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Increased interest in biomass fuels expected to drive CHP installation market

The upsurge in the consumption of fuel derived from biomass, wood, and waste heat is likely to boost the installation of combined heat and power (CHP) across the globe.

Transparency Market Research (TMR) forecasts the global CHP installation market to exhibit a compound annual growth rate (CAGR) of 4.38% between 2014 and 2024.

The prospects for CHP installations have improved globally in response to the rising energy prices, which, combined with stringent regulations implemented to curb carbon emissions from conventional systems, is expected to aid the proliferation of CHP systems worldwide.

Based on in-depth research, TMR has pegged the combined heat and power installations worldwide to reach $812.8 billion (€722.7bn) by 2024. The global CHP installation market stood at $524.89 billion in 2014.

The market will further gain impetus from the strong existing CHP network, and the increasing awareness about CHP systems, particularly in the emerging economies in Asia-Pacific, is likely to translate into increased sales.

Read more at Bioenergy Insight Magazine
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