Combined Heat and Power Installation Market Size 2014 - 2024 sep 2016 | Page 2
Combined Heat and Power (CHP) Installation Market
REPORT DESCRIPTION
Combined Heat and Power (CHP) Installation Market - Global Industry Analysis, Size, Share,
Growth Trends, and Forecast 2016 - 2024
Transparency Market Research has released a new market report titled “Combined Heat and Power
Installation Market - Global Industry Analysis, Size, Share, Growth Trends, and Forecast 2016 - 2024.”
According to the report, the global combined heat and power installation market stood at US$524.89 bn in
2014 and is forecast to reach US$812.80 bn by 2024 at a CAGR of 4.38% from 2016 to 2024.
Complete Report with TOC : http://www.transparencymarketresearch.com/combined-heat-andpower.html
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.
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.
Transparency Market Research
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