Global MICRO COMBINED HEAT & POWER (CHP) Market is expected to foresee significant growth. APAC to lead the growth!
- Himanshu Patni
- August 12, 2023
- ELECTRONICS & SEMICONDUCTOR, NEWS
- Micro Combined Heat & Power (CHP) Market, Micro Combined Heat & Power (CHP) Market growth, Micro Combined Heat & Power (CHP) Market share, Micro Combined Heat & Power (CHP) Market size, Micro Combined Heat & Power (CHP) Market trends
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MICRO COMBINED HEAT & POWER (CHP) is defined as a machine that generates both usable heat and electricity. The technology was developed to increase the amount of energy harnessed when burning fuel to generate electricity, thereby increasing the efficiency of the combustion process. The primary benefit of micro CHP is that the technology utilizes a greater percentage of the energy stored in the fuel than traditional alternative products such as boilers. Micro CHP boilers not only create heat for spaces and hot water like a conventional boiler, but also produce electricity which can be used by the consumer. The heat is the by-product of the electricity generation process that actually heats the residence. The MICRO COMBINED HEAT & POWER (CHP) market is anticipated to grow on account of its distinct features and better performance compared to a traditional boiler, along with cleaner energy production and electricity generation. Furthermore, governments of various regions are promoting the use of clean energy and lower carbon emissions by giving subsidies and promoting micro CHP boilers which would further boost the micro CHP market during the projected period.
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The MICRO COMBINED HEAT & POWER (CHP) Market is expected to grow at a steady rate of around 10.8% owing to the increasing demand for clean energy coupled with the growing attention to carbon emissions. 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, the government of Japan initiated the ENE-FARM deployment program for residential fuel cell micro combined heat and power systems. Under this program, Japan aimed to reach a milestone of 400,000 units installations by 2021. The country planned to ramp up the installations of micro CHP systems and has planned to deploy 5.3 million units by 2030 in the residential sector of the country.
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%.
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 are 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.
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.
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.
For a detailed analysis of the Global MICRO COMBINED HEAT & POWER (CHP) Market browse through– https://univdatos.com/report/micro-combined-heat-power-chp-market/
For a better understanding of the market adoption of the MICRO COMBINED HEAT & POWER (CHP) industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, India, Japan, Rest of Asia-Pacific), Rest of World. 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.
Some of the major players operating in the market include 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.
Global MICRO COMBINED HEAT & POWER (CHP) Market Segmentation
Market Insight, by Prime Mover
· Stirling Engine
· Internal Combustion Engine
· Fuel Cell
Market Insight, by Capacity Analysis
· Up to 2 kW
· 2-10 kW
· 10-50 kW
Market Insight, by Fuel
· natural gas
· renewable resources
Market Insight, by Application
Market Insight, by Region
· North America
o Rest of North America
o Rest of Europe
o Rest of Asia-Pacific
· Rest of the World
Top Company Profiles
· YANMAR HOLDINGS Co.Ltd.
· General Electric
· EDF Energy NA
· 2G Energy AG
· SAMAD POWER LTD
· Vaillant Group
· Viessmann Manufacturing Company Inc.
· Axiom Energy Group, LLC.
· Micro Turbine Technology B.V.