Press release
Combined Heat and Power Installation Market - Technology, Development, Trends and Opportunities and Global Forecast 2024
The upsurge in the consumption of fuel derived from biomass, wood, and waste heat, is likely to boost the installation of combined heat and power (CHP) across the globe. Transparency Market Research forecasts the global CHP installation market to exhibit a CAGR of 4.38% between 2014 and 2024. The prospects for CHP installations have improved globally in response to the rising energy prices. This, combined with stringent regulations implemented to curb carbon emissions from conventional systems, is expected to aid the proliferation of CHP systems worldwide.
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CHP systems run on both renewable and non-renewable fuels such as natural gas, coal, wood, biomass, oil, and waste heat. They can operate at an efficiency level as high as 77% to 90% as compared to the 46% efficiency level of conventional systems. However, the best economics of a CHP system is achieved in cold climates, when the energy rates are high, prices of natural gas fall, and there is a continuous demand for heat. Besides this, diverse functionalities offered by CHP systems also encourage their installation in both colder and hotter regions.
Strong Existing Network of CHPs to Boost their Installation Worldwide
Based on in-depth research, TMR has pegged the combined heat and power installations worldwide to reach US$812.80 bn by 2024. The global CHP installation market stood at US$524.89 bn in 2014. The market will further gain impetus from the strong existing CHP network. The increasing awareness about CHP systems, particularly in developing nations is likely to translate into increased sales for the global CHP installation market. These countries are exhibiting high aggregate demand for energy-efficient technologies, thus creating enough opportunities for the market to leverage from during the report’s forecast period.
However, TMR expects the value chain of the global combined heat and power installation market to remain complicated with the prominent companies in the market adopting forward integration in response to the implementation of stringent policies by governments. Additionally, high initial cost incurred on the installation of CHP systems also discourages their widespread deployment. Nevertheless, the market is expected to find substantial opportunities in the residential and commercial energy markets in the near future.
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Demand for Large-scale CHPs to Increase in Emerging Economies
The global CHP installation market can be broadly bifurcated into micro- and small-scale CHPs and large-scale CHPs. The latter of these segments has been witnessing overwhelming demand over the last few years. By revenue, the large-scale CHPs segment accounted for a share of 85.69% in the market in 2014. However, the segment is likely to lose a significant portion of its market share in the forthcoming years as the usage of small-scale CHPs increase globally. Growth exhibited by the micro- and small-scale CHPs is expected to be the fastest during the forecast period. Nevertheless, the increasing installation of CHP systems in developing nations such as India and China will keep the demand for large-scale CHP systems high during the forecast period.
Easy Availability of Natural Gas Boosts CHP Installations in Europe
Regionally, Europe exhibits the most lucrative prospects for the global combined heat and power installation market. The region held a share of 67.96% in the overall market in 2014. The easy availability of natural gas in Europe makes installation of CHPs relatively easier and more cost-effective. This has been spurring demand for CHP installations in countries such as Belgium, Germany, Poland, Italy, and Netherlands.
The leading vendors in the market are also exploring opportunities in Asia Pacific. The high demand for small-scale CHPs in Japan, coupled with their increasing installation across diverse industries, has been boosting demand for the CHP installation in the region.
The competitive landscape of the global combined heat and power installation market is highly fragmented. Some of the leading enterprises operating in the market include 2G Energy AG, Siemens AG, Edina Ltd., Wärtsilä Corporation, ENER-G Holdings Plc (ENER-G), Clarke Energy Ltd., and others.
About Us
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
TMR’s data repository is continuously updated and revised by a team of research experts so that it always reflects the latest trends and information. With extensive research and analysis capabilities, Transparency Market Research employs rigorous primary and secondary research techniques to develop distinctive data sets and research material for business reports.
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