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Micro CHP Market size to exceed $1.5bn by 2026

  • Published Date: July 27, 2020

Micro CHP Market size is expected to surpass USD 1.5 Billion by 2026, as reported in the latest study by Global Market Insights Inc.

Micro CHP industry is estimated to witness an upsurge owing to increasing investments toward smart grid networks coupled with favourable government regulations toward the renewable sector. Rapid commercialization and urbanization across developing countries to cater to rising energy demand will boost the business outlook. Moreover, stringent norms and policies toward the utilization of fossil fuels along with adoption of fuel with low carbon footprints including natural gas and biofuels across micro cogeneration plants will complement the industry landscape.

Rising heat and power demand across the commercial establishment will boost the industry potential

Commercial application of micro CHP market held over 55% of the overall industry share in 2019. Growing integration of efficient and reliable power and heat generation units across the European countries will strengthen the product adoption. Stringent building emissions norms and regulations followed by rapid innovations to minimize power expenses will further boost the industry outlook.

Growing concerns toward carbon emissions followed by favourable government norms will propel the market statistics

Increasing investments toward smart grid development and renewable energy generation owing to cost-effective and reliable technology introduction will augment the overall industry potential. For instance, BDR Thermea Group in 2019 launched hydrogen driven compact domestic boiler utilizing solar & wind energy to burn the fuel effectively & minimize carbon emission up to 100% extent. In addition, ongoing technological advancements to utilize efficient fuels including hydrogen and natural gas, minimizing GHG emission and improving the overall energy output will positively influence the product adoption.

Browse key industry insights spread across 308 pages with 500 market data tables & 39 figures & charts from the report, “Micro CHP Market Analysis By Capacity (< 2 kW, 2 ≤ 10 kW, > 10 ≤ 50 kW), By Fuel (Natural Gas & LPG, Coal, Renewable Resources, Oil), 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:

Increasing investments toward residential heat and power generation systems will fuel the cogeneration demand

Growing residential power generation system demand coupled with rising customer inclination toward smart heating distribution networks will drive the industry landscape. Increasing applicability & operability of cogeneration units across residential infrastructure including space heating, water heating and lighting will further drive the < 2 kW capacity micro CHP market outlook. For instance, in November 2018 SolidPower launched BlueGen BG-15 fuel cell technology with improved efficiency to fulfil residential decentralized power production. In addition, replacement and retrofitting of traditional boilers to reduce carbon emissions coupled with installation of efficient power generation systems will thrust the product penetration.

Rising deployment of these units across Asia Pacific region will fuel the business scenario

Asia Pacific micro CHP market is estimated to exceed USD 1 billion by 2026. Favourable resiliency initiatives, CHP-inclined regulations, state incentives and financial policies will positively stimulate the product deployment. For instance, Japanese government introduced ‘Ene-Farm program’ in 2017 to increase the fuel cell CHP plants adoption across the residential & commercial sector. Furthermore, growing energy demand along with rapid urbanization will increase the district energy distribution networks strengthening the product demand.

Ongoing impact of COVID – 19 across the overall industry may witness a setback till second half of 2020. However, growing heat and electricity demand across the residential establishment will fuel the industry outlook. Eminent participants operating across the global micro CHP market are BDR Thermea, Viessmann, General Electric, Micro Turbine Technology, Marathon Engine Systems, Yanmar, Vaillant, Siemens, AISIN SEIKI, 2G Energy AG, Samad Power, Ballard Power System, TEDOM and Veolia.

Authors: Ankit Gupta, Riya Gupta