The global combined heat and power (CHP) installation market could reach $813 billion by 2024, according to new research.

A report from analysis firm Transparency Market Research valued 2014’s market at $525 billion, and predicted growth at a CAGR of 4.38% from this year to 2024.

Drivers for this expected growth include increasing awareness of the benefits of energy-efficient technologies, supportive policies and feed-in tariffs and low fuel prices, according to the report.

In 2014, the report said, large-scale CHP systems held the lion’s share of the global installation market, with industrial CHP accounting for around 66%, followed by commercial and residential projects.

Coal is expected to decline as a fuel for CHP in Europe and North America due to environmental concerns and high fuel handling costs, while Asia Pacific is expected to see more coal-fired CHP capacity installed over the forecast period.

In 2014, natural gas-fuelled projects accounted for the largest share of the CHP installation market, followed by coal, ‘others’ (wood, waste heat and oil), and biomass.

Combined-cycle CHP plants held the biggest market share in 2014, followed by combustion/gas turbine plants and reciprocating engine-based projects. However, a surge in demand is predicted for fuel cells and microturbines due to a growing demand for micro-CHP in residential and smaller commercial buildings.