Micro CHP Market revenue to hit USD 2 Billion by 2035, says Research Nester
Major micro CHP market players include YANMAR HOLDINGS Co., Ltd., General Electric, 2G Energy AG, SAMAD POWER LTD., Vaillant Group, Viessmann Manufacturing Company Inc., Axiom Energy Group, LLC., Micro Turbine Technology B.V., Alkaline Fuel Cell Power Corp., and BDR Thermea Group.
New York, Aug. 09, 2023 (GLOBE NEWSWIRE) — The global micro CHP market size is projected to expand at ~7% CAGR between 2023 and 2035. The market is expected to garner a revenue of USD 2 billion by the end of 2035, up from a revenue of ~USD 1 billion in the year 2022.Due to the increasing demand for clean and sustainable energy, the demand for micro-CHP is increasing thereby driving the growth of the market. Global renewable electricity capacity is expected to more than double by 2026 from 2020 levels, reaching more than 4,800 GW, comparable to today’s total global electricity production from fossil fuels and nuclear combined. Micro-CHP plays an important role in the use of clean energy. These systems offer an efficient and environmentally friendly way to generate heat and electricity simultaneously, reducing greenhouse gas emissions and improving energy efficiency.
Request Free Sample Copy of this Report @ in Asia Pacific region is estimated to garner the largest revenue by the end of 2035. Increased investment in the advancement of power generation systems is expected to lead to increased demand for micro PCs in the region. From 2016 to 2021, Southeast Asian Nations (ASEAN) countries attracted more than USD 8 billion per year. In addition, ASEAN countries have set themselves the goal of using 23% renewable energy in their primary energy supply by 2025. To this end, the region is expected to invest USD 27 billion in renewable energy each year. anus.
Moreover, the increasing development of smart city infrastructure is also expected to drive the growth of the micro CHP market in the region. On the other hand, the Japanese government has taken several measures to promote the deployment of micro-CHP. For example, under the ENE-FARM program, micro-CHP sales started in 2009. Also in Japan, the number of installed ENE-FARM systems amounted to about 433,000 in fiscal 2021.
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Growing Government Initiatives to Propel the Growth in the North America Region
The North America micro CHP market is estimated to garner the highest CAGR by the end of 2035. The growth of the market in this region can primarily be attributed to the government initiatives. The US Environmental Protection Agency has introduced guidelines and incentives for combined heat and power (CHP). The focus is on removing barriers and increasing the efficient use of CHP implementation.
CHP regulations and incentives can aim to reduce initial capital costs, simplify the regulatory process for building CHP systems, and make it easier for CHP users to reap the benefits of system durability and versatility. Such federal government initiatives are likely to increase the growth of the regional market. Governments in North America are increasingly tightening emission norms, which is driving the demand for cleaner and more efficient energy sources. Micro CHP systems are a more efficient way to generate heat and electricity, which can help businesses and consumers comply with these regulations. The use of conventional coal fired plants is declining in North America due to concerns about environmental pollution. Micro CHP systems are a cleaner and more efficient alternative, which is helping to meet the growing demand for electricity and heat without increasing emissions.
Micro CHP, Segmentation by Prime Mover
- Fuel Cell
- IC Engine
- Stirling Engine
Amongst these three segments, the fuel cell segment in micro CHP market is anticipated to hold the largest share over the forecast period. Fuel cells provide clean power generation with minimal environmental impact. The only by-products they produce are hydrogen and heat. In addition, by integrating fuel cells into micro-CHP systems, the overall environmental impact can be reduced, contributing to cleaner and more sustainable power generation. In addition, the growing demand for hydrogen propulsion will also boost demand for fuel cells.
Global demand for hydrogen increased by 5% to 94 Mt in 2021, mainly due to increased activity in the chemical and refining industries. In addition, the use of hydrogen in the year 2019 was 91 million. Micro-CHP can play an important role in generating hydrogen electricity by using hydrogen as a fuel source. Fuel cells produce fewer emissions than traditional combustion engines, which makes them a more environmentally friendly option. This is a key consideration for businesses and consumers who are looking to reduce their environmental impact.
Micro CHP, Segmentation by Fuel
- Natural Gas & LPG
- Renewable Resources
- Hydrogen
Amongst these three segments, the natural gas & LPG segment in micro CHP market is anticipated to hold a significant share over the forecast period. Governments in a number of countries are providing financial support for the development of micro CHP systems that use natural gas or LPG. This is helping to drive down the cost of these systems and make them more affordable for businesses and consumers. For example, the U.S. Department of Energy offers a tax credit of up to 30% for the purchase of micro CHP systems that use natural gas or LPG. There have been significant advances in natural gas and LPG micro CHP technology in recent years. This has led to more efficient and reliable systems, which is making them a more attractive option for businesses and consumers. Governments in a number of countries are providing financial support for the development of micro CHP systems that use natural gas or LPG. This is helping to drive down the cost of these systems and make them more affordable for businesses and consumers. Natural gas and LPG produce fewer emissions than other fuel sources, such as coal and oil. This makes them a more environmentally friendly option for businesses and consumers who are looking to reduce their environmental impact.
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Micro CHP, Segmentation by Capacity
- Up to 2 KW
- 2-10 KW
- 10-50 KW
Micro CHP, Segmentation by Application
- Residential
- Commercial
Few of the well-known market leaders in the micro CHP market that are profiled by Research Nester are YANMAR HOLDINGS Co., Ltd., General Electric, 2G Energy AG, SAMAD POWER LTD., Vaillant Group, Viessmann Manufacturing Company Inc., Axiom Energy Group, LLC., Micro Turbine Technology B.V., Alkaline Fuel Cell Power Corp., and BDR Thermea Group, and other key market players.
Recent Development in the Micro CHP Market
- 2G Energy AG announced the launch of a CH2P research project to explore the new potential of solutions for decentralized hydrogen cogeneration systems. As part of 2G Energy, a committee is working on promoting the generation of heat and electricity from hydrogen more effectively and economically.
- Alkaline Fuel Cell Power Corporation, a leading manufacturer of micro-CHP systems, has entered into an agreement with Gaskatel GmbH. The companies will jointly test next-generation gensets. They are also working to integrate micro-CHP systems with hydrogen-powered fuel cells.
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