Asia Pacific Micro CHP Market is expected to be one of the fastest growing regions, likely to register a 7% CAGR until 2032. Stirling engine based micro CHP to reign supreme, expanding at an 8% value CAGR until 2032. As industries worldwide look to optimize power consumption and generation, investments in micro CHP systems is rising tremendously.
NEWARK, Del., Aug. 5, 2022 /PRNewswire/ -- The global micro CHP market is projected to grow at a CAGR of 7.2% between 2022 and 2032, totalling around US$ 2 Billion, according to a recently published study by Future Market Insights. As of 2022, the market is slated to be valued at US$ 1 Billion.
With strict governance in reducing extreme climatic conditions, implemented by technology variations in the energy sector, coupled with high efficiency, lower fuel intake and increased power manifestations across applications, will fuel industry growth.
Heat generation across residential and commercial sectors to rev up energy efficient systems with waste heat generation, is the ubiquitous driving force of the micro CHP system. An additional driving resultant of the micro CHP Market is the reduced maintenance and operations undertaken.
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Between 10 and 50 kW capacity, micro CHP is considered the rising technological initiative which combines both, heat generation and sustenance with energy efficiency that aids the streamlined market estimates. The sustained generation of heat in schools, military units and hospitals, directed a thrust by technology, aids the ongoing industry growth.
A recent surge in line with energy-efficient products and fervent utilization of domestically generated energy resources is on the anvil. Micro-Cogeneration (m-CHP) systems offer higher efficiency than typical conventional electrical power generation, making them bigger contributors to reducing environmental leakages, saving energy, and drastically cutting overall heating and electrical costs. Poised with natural gas and LPG as the primary heat source, the micro CHP industry is looking forward to a sustainable ecosystem. Features such as environmental eco-friendliness and cost efficiency and anti-corrosive output will prove to fuel growth in the industry.
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
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"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
Major players operating across the micro CHP industry rely on strategic partnerships, contracts, mergers, and acquisitions, which will positively influence the market trend. Besides, offering new product lines also keeps players in good stead. Some notable examples are as follows:
- 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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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
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More Insights Available
FMI in its new offering, presents an unbiased analysis of the global micro CHP market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period of 2022-2032.
The study provides an in-depth analysis of the market on the basis of 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) across seven major regions (North America, Latin America, Europe, East Asia, South Asia, Oceania and Middle East & Africa).
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About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of the Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favour the market growth in various segments based on Source, Application, Sales Channel and End-Use over the next 10 years.
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