ALBANY, New York, May 17, 2016 /PRNewswire/ --
Transparency Market Research has released a new market report titled "Global Combined Heat and Power (CHP) Installation Market, by Type (Large-scale and Micro & Small-scale), by Application (Residential, Commercial, and Industrial), by Technology (Combined Cycle, Combustion/Gas Turbine, Steam Turbine, Reciprocating Engine, Others), and by Fuel (Natural Gas, Coal, Biomass, Others) - Global Industry Analysis, Size, Share, Growth Trends, and Forecast, 2016-2024." According to this report, the global CHP installation market stood at US$524.89 bn in 2014 and is projected to reach US$812.80 bn by 2024 at a CAGR of 4.38% from 2015 to 2024.
CHP employs a technology to produce electricity and utilizes the heat emitted during power generation, simultaneously. In contrast, in conventional systems, the heat generated during power production is dissipated in the surroundings. As a result of which, conventional systems function only at an efficiency of 40%-50%. CHP systems, due to their energy utilization process, are able to save 40% of energy additionally. Furthermore, CHP systems generate the energy locally which eliminates the need for energy transmission and distribution via local distribution networks, further avoiding losses. CHP systems are ideal solution for end-users, for whom security of power supply is a main factor for selecting power generation equipment. CHP, also known as cogeneration, reduces not only energy costs but also greenhouse gas emissions.
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CHP systems consists of several components such as generators, engines, compressors, heat exchangers, control systems, turbines, boilers, and feed water tanks. However, the components used in a CHP installation may vary according to the size and scale of CHP systems or plants.
Increasing awareness about the benefits of energy efficient technologies is leading the growth of CHP installations globally. Supportive policies and feed-in-tariffs (FiTs) provided by the government institutions for installing CHP systems are the major drivers for boosting the market for CHP systems. Additionally, low fuel pricing also plays a major role in growth of the CHP installation market.
The CHP installation market has been segmented on the basis of type, application, technology, fuel, and region. In 2014, large-scale CHP systems occupied the largest share of the global CHP installation market. Global estimates for 2014 show that the industrial application segment accounted for approximately 66% of the global CHP installation market, followed by commercial and residential application segments. The huge difference between the utilization of CHP systems in various application segments is due to the low initial investments involved in the installation of large-scale CHP systems and the high energy savings offered by the technology.
In CHP systems, the requirement of separate systems for heat and power generation is eliminated. Thus, the CHP technology offers high cost savings. This factor would boost the demand for CHP installations in the near future.
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Natural gas and coal being two of the most easily available fuels at low costs are widely used in CHP systems. However, due to high environmental footprint and high handling costs, utilization of coal in CHP is anticipated to decrease in regions such as Europe and North America. Asia Pacific with some of the largest coal reserves is expected to witness installations of coal-fired CHP plants in the region in the near future. In 2014, in terms of fuel, natural gas accounted the largest share of the CHP installation market, followed by coal, others, and biomass. The others sub-segment of fuel segment includes wood, waste heat, and oil.
Technologies used in CHP systems generally include combined cycle, steam turbine, combustion/gas turbine, reciprocating engine, fuel cell, microturbine, and waste heat recovery. In 2014, combined cycle held the largest market share, followed by combustion/gas turbine and reciprocating engine. Fuel cells and microtubines,, included in the others segment, although available in small power capacity ranges, are anticipated to witness a surge in demand owing to the increasing need for micro CHP in residential and small commercial buildings.
On the basis of the technology employed in CHP systems, the global CHP installation market has been segmented into combined cycle, steam turbine, combustion/gas turbine, reciprocating engine, and others. The others segment includes waste heat recovery, microturbines, and fuel cells. These technologies are also known as prime movers and produce electrical and thermal energy by combusting fuels. This fuel combustion either creates mechanical energy directly or first produces steam, which is subsequently converted into mechanical energy, and is transferred to a generator to produce electricity. The primary advantages of CHP are that it can be coupled with existing technologies in different applications and can be widely used in commercial, residential, and industrial applications.
Browse Regional Market Analysis: http://www.europlat.org/combined-heat-and-power-installation.htm
Considering the global adoption pattern of CHP systems, the CHP installation market has been segmented as follows:
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
- Rest of Europe
- South Korea
- Rest of Asia Pacific
Rest of World
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