The global combined heat & power installation market is expected to grow at a significant rate over the forecast period (2016-2022), due to rising demand for electricity from commercial and industrial sectors, coupled with increasing shift toward generating energy from single fuel by replacing conventional separate heat and power system (SHP). 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.
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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. 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. CHP systems are suitable for various end-user segments, wherein security of power supply is considered a major factor for selecting power generation equipment. CHP technology offers high cost savings, as in case of CHP systems, the requirement for separate systems for heat and power generation gets eliminated.
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; 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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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.
- Large scale
- Small and micro scale
- Natural gas
- Combined cycle
- Steam turbine
- Combustion/gas turbine
- Reciprocating engine
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