30 Aug 2016 11:08:36
Flourishing Asia Pacific Market to Follow Combined Heat and Power Industry’s Vanguard in Europe
Combined heat and power systems are most effective in cold climates, where heat is constantly required. When producing both heat and power, CHP systems can achieve an energy consumption efficiency of up to 90%, which is higher than any energy generation system producing either one. Due to the steady growth in their demand, the global combined heat and power installation market is expected to be valued at US$812.8 bn by the end of 2024. According to Transparency Market Research (TMR), the global market was valued at US$524.9 bn in 2014.
Combined heat and power (CHP) generation systems have been developed due to the realization that producing either in isolation leads to significant wastage of energy, as no one energy conversion system can harness all the energy produced by burning fuels. Combined heat and power systems are thus designed to be efficient, which is perfectly in line with the contemporary paradigm of environmental protection. As a result, combined heat and power systems have enjoyed rising demand in the last few years.
What are the key drivers for the combined heat and power installation market?
The rising government support to environmental protection is the prime driver for the global combined heat and power installation market. Due to the rising global energy consumption, the development of energy-efficient systems has picked up steam, driving the utilization of combined heat and power systems. Developed regions such as North America and Western Europe already have extensive distribution networks, which enable easy incorporation of the electricity generated in CHP systems.
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In August 2016, French authorities received the green light from the EU regulatory commission for a scheme to provide economic incentives to combined heat and power installations. These include plans to initiate feed-in premiums and feed-in tariffs, depending upon the operating conditions of individual plants.
However, the benefits of the government support have been multifaceted, with the firm supportive stance and economic incentives also encouraging other sectors to follow suit. For instance, English soccer club, Newcastle United, installed a combined heat and power system in its home ground, St. James Park, in early August 2016. Newcastle United has been a leader in the footballing world in terms of supporting environmental causes, with the club becoming the first carbon positive football club in the world in 2012. Such initiatives could well become commonplace in the sporting world in the coming years, providing a significant boost to the combined heat and power installation market.
What are the leading segments of the combined heat and power installation market?
By product type, large-scale combined heat and power units are the leading revenue generator in the market, with the segment accounting for a whopping 85.7% of the global CHP market in 2014. In spite of the expected rise in the demand for small- and micro-scale combined heat and power units due to their growing utilization in the residential sector, the rising demand for large-scale CHP systems in developing countries is expected to ensure their dominance in the coming years.
Regionally, Europe is the leading market for combined heat and power installations. On the other hand, the dynamic economies in Asia Pacific have become a lucrative future market for CHP manufacturers. The expanding industrial sector in Asia Pacific and the rising use of CHPs in the residential sector in Japan are the key drivers for the CHP installations market in Asia Pacific.
Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
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