Global Micro Combined Heat and Power Market to Record Substantial Growth Over 2020-2026

May 22, 2020

As per the report titled ‘Micro Combined Heat & Power (CHP) Market Size By Capacity, By Fuel, By Prime Mover, By Application, Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 - 2026’, available with Market Study Report LLC, global micro combined heat and power market is expected to see remunerative growth through 2026.

Stringent government regulations for limiting carbon emissions, soaring energy demands from the ever-growing population, and shifting preference towards sustainable solutions such as co-generation technologies are the major growth drivers of global micro combined heat and power industry.

Micro combined heat & power (CHP) system produces both heat and electricity simultaneously using a common energy source. Micro-CHP usually outputs heat with generation of electricity at a ratio of 6:1 for domestic appliances. Domestic micro-CHP is currently powered by LPG or main gas. These systems are considered to be low carbon technology as they are comparatively more efficient than burning fossil fuel for heat or electricity supplied from the national grid. Moreover, the size and shape of these systems are similar to domestic boilers and could be wall hung or floor standing. Thus, factors such low carbon emissions, easy installation, and energy & cost saving benefits are encouraging the product use.

Based on the capacity, < 2kW segment is poised to see modest growth over the forecast timeline. Preference for reliable, efficient, and continuous power supply for applications such as space heating, hot water supply, and electricity across single & multi-family households is stimulating the demand for <2kW CHP units.  

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Speaking of the application spectrum, residential segment is anticipated to record a significant growth over the study duration. Surging adoption of dependable heat & electricity generation solutions along with focus towards reducing electricity bills are leading to increased deployment of sustainable micro CHP units in residential areas, especially in luxury homes.

Considering the regional outlook, North America micro combined heat and power market is projected to see substantial growth during 2020-2026. Factors such as federal and state incentives for CHP units, resiliency initiatives, environmental regulations, and utility support are augmenting the regional market expansion.

Major players operating in global micro combine heat & power market are BDR Thermea Group, Yanmar, 2G Energy AG, General Electric, Viessmann Manufacturing Company Inc., Siemens, Vaillant, Veolia, Marathon Engine System, Ballard Power System Europe A/S, Micro Turbine Technology B.V., Aisin Seiki Co. Ltd., Samad Power, and TEDOM.

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