Micro Combined Heat And Power Chp Market
PUBLISHED: 2022 ID: SMRC22112
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Micro Combined Heat And Power Chp Market

Micro Combined Heat and Power (CHP) Market Forecasts to 2028 - Global Analysis By Capacity (Up to 2 kW, 2 - 10 kW and 10 - 50 kW), Prime Mover (Stirling Engine, Internal Combustion (IC) Engine, Fuel Cell and Other Prime Movers), Fuel (Hydrogen, Natural Gas and Other Fuels), Technology (Current Technologies, Related Technologies and Other Technologies), Application (Commercial and Residential) and Geography

4.6 (21 reviews)
4.6 (21 reviews)
Published: 2022 ID: SMRC22112

This report covers the impact of COVID-19 on this global market
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Years Covered

2020-2028

Estimated Year Value (2022)

US $3.83 BN

Projected Year Value (2028)

US $5.41 BN

CAGR (2022 - 2028)

5.92%

Regions Covered

North America, Europe, Asia Pacific, South America, and Middle East & Africa

Countries Covered

US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa

Largest Market

Asia Pacific

Highest Growing Market

North America

According to Stratistics MRC, the Micro Combined Heat and Power (CHP) Market is accounted for $3.83 billion in 2022 and is expected to reach $5.41 billion by 2028 growing at a CAGR of 5.92% during the forecast period. Cogeneration plants are also known as micro CHPs. In a single integrated system, this generates both thermal energy and electricity. These technologies reduce greenhouse gas emissions, ensure efficient power generation, and require less fuel to generate energy.

According to World Green Building Council (WGBC), approximately 28% of global CO2 comes from building operations due to the energy used for cooling, heating, and power. Therefore, to reduce the emissions of CO from buildings micro type of CHP systems are used owing to their energy-efficient technology. There is no transmission loss and the device provides additional power to the buildings received from the grid, helping to reduce power costs.



Market Dynamics:

Driver:

Growing Demand for Clean Energy

During the forecast period the Global Micro Combined Heat and Power (CHP) Market is expected to drive growth due to the rise in demand for clean energy, and the demand for micro CHP will be impacted by the increased focus on carbon emissions. Reduced air pollution is a variety of economic and environmental advantages of clean energy. A varied clean energy supply also minimizes the dependence on imported fuels, related monetary and environmental costs.

Restraint:

High Installation and Maintenance Costs

The Global Micro Combined Heat and Power (CHP) Market is expected to hinder growth during the forecast period as a result of increasing urbanisation and industrialisation to preserve their spaces and create cities to use clean, renewable energy sources. A motor is a component used in a combined heat and power plant which generates mechanical power. The maintenance and high expense is required for Stirling engines, reciprocating internal combustion engines and many other micro CHP systems. The micro combined heat and power market may experience slow expansion due to high installation and maintenance costs. Customers in developing nations do not want to spend a lot of money on equipment maintenance. These factors raise the product's operating expenses.

Opportunity:

Government Initiative and Policies and Technology Development

The Global Micro Combined Heat and Power (CHP) Market is expected to drive growth during the forecast period as this method was designed to increase the energy that is used to burn fuel in order to generate electricity, thereby improving the efficiency of the combustion process. The market for micro CHP will grow as a result of these features and technology. Apartment blocks, restaurants, hotels, shops, medical facilities, clinics, and factories can be found everywhere. This market is a priority of government as well.

Threat:

Availability of natural gas

During the forecast period it is predicted that the low price of natural gas in different regions will limit market expansion, so the Global Micro Combined Heat and Power (CHP) Market is expected to hamper growth. Consumers are attracted to natural gas because of its low cost, which has a negative effect on the demand for combined heat and power (CHP). Therefore, this will be a major obstacle for the expansion of micro combined heat and power (CHP) market.

Covid-19 Impact:

Ongoing investments made by the private and public sectors in clean energy sources around the world will accelerate the market's expansion. After the outbreak, the market demand is anticipated to improve since there will be a higher preference for achieving net-zero carbon emission and renewable energy targets. For instance, several governments throughout the world have set an objective of achieving net-zero carbon emissions, and they are attempting to do so by focusing on and increasing their investment in sustainable energy production. As a result, many countries like Japan, US and European nations are expected to find CHPs to be an attractive cogeneration technology, which has contributed in nominal market growth over the past several years.

The Up to 2 kW segment is expected to be the largest during the forecast period

The Up to 2 kW segment is expected to have a lucrative growth due to rising installation objectives and micro CHP's higher operational efficiency in homes when compared to other capacities. The global market for 2kW-capable cogeneration units will grow faster as their use in residential and commercial infrastructure becomes more widespread.

The fuel cell segment is expected to have the highest CAGR during the forecast period

The fuel cell segment is anticipated to witness the highest CAGR during the forecast period due to advantages such as emissions-free operation, effective power generation, and silent operation. Furthermore, as fuel cells can achieve overall efficiencies in the range of 65-95%, these are the technology with the highest CAGR across all market segments.

Region with largest share:

Asia Pacific is expected to account for the largest share of the global Micro Combined Heat and Power (CHP) market during the forecast period as the most powerful nation in this region is Japan. Several developing nations, like China and South Korea, contribute to the growth of the regional market because they are energy-efficient, capable of producing CHP (combined heat and power) at the same time and will provide reliable energy supply in the future.

