Published on : Feb 20, 2017
ALBANY, NY, Feb 20, 2017: The report, titled ‘Combined Heat and Power (CHP) Market -Market Size, Segmentation, Regulations and Key Country Analysis to 2025’, provides insights into the current scenario and future growth prospects of the said market. The report also offers an overview of the market drivers and challenges, trends, market landscape, and key vendors.
CHP combines usable heat and power in one single highly efficient process. Unlike the conventional ways of generating electricity, where enormous amount of heat is wasted in the process, CHP is capable of capturing the heat produced and generating electricity. CHP systems run on both non-renewable and renewable fuels such as coal, biomass, natural gas, oil, wood, and waste heat.
The global CHP market is driven by various factors, including increasing energy prices and strict laws to curb carbon emissions. Moreover, the demand for CHP is high in the cold regions as the prices of natural gases are low and the energy rates are high. The growing demand for energy-efficient technologies from developing nations is also expected to boost the growth of the CHP market. On the contrary, high initial cost of installation, teamed with strict government policies, are factors limiting the global CHP market. Nevertheless, high demand from residential and commercial energy markets is projected to add to the growth in the years to come.
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Geographically, the market can be segmented into North America, Asia Pacific, and Europe. In 2014, Europe accounted for a massive 67.96% market share and is deemed to be the global leader during the forecast period as well. Easily available natural gas in the region makes the installation of CHPs more cost-effective and easy. Asia Pacific is another fast growing market for CHP and is a hotbed for leading vendors. There is high demand for small-scale CHPs, especially in Japan. Plus, an increase in installations across diverse industries in this region is positively impacting the market growth.
The global CHP market can be largely divided into small-scale CHPs and large-scale CHPs. The global adoption of small-scale CHPs is increasing the demand for them. However, developing economies such as India and China are expected to keep the demand high for large-scale CHP systems.
Wärtsilä Corporation, ABB Ltd., BDR Thermea Group B.V., Caterpillar Energy Solutions GmbH, 2G Energy AG, Edina Ltd., Siemens AG, E.ON SE, ENER-G Holdings Plc, Aegis Energy Services, Inc., Veolia Environnement S.A., Bosch Thermotechnik GmbH, General Electric Company, Viessmann Werke GmbH & Co. KG, Yanmar Co., Ltd., FuelCell Energy, Inc., Dantherm Power A/S, Mitsubishi Hitachi Power Systems, Ltd., and Helen Ltd are a few of the prominent players in the global combined heat and power (CHP) market.
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