Micro CHP Market size to exceed $3bn by 2026

Micro CHP Market size is expected to surpass USD 3 Billion by 2026, as reported in the latest study by Global Market Insights, Inc.
 

Micro combined heat & power market is anticipated to witness growth on account of increasing investments toward smart grid infrastructure along with favorable government policies toward renewable sector. Rapid urbanization across developing countries to sustain incessant power demand will further complement the business outlook. Furthermore, stringent government regulations toward the use of fossil fuels coupled with adoption of renewable fuel including natural gas & biofuels across micro CHP plants will augment the industry landscape.

 

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Rising concerns toward GHG emissions along with favorable government norms will fuel the micro CHP market growth

Rising investments toward renewable energy generation and smart infrastructure on account of reliable & cost-effective technology across commercial & residential sectors will drive the overall industry statistics. Moreover, ongoing government mandates to minimize energy losses along with reduction in carbon emission by conventional plants will complement the product adoption. For instance, in June 2019, BDR Thermea Group introduced first hydrogen powered domestic boiler utilizing solar and wind energy to burn hydrogen fuel, minimizing carbon footprint up to 100% extent.
 

Favorable government norms toward net metering & CHP systems providing financial assistance, tax reduction, subsidies and incentive will strengthen the micro combined heat & power industry. For instance, in 2018 ‘New Jersey Clean Program’ launched by U.S. government, providing USD1/W incentive for micro CHP systems with a capacity up to 500kW. Furthermore, paradigm shift toward renewable power generation along with increasing energy demand across the developed and developing economies will drive the product adoption.
 

Browse key industry insights spread across 296 pages with 500 market data tables & 34 figures & charts from the report, “Micro Combined Heat & Power Market Outlook By Capacity (< 2kW, 2 ≤ 10kW, > 10 ≤ 50kW), By Fuel (Natural Gas & LPG, Coal, Renewable Resources, Coal), By Prime Mover (Stirling Engine, Internal Combustion Engine, Fuel Cell), By Application (Residential {Space Heating/Cooling, Water Heating, Cooking, Lighting}, Commercial {Educational Institute, Office Building, Healthcare Building}) Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/micro-combined-heat-and-power-market
 

Increasing energy demand across the commercial sector will boost the micro CHP industry

Commercial application held over 50% of the overall micro CHP market share in 2019. Growing adoption of efficient power & heat generation systems across the European commercial sector will complement the product adoption. Stringent regulatory norms toward building emissions coupled with efforts to reduce power expenses will further propel the product deployment. For instance, the U.K government launched ‘Domestic Renewable Heat Incentive Program’ offering financial incentives for renewable co-generation plants across commercial buildings.
 

Increasing investments toward district energy generation will drive the micro cogeneration demand

Rising demand for district power generation systems along with growing customer inclination toward smart power distribution networks will propel the micro CHP market landscape. Increasing applicability of micro CHP units across commercial & residential infrastructure including multi complexes & business units will further drive the 2 kW – 10 kW micro combined heat & power market. For instance, BDR Thermea Group in 2019 launched hydrogen powered compact boiler utilizing solar/wind energy to burn hydrogen fuel which will minimize GHG emission up to a great extent. Moreover, replacement & refurbishment of traditional boilers to minimize GHG emissions along with deployment of efficient energy generation systems will drive the product penetration.
 

Rising adoption of micro CHP plants across Europe and Asia Pacific region will strengthen the business scenario

Europe & Asia Pacific micro CHP market demands are projected to witness an upsurge owing to favorable resiliency initiatives, CHP-inclined environment regulations, financial policies and state incentives which will positively sway the product penetration. For instance, in 2017, Japanese government introduced ‘Ene-Farm program’ to enhance the adoption of fuel cell CHP plants across the residential and commercial sector. Furthermore, rapid adoption of compact CHP plants across district heating energy distribution networks across the region will complement the product demand.
 

Eminent players operating across micro CHP market includes Marathon Engine Systems, Yanmar, Vaillant, BDR Thermea, ENER-G Rudox, General Electric, Viessmann, AISIN SEIKI, Veolia, Samad Power Siemens, Aegis energy and 2G Energy AG.
 

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