPUT CAPACITY
           9.6.4 BY END USER
           9.6.5 BY COUNTRY
                    9.6.5.1. GCC
                             9.6.5.1.1. SAUDI ARABIA
                                        9.6.5.1.1.1. BY END USER
                             9.6.5.1.2. UAE
                             9.6.5.1.3. QATAR
                             9.6.5.1.4. REST OF GCC
                    9.6.5.2. SOUTH AFRICA
                    9.6.5.3. EGYPT
                    9.6.5.4. REST OF MIDDLE EAST & AFRICA
 
10 COMPETITIVE LANDSCAPE 
     10.1. KEY PLAYER STRATEGIES OVERVIEW 
     10.2. MARKET SHARE ANALYSIS OF KEY PLAYERS, 2023 
     10.3. REVENUE ANALYSIS OF TOP 5 PLAYERS, 2019-2023 
     10.4. COMPETITIVE SCENARIO AND TRENDS 
     10.5. BRAND/PRODUCT COMPARISON 
     10.6. COMPANY VALUATION AND FINANCIAL METRICS
     10.7. COMPANY EVALUATION MATRIX: KEY PLAYERS, 2023
               10.7.1. STARS
               10.7.2. EMERGING LEADERS
               10.7.3. PERVASIVE PLAYERS
               10.7.4. PARTICIPANTS
               10.7.5. COMPANY FOOTPRINT: KEY PLAYERS, 2023
                           10.7.5.1. Company Footprint
                           10.7.5.2. Region Footprint
                           10.7.5.3. End User Footprint
     10.8. COMPANY EVALUATION MATRIX: START-UPS/SMES, 2023
               10.8.1. PROGRESSIVE COMPANIES
               10.8.2. RESPONSIVE COMPANIES
               10.8.3. DYNAMIC COMPANIES 
               10.8.4. STARTING BLOCKS
               10.8.5. COMPETITIVE BENCHMARKING: STARTUPS/SMES, 2023 
                           10.8.5.1. Detailed List of Key Startups/SMEs
                           10.8.5.2. Competitive Benchmarking of Key Startups/SMEs
 
11 COMPANY PROFILES 
     11.1.  INTRODUCTION
     11.2.  GE VERNOVA
               11.2.1. Business Overview
               11.2.2. Products & Services
               11.2.3. Recent Developments
               11.2.4. MnM View
                           11.2.4.1. Key Strategies/Right to Win 
                           11.2.4.2. Strategic Choices Made
                           11.2.4.3. Weaknesses/Competitive Threats
     11.3.  SIEMENS ENERGY
     11.4.  MITSUBISHI HEAVY INDUSTRIES, LTD 
     11.5.  ANSALDO ENERGIA 
     11.6.  CATERPILLAR 
     11.7.  OOSAN ENERBILITY 
     11.8.  KAWASAKI HEAVY INDUSTRIES, LTD 
     11.9.  FUJI ELECTRIC CO., LTD 
     11.10. KROHNE
     11.11. HARBIN ELECTRIC CORPORATION CO.,LTD
 
12 APPENDIX 
     12.1. INSIGHTS OF INDUSTRY EXPERTS 
     12.2. DISCUSSION GUIDE 
     12.3. KNOWLEDGESTORE: MARKETSANDMARKETS’ SUBSCRIPTION PORTAL 
     12.4. CUSTOMIZATION OPTIONS 
     12.5. RELATED REPORTS 
     12.6. AUTHOR DETAILS 

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