Micro Combined Heat and Power Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Micro Combined Heat and Power Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Micro Combined Heat and Power Market

The micro combined heat and power market size was valued at USD 3.62 billion in 2021, and the market is now projected to grow from USD 3.92 billion in 2022 to USD 8.16 billion by 2029, exhibiting a CAGR of 11.0% during the forecast period of 2022-2029.

The COVID-19 outbreak reduced product production and supply since many factories were closed and there was not enough workforce. Due to these restrictions, industries faced significant losses in uptime. However, lower COVID cases led to a rise in industrial activities. Post-pandemic, multiplied investments in renewable energy and net-zero carbon emission desires are expected to enhance micro combined heat and power market growth.

Government projects and technological improvements inside the electricity zone propel the micro combined heat and power market share. This technology efficaciously produces heat and energy, enhancing fuel combustion. It is extensively implemented in sectors of residences, resorts, hospitals and factories. Countries such as Japan, Germany, South Korea and the U.K. promote micro CHP for its monetary and environmental advantages. These efforts are expected to boost market adoption.

Additionally, power-saving advancements in the region, including micro CHP structures, are key to decreasing CO2 emissions from buildings, which account for 28% of global emissions. These structures effectively offer power without transmission loss and lower prices as compared to grid energy. Yanmar’s North American CHP gadgets achieve as much as 87% fuel efficiency, substantially higher than the grid of 33%. As governments and businesses push to decrease greenhouse gas emissions, micro CHP systems are anticipated to see broader applications.

Comprehensive Analysis of Micro Combined Heat and Power Market

The micro combined heat and power market and power & energy industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the power & energy industry. These segmentations are methodically segregated by capacity, by prime mover, by fuel and by application. The capacity includes, Up to 2 kW, 2-10 kW, and 10-50 kW. The prime mover includes, IC Engine, Stirling Engine, Fuel Cell and Others. The fuel includes, Natural Gas, Hydrogen, Renewable Resources and Others. The application includes, Residential and Commercial.

Asia Pacific region has the largest market share for micro combined heat and power and is anticipated that it will continue to dominate the market within the forecast period. Japan dominates the market, however, emerging markets such as China and South Korea help in the market growth. These countries focus on energy efficiency by producing heat and power simultaneously, ensuring a reliable energy supply for the future.

The top players in the market play a crucial role in the power & energy industry assuring industrial prospectus growth and setting market standards. These players include, Yanmar (Japan), GE Power (U.S.), Siemens (Germany), Dalkia Aegis, EDF Group (U.S.), 2G Energy AG (Germany), Samad Power (U.K.), Vaillant Group (Germany), Viessmann (Germany), Axiom Energy Group (U.S.), Micro Turbine Technology B.V (Netherlands), Centrica Business Solutions UK & Ireland (U.K.), BDR Thermea Group (Netherlands), M-TriGen, Inc. (U.S.), EC POWER (Denmark), TEDOM a.s. (Czech Republic), Honda Motor Co., Ltd (Japan) and GreenWatt Canada (Canada). These market players provide a level-playing competitive landscape.

In January 2022, Total Energy Systems, a provider of critical energy solutions to the upper Midwest, introduced itself as a licensed distributor for Gridiron onsite power generation systems. Houston-based Gridiron has a range of products including the Power Plant H24 micro combined heat and power unit powered by renewable natural gas, natural gas or propane.

Segmentation Table

Global Micro Combined Heat and Power Market Scope

Study Period 2018-2029

Base Year 2021

Forecast Period 2022-2029

Growth Rate CAGR of 11.0% from 2022 to 2029

Historical Period 2018-2020

Unit Value (USD Billion) and Volume (MW)

Segmentation By Application, By Capacity, By Prime Mover, By Fuel, and By Region

By Application Residential

Commercial

By Capacity Up – 2 KW

2 – 10 KW

10 – 50 KW

By Prime Mover IC Engine

Stirling Engine

Fuel Cell

Others

By Fuel Natural Gas

Hydrogen

Renewable Resources

Others

By Region North America (By Application, By Capacity, By Prime Mover, By Fuel, and By Country)

U.S.

Canada

Europe (By Application, By Capacity, By Prime Mover, By Fuel, and By Country)

U.K.

Germany

France

Italy

Rest of Europe

Asia Pacific (By Application, By Capacity, By Prime Mover, By Fuel, and By Country)

China

Japan

South Korea

Rest of Asia Pacific

Rest of World (By Application, By Capacity, By Prime Mover, and By Fuel)


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