Micro Combined Heat & Power (CHP) Market: Current Analysis and Forecast (2022-2028)
Emphasis on Prime Mover (Stirling Engine, Internal Combustion Engine, Fuel Cell and others); Capacity Analysis (Up to 2 kW, 2-10 kW and 10-50 kW); Fuel (natural gas, hydrogen, renewable resources, and others); Application (Residential and Commercial);and Region/Country
Micro Combined Heat & Power (CHP) Market was valued at more than USD 7.1 Billion in 2028 and is expected to grow at a CAGR of around 10.8% from 2022-2028. Factors such as low natural gas prices and increase in demand for decentralized energy systems along with supportive government policies are expected to drive the number of installations of micro CHP systems across the world. Many governments of numerous countries are actively implementing policies related to clean energy and investing huge funds to provide infrastructure and subsidies. For instance, according to the NDRC Energy 565/NEA Electricity 42 policy introduced in China on March 2016, Micro CHP installed for residential heating and power is exempted from the restrictions placed on new coal-fired power generation capacity. Policies promoting clean energy and rising demand for micro CHP is expected to boost the Micro CHP market in the region during the forecast period.
YANMAR HOLDINGS Co., Ltd., General Electric, Siemens, EDF Energy NA, 2G Energy AG, SAMAD POWER LTD, Vaillant Group, Viessmann Manufacturing Company Inc., Axiom Energy Group, LLC. and Micro Turbine Technology B.V. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst prime mover, fuel cell segment registers the highest CAGR during the projected period”
Based on prime mover, the MICRO COMBINED HEAT & POWER (CHP) market is segmented into Stirling Engine, Internal Combustion Engine, Fuel Cell and others. The Fuel Cell segment would register the highest CAGR during the projected timeframe. It has features which include silent operation, zero emissions and highly efficient power generation. Fuel cell is an emerging technology in the industry which converts chemical energy in a fuel into electrical energy without a combustion process. It is a cleaner energy type compared to other type of prime movers for power generation. Fuel cells can achieve overall efficiencies in the range of 65%-95%.
“Amongst Capacity Analysis, the Up to 2 KW caters to a significant market share in the MICRO COMBINED HEAT & POWER (CHP) market”
Based on capacity analysis, the MICRO COMBINED HEAT & POWER (CHP) market is bifurcated into Up to 2 kW, 2-10 kW and 10-50 kW. Among them, the up to 2 kW rating CHP captured a significant market share in the MICRO COMBINED HEAT & POWER (CHP) market. Micro CHP market are catered by residential homes. The CHP of up to 2 kW rating is majorly installed in residential buildings due to its high efficiency. Due to the smaller size of micro-CHP systems, they provide an effective solution for sectors with relatively lower energy demands, such as domestic households.
“Amongst Fuel, hydrogen segment registers the highest CAGR during the projected period”
Based on fuel, the MICRO COMBINED HEAT & POWER (CHP) market is segmented into natural gas, hydrogen, renewable resources, and others. The hydrogen fuel segment would showcase the highest growth in the MICRO COMBINED HEAT & POWER (CHP) market as it can be quickly produced using various resources and has near zero gas emissions. As various governments are promoting clean energy by increasing consumer awareness and providing subsidies in order to promote lower carbon emissions, the demand for cleaner alternative space heating is increasing which in turn is acting as a catalyst for the growth of micro CHP market during the projected period.
“Amongst Application, the residential caters to a significant market share in the MICRO COMBINED HEAT & POWER (CHP) market”
Based on application, the MICRO COMBINED HEAT & POWER (CHP) market is segmented into residential and commercial sector. The residential segment captured the majority market share in the MICRO COMBINED HEAT & POWER (CHP) market and would the dominate the market during the projected period. The micro-CHP systems provide heating and power solutions for residential homes and takes the same space as a traditional boiler system which makes it a cleaner alternative compared to traditional boiler. The micro CHP can be powered by fuels such as natural gas, liquified petroleum gas or oil, new micro CHP systems can be powered by low carbon fuels such as biogas, renewable natural gas, hydrogen or biodiesel as well.
“APAC constitutes a major market for the MICRO COMBINED HEAT & POWER (CHP)s industry”
Asia Pacific caters extensive share of the MICRO COMBINED HEAT & POWER (CHP) market and is expected to show an influential growth rate in the forecasted period as well. Japan and China are a dominant player in the region and is driving the growth of the APAC region along with countries such as south Korea. The south Korean government introduced a hydrogen economy roadmap in 2019, which aims to produce around 2.1 GW of micro fuels for residential sector by 2040. Many other regions such as united states of America, Europe and Japan have introduced similar programmes and plans to increase their clean energy production which is driving the market for micro CHP market during the forecast period.
MICRO COMBINED HEAT & POWER (CHP)s Market Report Coverage
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global MICRO COMBINED HEAT & POWER (CHP)s market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Contents
Research Methodology for the MICRO COMBINED HEAT & POWER (CHP)s Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global MICRO COMBINED HEAT & POWER (CHP)s market were the three major steps undertaken to create and analyze the adoption of MICRO COMBINED HEAT & POWER (CHP)s in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global MICRO COMBINED HEAT & POWER (CHP)s market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the MICRO COMBINED HEAT & POWER (CHP)s market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the MICRO COMBINED HEAT & POWER (CHP)s market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as Prime Mover, Capacity Analysis, Fuel, and Application. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the MICRO COMBINED HEAT & POWER (CHP)s market. Further, we conducted factor analysis using dependent and independent variables such as various Prime Mover, Capacity Analysis, Fuel, and Application of MICRO COMBINED HEAT & POWER (CHP)s. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the MICRO COMBINED HEAT & POWER (CHP)s market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global MICRO COMBINED HEAT & POWER (CHP)s market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the MICRO COMBINED HEAT & POWER (CHP)s market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global MICRO COMBINED HEAT & POWER (CHP)s market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global MICRO COMBINED HEAT & POWER (CHP)s market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Prime Mover, Capacity Analysis, Fuel, and Application in the global MICRO COMBINED HEAT & POWER (CHP)s market.
The main objective of the Global MICRO COMBINED HEAT & POWER (CHP)s Market Study
The current & future market trends of the global MICRO COMBINED HEAT & POWER (CHP)s market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the MICRO COMBINED HEAT & POWER (CHP)s market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
- Segments in the study include areas of Prime Mover, Capacity Analysis, Fuel, and Application.
- Define and analysis of the regulatory framework for the MICRO COMBINED HEAT & POWER (CHP)s
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
- Analyze the current and forecast market size of the MICRO COMBINED HEAT & POWER (CHP)s market for the major region.
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World.
- Company profiles of the MICRO COMBINED HEAT & POWER (CHP)s market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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