June 11, 2020
As per the 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 reckoned to witness substantial growth through 2026.
North America micro CHP market is primarily driven by ongoing technological advancements, as well as cost-effective performance and low-carbon emissions of co-generation technologies.
Micro CHP units are capable of generating both heat and electricity. Ability to utilize larger percentage of energy stored in the fuel than its counterparts is the key advantage of micro combined heat & power units. Moreover, micro CHP boilers for domestic use are capable of heating spaces & water while generating electricity simultaneously. These boilers are powered by gas or LPG, consequently reducing carbon emissions, and can be hung or kept standing.
Request sample copy of this Report: https://www.marketstudyreport.com/request-a-sample/2640079/
Ease of installation, eco-friendly benefits and high efficiency are the key factors encouraging the product adoption. Furthermore, emergence of newer CHP units capable of generating energy through bio-liquids or oil will present new growth opportunities for North America micro CHP market in the coming years.
Based on prime mover, Stirling engines segment is predicted to grow considerably over the estimated timeframe. Stirling engines, also referred to as hot gas engine can convert low-emission, renewable, and environment-friendly fuels into kinetic energy and are ideal for generating low electrical power.
Speaking of the application spectrum, residential segment is expected to see a sizeable growth in the forthcoming years. The growth is attributable to reduced costs, technical enhancements, and availability of pre-packaged systems as per the specified thermal and electrical energy, leading to increased product adoption in small residential sites as well as multi-residential complexes.
North America micro CHP market share from commercial segment will also see growth, fueled by the demand from various institutions and commercial users such has hospitals, hotels, and offices. These sites have substantial energy share of their total operating costs, which can be addressed by a well-balanced and persistent electric & thermal load providing unit like micro CHP.
Considering the geographical outlook, micro CHP industry in Canada is expected to see considerable growth over the forecast timeline. Favorable government initiatives encouraging adoption of CHP across residential as well as commercial sector is supporting the regional market growth.
Key players operating in North America micro CHP market are BDR Thermea Group, Yanmar, 2G Energy AG, General Electric, VIESSMANN Manufacturing Company Inc., Siemens, TEDOM, Veolia, Ballard Power System Europe A/S, Marathon Engine System, and AISIN SEIKI Co. Ltd.