Global Combined Heat and Power (CHP) Installation Market: Energy- Efficient Technology to Yield Bigger Opportunities, states TMR
The global market for combined heat and power (CHP) installation has been rife with high levels of competition as numerous companies offer a range of products and services at competitive rates, according to Transparency Market Research (TMR). Since a CHP system consists of components such as generators, turbines, valves, filters, compressors and engines, the leading companies tend to offer after-sales services, distribution of equipment, and sale of key components of a CHP.
The key market players operating in the global CHP installation market include Edina Ltd., 2G Energy AG, General Electric Company, Clarke Energy Ltd., Siemens AG, ENER-G Holdings Plc, and Wärtsilä Corporation. BDR Thermea Group B.V. accounted for the largest amount of shares in 2014 in the global CHP insatllation market, according to the findings of TMR. The top eight companies together are responsible for 53% share in the global CHP installation market.
The global combined heat and power installation market is slated to achieve US$812.80 bn by the end of 2024. In 2014, the market for CHP installation was estimated at US$524.89 bn. A favorable CAGR of 4.38% is expected to aid market expansion.
Large Scale CHP Installations to Emerge as Leading Segment by Type
A major trend observed in emerging economies is the heightened demand for large-scale CHP installations. The global market for CHP installation has been broadly categorized into micro- and small scale and large scale CHPs. In terms of revenue, the large scale CHP installations held 85.69% in 2014.
A surge in the demand for combined heat and power (CHP) installation is observed chiefly on account of large requirements of the industrial sector that leads the end-user segment. The industrial application is closely followed by residential and commercial application segments. According to the findings of TMR, CHP systems for residential and commercial applications are popular in Japan, Germany, and the U.S.
Powerful CHP Networks to Fuel Demand
The market for CHP installations will flourish because of the presence of a powerful CHP network. Besides this factor, the market will also benefit from an increased awareness in regards to the CHP systems, as they display their high efficiency. This has been a key trend particularly in the emerging economies. As a CHP installation runs on a renewable source of energy, and is therefore environment friendly, in addition to being cost-efficient, the global market for CHP installations is likely to rise considerably. On the contrary, several issues such as difficulty in the integration of benefits from GHG emissions into emissions trading regulations, regulatory policies, and economic problems about attaining a fair value for CHP installations will hinder market growth. In addition to these factors, high initial costs required for installation will also be a key restraint for the market.
Emerging Economies to Witness High Growth
The market for CHP installations in Asia Pacific is projected to gain impetus over the coming years because of constantly growing demand exhibited by the countries in this region. Therefore, developing countries such as India and China offer lucrative opportunities for the vendors operating in the market.
Japan, accounting for almost half of the world’s total market share, has been displaying high demand for small-scale CHP installations. Numerous industry applications have emerged in this region, providing a further boost to the CHP installation market. Besides Japan, China will come forth with great potential on account of its towering electricity needs. A large population base, inclination toward cleaner energy, together with aging infrastructure will ensure phenomenal market growth in the region.
The information presented in this review is based on a Transparency Market Research report, titled, “Combined Heat and Power (CHP) Installation Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.”
Key segments of the Global CHP Installation market
CHP Installation Market: By CHP Type
- Large-scale CHP
- Micro & Small-scale CHP
CHP Installation Market: By CHP Application
CHP Installation Market: By CHP Technology
- Combined Cycle
- Steam Turbine
- Combustion/Gas Turbine
- Reciprocation Engine
- Others (Microturbine, Fuel Cell, and Waste Heat Recovery)
CHP Installation Market: By Fuel
- Natural Gas
- Others (Wood, Waste Heat, and Oil)
CHP Installation Market: By Region
- North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Rest of World
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends 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. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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