The North American micro CHP market is slated to essay tremendous growth with public and private entities investing excess funds to deliver boosted power to industrial units with the help of sustained power-generating sub-units. As per Future Market Insights, the region is poised to hold 41% of the total micro CHP revenue share in 2022.
Furthermore, constant government prodding and incessant funding for greenhouse development coupled with low power runs and high interoperability will help the market to abundant growth.
The global micro CHP market is predicted to reach US$ 1 billion in 2022. Growth in the energy sector will be fueled by high efficiency, decreased fuel consumption, and increased power manifestations across applications, as well as strict regulation. The overall demand for micro CHP is predicted to grow between 2022 and 2032 at a CAGR of 7.2 percent, reaching about US$ 2.0 billion by that time.
The generation of heat in the residential and commercial sectors to support energy-efficient systems with waste heat generation is the overarching driving force behind the micro CHP system. Another factor propelling the micro CHP market is the reduced need for maintenance and operations.
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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 contribute to the industry’s ongoing expansion.
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 factored 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
- The Asia Pacific is one of the most promising markets, recording a 7% value CAGR
“With the 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 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
- The Middle East & Africa Micro CHP Market
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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 the Middle East & Africa).
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By assisting you in comprehending how the most recent influencers account for operational and strategic transformation in the industrial automation sector, our team of experts in industrial automation supports organisations at every stage of their business strategy. Our experience identifying the trends and challenges affecting the global industrial automation industry offers invaluable insights and support, encasing a strategic perspective that aids in helping you pinpoint pressing problems and come up with workable solutions.
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