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Micro CHP Market Size By Capacity (< 2 kW, 2 kW to ≤ 10 kW, > 10 kW to ≤ 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}), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2030

  • Report ID: GMI1476
  • Published Date: Jun 2022
  • Report Format: PDF

Industry Trends

Micro CHP Market size exceeded USD 1 billion in 2021 and is projected to expand at over 9% CAGR from 2022 to 2030. Rising infrastructural developments owing to escalating economic development primarily across emerging nations will spur the market growth.
 

Micro CHP Market Overview

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A paradigm shift toward the application of sustainable and efficient heat generation units across residential & commercial establishments will drive the business trend. Moreover, rising concerns toward increasing carbon emissions along with growing focus on waste management has led to the development of enhanced & efficient capacity cogeneration units which in turn will stimulate the industry dynamics.
 

The COVID-19 outbreak has marginally impacted the micro combined heat and power industry, in terms of reduced workforce and limited industrial operations. However, a decrement in the number of infected cases resulted in the resumption of industrial activities. Furthermore, continuous private and public sector investments for sustainable generation resources across emerging economies will positively lead to product adoption.
 

Rising focus on the development of advanced & efficient systems to reduce the operational & maintenance costs

Micro CHP Market Size

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> 10 to ≤ 50 kW capacity micro CHP market is estimated to upsurge due to the robust government laws and mandates to curb greenhouse emissions along with rising inclination for the replacement of traditional cogeneration units. Increased efficiency and reduced energy bills, minimal fuel utilization in line with increasing application of these units across residential and commercial sectors will complement the market statistics. Additionally, continuous expansion of power generation units to satisfy the heat consumption across military bases, schools, and hospitals in line with ongoing technological advancements will foster the industry growth.
 

Growing demand for clean energy in line with increasing demand for space heating

Natural gas & LPG fueled micro CHP market share is expected to rise on account of the rising focus to reduce carbon emission along with the vast availability of natural gas as a green fuel source. Improved efficiency, feasible operation, low costs, environmental-friendly, and corrosion-resistant are some of the features that will positively impact the product penetration. In addition, favorable policies, and mandates for the integration of renewable power sources in line with continuous growth in the renewable energy sector will boost the product demand.
 

Continuous industrialization and urbanization along with an increasing focus on technological enhancements

Internal combustion engine based micro CHP market is predicted to observe a 8% growth rate till 2030. Rising focus for the development of advanced solutions to reduce the maintenance and operational costs coupled with increasing deployment of efficient cogeneration units across the commercial & residential establishments will augment the market dynamics. Ongoing research and development toward the improvement of power density along with higher suitability of these engines with gas & liquid fuel for stationary power generation will drive the industry potential.
 

Rising inclination toward the adoption of renewable and high-power supply cogeneration systems together with an increasing focus on minimal energy usage and cost-effective units

Residential segment is poised to register significant growth during the forecast period. This growth is attributed to the continuous replacement of existing cogeneration units with advanced technological solutions coupled with increasing applicability of economic, efficient, and resilient power sources for residential utilization. Stringent regulatory mandates for building emissions in line with the consumer shift to reduce power bills will accelerate the industry expansion. Additionally, growing requirement for highly efficient hot water generation across end-users will lead to product adoption across these establishments.
 

Ongoing refurbishment of the conventional power generation sources across the APAC region

APAC Micro CHP Market

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The Asia Pacific micro CHP market is anticipated to reach USD 2 billion in 2030. Ongoing investments across private and public sectors toward the enhancement of on-site energy generation systems will propel the industry scenario. For instance, in March 2021, Siemens Limited acquired C&S Electric in India to satisfy the rising electricity requirement and low-voltage power distribution across India. In addition, increasing government funds toward the development of smart city infrastructure in line with the continuous refurbishment of existing systems will stimulate the business potential.
 

Japan market is slated to witness substantial gains during the forecast timeframe. This growth is credited to the strict government norms and policies toward the development of sustainable environment along with continuous growth in the renewable energy sector. A positive outlook toward waste management along with increasing utilization of solar & wind energy to reduce the carbon footprints will increase the business outlook. Furthermore, various government programs including Ene-Farm pertaining to the advancement of fuel cell micro CHP across the residential sector coupled with the introduction of several initiatives to encourage the acceptance of clean power generation technologies will boost the market progression.
 

Strategic partnerships and collaborations among prominent players

Major players operating across the micro combined heat and power industry include Axiom Energy Group, LLC, EC POWER A/S, Micro Turbine Technology B.V., 2G Energy AG, TEDOM a.s., YANMAR HOLDINGS Co., Viessmann, AISIN CORPORATION, Veolia, Vaillant Group, Siemens, and BDR Thermea Group. Strategic partnerships, contracts, mergers, and acquisitions among leading industry players will positively influence the market trend.
 

Micro CHP market research report includes in-depth coverage of the industry with estimates & forecast in terms of ‘MW’ & ‘USD Million’ from 2018 to 2030, for the following segments:

Market, By Capacity

  • < 2kW
  • 2 kW to ≤ 10 kW
  • > 10 kW to ≤ 50 kW

Market, By Fuel

  • Natural Gas & LPG
  • Coal
  • Renewable Resources
  • Oil
  • Others

Market, By Prime Mover

  • Stirling Engine
  • Internal Combustion Engine
  • Fuel Cell
  • Others

Market, By Application

  • Residential
    • Space heating/cooling
    • Water heating
    • Cooking
    • Lighting
    • Others
  • Commercial
    • Educational institutes
    • Office buildings
    • Healthcare buildings
    • Others

The above information has been provided for the following regions and country:

  • North America
    • U.S
    • Canada
  • Europe
    • Germany
    • UK
    • Italy
    • Ireland
    • Netherlands
  • Asia Pacific
    • Japan
    • South Korea
  • Rest of the World

 

Authors: Ankit Gupta, Riya Gupta

Frequently Asked Questions (FAQ) :

The market size of micro CHP was valued at more than USD 1 billion in 2021 and will record a CAGR of over 9% during the forecast period.

Internal combustion engine-based micro CHP industry size is projected to observe over 8% CAGR through 2030 due to the growing deployment of efficient cogeneration units across the residential and commercial spaces.

Asia Pacific micro CHP industry share will cross USD 2 billion by 2030 due to the rising investments across the public & private sectors to enhance the on-site energy systems in the region.

Axiom Energy Group, LLC, Micro Turbine Technology B.V., EC POWER A/S, YANMAR HOLDINGS Co., 2G Energy AG, Viessmann, and Vaillant Group, among others, are the major players in this market.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 12
  • Tables & Figures: 778
  • Countries covered: 9
  • Pages: 410

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