September 03, 2020
According to the research report titled ‘North America Micro 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, North America micro CHP market is anticipated to attain substantial growth during 2020-2026.
For the uninitiated, micro CHP (combined heat & power) is a technology that simultaneously generates heat and electricity and is widely adopted in the domestic market. It is primarily used for heating spaces as well as water and electricity generation in residential establishments. The technology uses larger percentage of fuel energy as compared to conventional methods and enables boilers to generate electricity while parallelly heating water.
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The report claims that increasing awareness pertaining to multiple benefits of micro CHP such as cost-efficient performance and low carbon emissions along with technological advancements are bolstering the growth of North America micro CHP market.
Based on prime mover, the report claims that the sterling engines segment is expected to record significant growth over the analysis timeframe, as these engines can convert eco-friendly, renewable, and low-emission fuels into kinetic energy.
With regards to application, the commercial buildings as well as multi-residential complexes segments are projected to expand considerably through 2026. Factors such as availability of pre-packed systems , technological advancement in the product and cost reduction benefits among small-scale verticals are propelling the growth of the segment.
As per the country-level analysis, Canada is estimated to emerge as a lucrative opportunity for the market remuneration through 2026. The growth is attributed to favorable government initiatives towards introduction and adoption of natural micro CHP systems in commercial as well as residential buildings.
Key players of North America micro CHP market are Aisin Seiki Co., Ltd., Ballard Power System Europe A/S, Marathon Engine Systems, TEDOM a.s., Veolia Environnement S.A., Siemens AG, General Electric Company, Viessmann Manufacturing Company Inc., 2G Energy AG, BDR Thermea Group, and Yanmar Co., Ltd. among others.