World Micro CHP Market Share by 2022 – 2032: Upcoming Trends and Analysis
In 2022, it is anticipated that the global micro CHP market will be worth US$ 1 billion. High efficiency, reduced fuel consumption, and increased power manifestations across applications, along with strict regulation in the energy sector to reduce extreme climatic conditions, will drive industry growth. Between 2022 and 2032, the overall demand for micro CHP is anticipated to increase at a CAGR of 7.2 percent, reaching about US$ 2.0 billion by that time.
The ubiquitous driving force behind the micro CHP system is the generation of heat across the residential and commercial sectors to boost energy-efficient systems with waste heat generation. The decreased maintenance and operations required are another driving factor in the micro CHP market.
Micro CHP, which has a capacity of 10 to 50 kW, is regarded as a growing technological innovation because it combines heat generation and sustenance with energy efficiency, helping to streamline market estimates. Technology-driven sustained heat production in educational institutions, military installations, and medical facilities contributes to the industry’s ongoing expansion.
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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.
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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).