LONDON — The global combined heat and power (CHP) market for commercial buildings is forecast to grow at a compound annual growth rate (CAGR) of nearly 8 percent from 2015 to 2019, according to a new report from Technavio.
CHP technology is a clean approach to generating both power and thermal energy from a single fuel source. The average efficiency of conventional fossil fuel power plants is around 40 percent, while CHP systems typically achieve an efficiency of around 80 percent.
“The higher efficiency of a CHP system can be attributed to its ability to recover the heat dissipated during power generation for other industrial processes, such as heating or cooling,” said Faisal Ghaus, vice president of Technavio.
The new report also emphasizes the growing need to reduce dependency on fossil fuels while maintaining balance between demand and supply, which has led to the development of distributed energy generation.
“Distributed energy generation sources like CHP technology do not require cable lines, as the point of generation and consumption is the same. This will result in increased adoption of CHP systems,” said Ghaus.
The new report covers the present scenario and growth prospects of the global CHP market for commercial buildings. A detailed study of the feedstock segmentation is provided, along with installed units and growth patterns.
For more information on this report, click here.
Publication date: 7/6/2015