Transparency Market Research has published a new report "Combined Heat and Power Installation Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024" to its report store.
Albany, NY -- (SBWIRE) -- 07/07/2016 -- Transparency Market Research has released a new market report titled "Global Combined Heat and Power (CHP) Installation Market, by Type (Large-scale and Micro & Small-scale), by Application (Residential, Commercial, and Industrial), by Technology (Combined Cycle, Combustion/Gas Turbine, Steam Turbine, Reciprocating Engine, Others), and by Fuel (Natural Gas, Coal, Biomass, Others) – Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016–2024." According to this report, the global CHP installation market stood at US$524.89 bn in 2014 and is projected to reach US$812.80 bn by 2024 at a CAGR of 4.38% from 2015 to 2024.
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A CHP system is also known as a cogeneration plant, due to its capability of generating power and utilizing the emitted heat simultaneously. CHP systems consists of a generator, engine, compressor, heat exchanger, control system, turbine, boiler, and feed water tank. CHP systems are designed and manufactured from micro to large-scale sizes. However, large-scale CHP systems are designed and installed as per the operator usage requirements. Energy efficiency offered by CHP systems is up to a maximum of 90% with only 10%-25% of energy being dissipated into the environment. The higher efficient production of power and heat by CHP systems as compared to conventional systems is majorly driving the global CHP installation market.
Rising stringency of government regulations toward environment protection and lowering the greenhouse gas (GHG) emissions has created the need for more energy efficient technologies with lower environmental footprint. These regulations have driven the market for CHP installation and compelled various industries to utilize CHP systems. Europe, being one of the major users of renewable energy and energy proficient technologies, led the CHP installation market in 2014. After Europe, North America and Asia Pacific are likely to follow the trend. However, Asia Pacific, being an emerging region with some of the fastest growing economies, is turning into one of the most attractive markets for both CHP manufacturers and operators. With the Government of China planning to increase the installation of natural gas-fired CHP plants in the country, the market for CHP installation in Asia Pacific is anticipated to expand in the next few years.
Power generation is a major expense for all the industries. CHP systems eliminate the need of a separate heating system installation, and thus save the extra fuel and equipment costs for operators of industrial facilities. Owing to the need for large-scale capacity-based heat and power equipment, CHP systems installed in industrial applications are above 500 kW and thus the industrial application segment occupies the largest share in the CHP installation market.
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CHP systems are majorly employed for industrial applications in North America. Thus, the share of CHP systems for residential and commercial applications is small. However, the positive outlook of population toward micro CHP may increase the installations of CHP systems in residential and commercial applications as well. Russia being one of the largest players in the global CHP installation market is likely to witness high demand for CHP in the near future. The supportive government policies in Europe is a major driver for the growth of the CHP installation market in the region. However, high costs of micro- and small-scale CHPs in Europe hamper CHP installations for residential and commercial applications.
Japan being a leader in the micro CHP market is expected to witness high demand for CHP in the near future. Owing to the manufacturing of CHP modules, systems, and components in Asia Pacific, cost of CHP systems is low in the region as compared to other regions. Growing awareness of the benefits of CHP systems in Asia Pacific is majorly driving the CHP installation market growth in the region. Additionally, supportive government policies and government plans to install more energy efficient systems are expected to boost the CHP installation market during the forecast period.
With moderate adoption of CHP technology in Africa and the Middle East, the market in these regions is expected to witness a gradual growth in the next few years. The hot and dry climate may offer numerous opportunities for CHP manufacturers to expand their presence in these regions. Increasing adoption of the emerging CHP trigeneration technology may further boost the market for CHP installation in the Rest of the World region. Demand for CHP systems is expected to increase rapidly in the future as these systems offer energy savings, which contribute to increase in revenue.
On the basis of the global adoption pattern of CHP systems, the CHP installation market has been segmented as follows:
CHP Installation Market: By CHP Type
Micro & Small-scale CHP
CHP Installation Market: By CHP Application
CHP Installation Market: By CHP Technology
Others (Microturbine, Fuel Cell, and Waste Heat Recovery)
CHP Installation Market: By Fuel
Others (Wood, Waste Heat, and Oil)
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