One of the major trends identified in the global combined heat and power (CHP) installation market is technological innovation in the designing of micro CHP systems to reduce cost and improve efficiency, along with the availability of fuel variants. However, major factors driving the market are positive outlook of developing economies for infrastructure development and strong government support through favorable policies and feed-in tariffs for installing CHP systems.
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Increasing government regulations in order to promote the adoption of CHP systems to reduce the greenhouse gas emission, and growing awareness about the benefits of energy efficient technologies are the main factors driving the growth of the CHP installation market. Further, economic and environmental benefits of these systems and reusability of the biproducts will also encourage the demand for these systems, resulting in the growth of installation market of these systems. Favorable governments policies and significant financial incentives for CHP systems will also encourage the demand for CHP installation, in coming years. Increasing popularity of natural gas as it is an economical and clean source of energy in comparison to oil and coal will also augment the market growth.
Based on region, the CHP installation market is categorized into North America, Europe, Latin America (LATAM), Asia-Pacific (APAC) and the Middle East and Africa (MEA). Among these, the Europe was the largest market, in terms of value, followed by APAC, during the historical period. The major factors driving the CHP installation in the European market are the stringent environmental policies and regulations implemented by the government for curbing pollution levels. Globally, the APAC market is expected to witness a significant growth rate during the forecast period, owing to the presence of large-scale manufacturers in APAC countries, including China, India, Japan, and South Korea.
CHP Installation Market Competitive Landscape
Some of the major companies operating in the global CHP installation market include General Electric Energy, E.ON Group, Mitsubishi Power Systems Americas Inc., Siemens Energy, Aegis Energy Services Inc., Infinia Corporation, Elite Energy Systems LLC, Ener-G Group, Alstom, and Caterpillar.
The study provides the historical as well the forecast market size data for various countries, including the U.S., Canada, France, Germany, the U.K., Italy, Japan, China, India, South Korea, Brazil, Mexico, Saudi Arabia, the U.A.E., and South Africa.