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Combined Heat & Power (CHP) Installation Market Demand, Overview, Trends and Opportunities Forecast to 2023
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Combined Heat & Power (CHP) is a clean approach for producing electricity which in turn, reduces the dependency on purchasing electricity from a local utility and then burning fuel in a boiler or an on-site furnace.
In terms of product, CHP systems are categorized into large scale and small and micro scale. Large scale CHP systems are majorly used for commercial and industrial applications. The micro and small scale CHP systems are projected to witness significant growth rates during the forecast period, due to increasing demand for clean energy from residential sectors.
In terms of fuel, natural gas was the largest segment in the global CHP installation market, followed by coal, in 2015. Natural gas is the most-preferred fuel type for the CHP systems to generate electricity. The trend is likely to continue during the forecast period as these systems are clean sources of energy and are available at low costs.
In terms of application, industrial sector accounted for the maximum demand in the global combined heat & power installation market, due to increasing application in petrochemical and pharmaceutical industries. Additionally, commercial and residential sectors are projected to grow at significant rates, during the forecast period.
Geographically, Europe was the largest CHP installation market, in terms of value, in 2015, followed by Asia-Pacific. The major factors driving the growth of the European market are stringent environmental policies and regulations implemented by the government for curbing the pollution levels.
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The global CHP market reported a consolidated structure in 2015, with major players like General Electric Energy, E.ON Group, Mitsubishi Power Systems Americas Inc. and Siemens Energy. Other companies operating in the global CHP market includes Aegis Energy Services Inc., Infinia Corporation, Elite Energy Systems LLC, Ener-G Group, Alstom, and Caterpillar, operating in it.
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