Micro CHP Market Competitive Growth Strategies Based on Type, Applications, End User & Regional Forecast 2022 to 2032
The global micro CHP market is expected to be worth $1 billion by 2022. High efficiency, reduced fuel consumption, and increased power manifestations across applications will drive industry growth, as will strict regulation in the energy sector to reduce extreme climatic conditions. The overall demand for micro CHP is expected to grow at a CAGR of 7.2 percent between 2022 and 2032, reaching approximately US$ 2.0 billion by that time.
The generation of heat across the residential and commercial sectors to boost energy-efficient systems with waste heat generation is the ubiquitous driving force behind the micro CHP system. Another driving factor in the micro CHP market is the reduced maintenance and operation requirements.
Micro CHP, with a capacity ranging from 10 to 50 kW, is regarded as a growing technological innovation because it combines heat generation and sustenance with energy efficiency, assisting in the reduction of market estimates. Sustained heat production enabled by technology in educational institutions, military installations, and medical facilities contributes to the industry's ongoing growth.
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A recent uptick in the use of energy-efficient products and fervent domestic energy resource utilisation is imminent. The efficiency of micro-cogeneration (m-CHP) systems is higher than that of typical conventional electrical power generation, which makes them more important in reducing environmental leakages, conserving energy, and drastically lowering overall heating and electrical costs. The micro CHP industry is prepared with natural gas and LPG as the main heat source and is anticipating a sustainable ecosystem. Environmental eco-friendliness, cost effectiveness, and anti-corrosive output will likely prove to be factors in the industry’s growth.
Key Takeaways from the Market Study
Stirling engine-based micro CHP industry size is projected to observe over 8% CAGR through 2032 From 2017 to 2021, demand for micro CHP experienced noteworthy expansion, clocking a CAGR of 6.7% By fuel, oil-fuelled micro CHP systems sales to proliferate at a 6.7% CAGR until 2032 Gas-fuelled micro CHP to acquire surging popularity, forecast to grow at a 6.5% CAGR North America to account for more than 2/5th of global micro CHP market revenue in 2022 Asia Pacific to be one of the most promising markets, recording a 7% value CAGR
“With growing infusion of capital from the private and public sector and lying at the forefront a favourable climate for pursuing tech upgrades, abetted by strict governance in reducing climate extremities, work upholds in unison for uplifting growth in the micro CHP market”, remarks the FMI analyst.
Competitive Landscape
Strategic alliances, agreements, mergers, and acquisitions are relied upon by major players in the micro CHP sector, and they will have a positive impact on the market trend. Additionally, keeping players satisfied involves introducing new product lines. Here are a few notable examples:
As a principal manufacturer of high-efficiency heating and renewable energy systems, Viessmann offers on display comprise a complete range of heating solutions designed for today, that meet the energy challenges of tomorrow. All of our products are designed with the future in target, and built to last so you can enjoy many years of worry-free home comfort. Viessmann also offers mobile and smart home solutions to add control and convenience, so you can save time and money and help reduce the environmental effect. For providing micro CHP (micro combined heat and power), Axiom Energy Group generates heat and derives electricity on site. Plus, these systems are used in heating homes, commercial buildings and for heating pools. Generating electricity on site helps save money. Micro CHP systems of Axiom are powered up by a liquid cooled internal combustion (IC) engine with operating fuel as propane or natural gas.
More Insights Available
In its latest offering, FMI provides a frank analysis of the global micro CHP market, including historical data from 2017 to 2021 and projected figures for the years 2022 to 2032.
The study offers a thorough examination of the market across seven major regions based on capacity (Less than 2KW, 2-10 KW, and 10-50 KW), fuel (natural gas & LPG, coal, renewable resources, oil), and prime mover (stirling engine, internal combustion engine, fuel cell, and others) (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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Key Segments Covered in the Micro CHP Industry Report
Micro CHP Market by Capacity:
Micro CHP less than 2kW Micro CHP from 2 kW to 10 kW Micro CHP from 10 kW to 50 kW
Micro CHP Market by Fuel:
Natural Gas & LPG-powered Micro CHP Coal-powered Micro CHP Renewable Resources-powered Micro CHP Oil-powered Micro CHP Other Fuel-powered Micro CHP
Micro CHP Market by Prime Mover:
Stirling Engine-based Micro CHP Internal Combustion Engine-based Micro CHP Fuel Cell-based Micro CHP Other Prime Mover-based Micro CHP
Micro CHP Market by Application:
Micro CHP for Residential Applications Space Heating/Cooling Water Heating Cooking Lighting Others Micro CHP for Commercial Applications Educational Institutes Office Buildings Healthcare Buildings Others
Micro CHP Market by Region:
North America Micro CHP Market Latin America Micro CHP Market Europe Micro CHP Market East Asia Micro CHP Market South Asia Micro CHP Market Oceania Micro CHP Market Middle East & Africa Micro CHP Market