The presence of a large number of companies
offering diverse products and services related to combined heat and
power (CHP) installations is fueling competition in the global CHP
installation market. A CHP system is manufactured using numerous
components such as turbines, filters, generators, engines, valves,
and compressors. Several companies are therefore present in the
market, selling key components, providing after-sales services, and
distributing equipment.
BDR Thermea Group B.V. held the largest share in
the global CHP installation market in 2014, as per TMR analysis. Some
of the most prominent enterprises operating in the market include 2G
Energy AG, Siemens AG, Edina Ltd., Wärtsilä Corporation, ENER-G
Holdings Plc (ENER-G), Clarke Energy Ltd., and others. The top eight
companies hold 53% of the global combined heat and power installation
market.
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The demand for CHP systems mainly arises for
industrial applications, followed by commercial and residential
applications. As the industrial segment accounts for the largest
share in the market, it holds lesser scope for growth compared to the
residential and commercial application segments. As per TMR, the
U.S., Japan, and Germany are at the fore of adopting CHP systems for
commercial and residential applications.
Strong Existing CHP Networks Facilitate CHP
Installations Globally
CHP systems sales worldwide are riding on the
strong existing CHP network. Furthermore, the increasing awareness
regarding the benefits of CHP systems will boost their installations
across emerging economies of Asia Pacific. Since the last few years,
these countries have been exhibiting high demand for energy-efficient
technologies. Developing countries therefore offer attractive
opportunities for the vendors operating in the market.
TMR forecasts the value chain of the global CHP
installation market to remain highly complicated during the forecast
period from 2014 to 2024. “The implementation of stringent emission
control norms worldwide has compelled leading enterprises to adopt
forward integration. Such strategies could have an adverse impact on
the market’s growth trajectory,” said a TMR analyst. “Combined
with this, the high cost incurred on installing CHP systems is also
inhibiting the large-scale proliferation of CHP installations,” he
added. Nevertheless, increasing scope in the residential and
commercial sector is expected to boost the prospects for the market
in the near future.
Large-scale CHPs to Lose Market Share to Micro
& Small CHPs in the Forecast Period
By type, large-scale CHPs hold a dominant share of
85.69% in the global CHP installation market, followed by micro- and
small scale CHPs in 2014. However, they are expected to lose a
significant part of their market share to the latter in the near
future. The rising usage of micro- and small-scale CHPs across
residential and commercial sector will enable the segment to report
the fastest CAGR during the forecast period. However, the increasing
CHP installation in India and China will keep the demand for
large-scale CHPs high in the forthcoming years.
Easy Availability of Natural Gas Boosts
Prospects for CHP Installations in Europe
Regionally, Europe emerged as the largest market
for CHP installations in 2014. The region accounted for a share of
67.96% in the overall market in 2014. The easy availability of
natural gas in Russia, has significantly contributed to the increased
demand for CHP installations in Europe. Other countries in Europe
exhibiting increasing demand for CHP installations include Germany,
Poland, Belgium, Italy, and the Netherlands.
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Leading companies
operating in the market are also looking to explore untapped
opportunities in the Asia Pacific market.
Driven by the
increased demand across emerging economies, the global combined heat
and power installation market is poised to surge at 4.38% CAGR. TMR
pegs the market’s valuation at US$524.89 bn in 2014. By the end of
2024, the market is expected to reach US$812.80 bn.
This review is based
on the findings of a TMR report, titled “Combined Heat and Power
(CHP) Installation Market - Global Industry Analysis, Size, Share,
Growth Trends, and Forecast 2016 – 2024.”
The report segments the global combined heat
and power installation market at:
CHP Installation Market: By CHP Type
- Large-scale CHP
- Micro & Small-scale CHP
CHP Installation Market: By CHP Application
- Residential
- Commercial
- Industrial
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
- Coal
- Biomass
- Others (Wood, Waste Heat, and Oil)
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