The global combined heat and power (CHP) installation market is expected to reach USD 10.31 billion, according to a new report by Grand View Research, Inc. Shift in preference towards replacing conventional energy systems on account of operational cost and uninterrupted utility supply is expected to drive market growth. Increasing energy demand from industrial applications, such as chemical, refining, pharmaceuticals, paper, pulp, cement, and sugar, is also expected have a positive influence on market growth. Increasing demand for space heating and lighting applications in offices, retail malls, hospitals, and universities has also prompted CHP installation for commercial applications. Initial high installation cost coupled with longer payback periods is expected to pose challenges to industry participants.
Natural gas based fuel systems dominated the overall market and accounted for over 65% of the total volume in 2014. Recent decline in natural gas prices on account of discovery of unconventional natural gas reserves is expected to drive this segment over the forecast period. Coal-based systems are expected to witness moderate growth rates with an estimated CAGR of 2.6% from 2015 to 2022.

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Further key findings from the report suggest:
• Global CHP installation was 411.6 GW in 2014 and is expected to grow at a CAGR of 3.8% from 2015 to 2022
• Combined cycle was the most dominant technology and accounted for over 50% of total installations in 2014. These systems are widely used for industrial applications. Reciprocating engines are expected to witness significant growth rates with an estimated CAGR of 7.6% from 2015 to 2022.
• Large-scale system was the leading product segment and accounted for over 80% of installations. Small and micro-scale product-based systems are expected to witness higher growth rates of 8.2% from 2015 to 2022 owing to increasing scope in residential and commercial applications.
• Industrial application dominated the overall market with installation share estimated at 84.4% in 2014. Residential sector is expected to witness higher growth rates of 4.2% from 2015 to 2022 owing to growing energy due to population expansion.
• Europe emerged as the leading regional market and accounted for over 45% of global industry in 2014. Asia Pacific is anticipated to witness significant growth rate of 4.9% from 2015 to 2022. Presence of key manufacturing industries in China, India, Japan, and South Korea is expected to drive the regional market.
• Moderately consolidated market consists of manufactures and domestic resellers and distributors. Key industry participants include Mitsubishi Power Systems Americas Inc., Siemens Energy, General Electric Energy, and E.ON Group. Other prominent players include ClearEdge Power, Elite Energy Systems LLC, Aegis Energy Services Inc., BDR Thermea Group, Dantherm Power, Ener-G Group, Caterpillar, Alstom, and Infinia Corporation.

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Grand View Research has segmented the CHP installation market on the basis of product, fuel, technology, application, and region.
Combined Heat & Power (CHP) Installation Product Outlook (Volume, GW; Revenue, USD Billion, 2012 - 2022)
• Large scale
• Small & Micro-scale
Combined Heat & Power (CHP) Installation Fuel Outlook (Volume, GW; Revenue, USD Billion, 2012 - 2022)
• Natural gas
• Coal
• Biomass
• Others
Combined Heat & Power (CHP) Installation Technology Outlook (Volume, GW; Revenue, USD Billion, 2012 - 2022)
• Combined cycle
• Steam turbine
• Combustion/gas turbine
• Reciprocating engine
• Others
Combined Heat & Power (CHP) Installation Application Outlook (Volume, GW; Revenue, USD Billion, 2012 - 2022)
• Residential
• Commercial
• Industrial
Combined Heat & Power (CHP) Installation Regional Outlook (Volume GW; Revenue, USD Billion, 2012 - 2022)
• North America
o U.S.
o Canada
o Mexico
• Europe
o Russia
o Germany
o France
o UK
o Italy
o Spain
o Netherlands
o Poland
o Others
• Asia Pacific
o China
o India
o Japan
o Korea
o Taiwan
• RoW

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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.