The global combined heat and power (CHP) installation market is expected to reach USD 10.31 billion, according to a new report by Grand View Research, Inc. Shift in preference towards replacing conventional energy systems on account of operational cost and uninterrupted utility supply is expected to drive market growth. Increasing energy demand from industrial applications, such as chemical, refining, pharmaceuticals, paper, pulp, cement, and sugar, is also expected have a positive influence on market growth. Increasing demand for space heating and lighting applications in offices, retail malls, hospitals, and universities has also prompted CHP installation for commercial applications. Initial high installation cost coupled with longer payback periods is expected to pose challenges to industry participants.
Natural gas based fuel systems dominated the overall market and accounted for over 65% of the total volume in 2014. Recent decline in natural gas prices on account of discovery of unconventional natural gas reserves is expected to drive this segment over the forecast period. Coal-based systems are expected to witness moderate growth rates with an estimated CAGR of 2.6% from 2015 to 2022.
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https://www.grandviewresearch.com/industry-analysis/combined-heat-power-installation-market
Further key findings from the report suggest:
- Global CHP installation was 411.6 GW in 2014 and is expected to grow at a CAGR of 3.8% from 2015 to 2022
- Combined cycle was the most dominant technology and accounted for over 50% of total installations in 2014. These systems are widely used for industrial applications. Reciprocating engines are expected to witness significant growth rates with an estimated CAGR of 7.6% from 2015 to 2022.
- Large-scale system was the leading product segment and accounted for over 80% of installations. Small and micro-scale product-based systems are expected to witness higher growth rates of 8.2% from 2015 to 2022 owing to increasing scope in residential and commercial applications.
- Industrial application dominated the overall market with installation share estimated at 84.4% in 2014. Residential sector is expected to witness higher growth rates of 4.2% from 2015 to 2022 owing to growing energy due to population expansion.
- Europe emerged as the leading regional market and accounted for over 45% of global industry in 2014. Asia Pacific is anticipated to witness significant growth rate of 4.9% from 2015 to 2022. Presence of key manufacturing industries in China, India, Japan, and South Korea is expected to drive the regional market.
- Moderately consolidated market consists of manufactures and domestic resellers and distributors. Key industry participants include Mitsubishi Power Systems Americas Inc., Siemens Energy, General Electric Energy, and E.ON Group. Other prominent players include ClearEdge Power, Elite Energy Systems LLC, Aegis Energy Services Inc., BDR Thermea Group, Dantherm Power, Ener-G Group, Caterpillar, Alstom, and Infinia Corporation.
Access Press Release Of This Research Report by Grand View Research: https://www.grandviewresearch.com/press-release/global-combined-heat-power-installation-market
About Grand View Research
Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.
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