Key factors such as growing awareness about the benefits of energy efficient technologies, low fuel pricing and strong government support through favorable policies and feed-in tariffs for installing CHP systems are expected to boost the market for CHP systems, worldwide.
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. As a result, CHP systems are able to save 40% of energy and can produce electricity locally, which eliminates the need for energy transmission and distribution networks.
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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.
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; however, the utilization of coal in CHP systems is expected to decline in various regions, including Europe and North America, due to high environmental footprint and high handling costs.
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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. The Asia-Pacific CHP installation market is expected to witness a significant growth rate during the forecast period, on account of increasing presence of large scale manufacturers in China, India, Japan and Korea.
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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