|By Business Wire||
|May 7, 2014 12:07 PM EDT||
Enabling facilities to achieve efficiencies of up to 85 percent while simultaneously generating electricity and heat, combined heat and power (CHP) is a proven strategy for reducing total energy use in the industrial sector. CHP is one of the few options in the portfolio of energy alternatives that combine environmental benefits with economic viability and improved competitiveness. Click to tweet: According to a recent report from Navigant Research, the worldwide capacity of industrial combined heat and power systems will grow at a compound annual growth rate of 30 percent a year from 2014 to 2023.
“Combined heat and power represents slightly less than 6 percent of global installed electricity generating capacity, but it is one of the most mature distributed generation segments,” says Mackinnon Lawrence, research director with Navigant Research. “Although growth in the industrial CHP sector has stagnated in the United States and Russia, the two leading national markets, in recent years, this technology is expected to reach nearly $30 billion in annual market value by 2023.”
The industrial CHP market encompasses a broad range of applications, according to the report, including resource extraction, such as upstream oil and gas and mining, processing applications, such as refineries and food and beverage facilities, and manufacturing facilities such as pulp and paper mills, steel mills, and packaging plants. The diversity in fuel use, technology, and end users makes the industrial CHP market dynamic across all world regions.
The report, “Industrial Combined Heat and Power”, analyzes the global market potential for industrial CHP systems for a range of industrial applications – including refineries, pulp and paper mills, and food processing facilities – using technologies such as turbines, internal combustion engines, fuel cells, and Organic Rankine Cycle engines. The report includes in-depth assessments of 10 leading countries for the installation of industrial CHP systems, and provides an outlook for increased fuel switching to natural gas. Global market forecasts for installed capacity and revenue, segmented by region, country, and scenario, extend through 2023. The report also examines the key market drivers and barriers related to industrial CHP and the main industry players engaged in this market. An Executive Summary of the report is available for free download on the Navigant Research website.
About Navigant Research
Navigant Research, the dedicated research arm of Navigant, provides market research and benchmarking services for rapidly changing and often highly regulated industries. In the energy sector, Navigant Research focuses on in-depth analysis and reporting about global clean technology markets. The team’s research methodology combines supply-side industry analysis, end-user primary research and demand assessment, and deep examination of technology trends to provide a comprehensive view of the Smart Energy, Smart Utilities, Smart Transportation, and Smart Buildings sectors. Additional information about Navigant Research can be found at www.navigantresearch.com.
Navigant is a specialized, global expert services firm dedicated to assisting clients in creating and protecting value in the face of critical business risks and opportunities. Through senior level engagement with clients, Navigant professionals combine technical expertise in Disputes and Investigations, Economics, Financial Advisory and Management Consulting, with business pragmatism in the highly regulated Construction, Energy, Financial Services and Healthcare industries to support clients in addressing their most critical business needs. More information about Navigant can be found at www.navigant.com.
* The information contained in this press release concerning the report, “Industrial Combined Heat and Power,” is a summary and reflects Navigant Research’s current expectations based on market data and trend analysis. Market predictions and expectations are inherently uncertain and actual results may differ materially from those contained in this press release or the report. Please refer to the full report for a complete understanding of the assumptions underlying the report’s conclusions and the methodologies used to create the report. Neither Navigant Research nor Navigant undertakes any obligation to update any of the information contained in this press release or the report.