Region with highest CAGR:

North America is projected to have the highest CAGR over the forecast period due to favorable governmental policies and an increase in market demand for the production of sustainable energy. Additionally, the business scenario will tend to move more rapidly owing to ongoing technical innovations which will increase energy efficiency and boost peak capacity demand across the grid.



Key players in the market

Some of the key players in Micro Combined Heat and Power (CHP) Market include Dantherm Power, BDR Thermea Group, Axiom Energy Group, LLC, Enginuity Power Systems, Siemens Energy, Aisin Corporation, 2G Energy AG, Solid Power, Vaillant Group, EC Power A/S, Honda Power, Biomass Engineering Limited, Helbio S.A, Navien Inc, Total Energy Systems and Yanmar Energy System Co., Ltd.

Key Developments:

In January 2022, Total Energy Systems, a provider of critical power solutions to the upper Midwest, announced it had been named an authorized distributor for Gridiron onsite power generation systems. Products from Houston, Texas-based Gridiron include the Power Plant H24 micro combined heat and power unit that runs on renewable natural gas or propane.

In March 2021, Yanmar Energy System Co., Ltd., a subsidiary of Yanmar Holdings, has signed an agreement with 2G Energietechnik GmbH (2G), a subsidiary of 2G Energy AG, for the sale of 2G's gas cogeneration systems as part of efforts decarbonization of Yanmar.

Capacities Covered:
• Up to 2 kW
• 2 – 10 kW
• 10 – 50 kW

Prime Movers Covered:
• Stirling Engine
• Internal Combustion (IC) Engine
• Fuel Cell
• Other Prime Movers

Fuels Covered:
• Hydrogen
• Natural Gas
• Renewable Resources
• LPG
• Oil
• Coal
• Biogas

Technologies Covered:
• Current Technologies
• Related Technologies
• Complementary Devices
• Micro Chip Fuel Input
• Advanced Technologies

Applications Covered:
• Commercial
• Residential

Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances

Table of Contents

1 Executive Summary

2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions

3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Technology Analysis
3.7 Application Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19

4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry

5 Global Micro Combined Heat and Power (CHP) Market, By Capacity
5.1 Introduction
5.2 Up to 2 kW
5.3 2 – 10 kW
5.4 10 – 50 kW

6 Global Micro Combined Heat and Power (CHP) Market, By Prime Mover
6.1 Introduction
6.2 Stirling Engine
6.3 Internal Combustion (IC) Engine
6.4 Fuel Cell
6.5 Other Prime Movers

7 Global Micro Combined Heat and Power (CHP) Market, By Fuel
7.1 Introduction
7.2 Hydrogen
7.3 Natural Gas
7.4 Renewable Resources
7.5 LPG
7.6 Oil
7.7 Coal
7.8 Biogas

8 Global Micro Combined Heat and Power (CHP) Market, By Technology
8.1 Introduction
8.2 Current Technologies
8.2.1 Micro Turbine
8.2.2 External Combustion Engine
8.3 Related Technologies
8.3.1 Energy Storage
8.3.1.1 Electrical
8.3.1.2 Thermal
8.3.2 Smart Grid
8.3.3 Load Management
8.4 Complementary Devices
8.4.1 Absorption chillers
8.4.2 Desiccant devices
8.4.3 Heat exchangers
8.4.4 Buffer tanks
8.5 Micro Chip Fuel Input
8.6 Advanced Technologies
8.6.1 Thermo-ionic
8.6.2 Thermo-voltaic

9 Global Micro Combined Heat and Power (CHP) Market, By Application
9.1 Introduction
9.2 Commercial
9.2.1 Healthcare buildings
9.2.2 Educational institutes
9.2.3 Office buildings
9.2.4 Other Commercials
9.3 Residential
9.3.1 Space heating/cooling
9.3.2 Cooking
9.3.3 Water heating
9.3.4 Lighting
9.3.5 EV Charging
9.3.6 Other Residentials

10 Global Micro Combined Heat and Power (CHP) Market, By Geography
10.1 Introduction
10.2 North America
10.2.1 US
10.2.2 Canada
10.2.3 Mexico
10.3 Europe
10.3.1 Germany
10.3.2 UK
10.3.3 Italy
10.3.4 France
10.3.5 Spain
10.3.6 Rest of Europe
10.4 Asia Pacific
10.4.1 Japan
10.4.2 China
10.4.3 India
10.4.4 Australia
10.4.5 New Zealand
10.4.6 South Korea
10.4.7 Rest of Asia Pacific
10.5 South America
10.5.1 Argentina
10.5.2 Brazil
10.5.3 Chile
10.5.4 Rest of South America
10.6 Middle East & Africa
10.6.1 Saudi Arabia
10.6.2 UAE
10.6.3 Qatar
10.6.4 South Africa
10.6.5 Rest of Middle East & Africa

11 Key Developments
11.1 Agreements, Partnerships, Collaborations and Joint Ventures
11.2 Acquisitions & Mergers
11.3 New Product Launch
11.4 Expansions
11.5 Other Key Strategies

12 Company Profiling
12.1 Dantherm Power
12.2 BDR Thermea Group
12.3 Axiom Energy Group, LLC
12.4 Enginuity Power Systems
12.5 Siemens Energy
12.6 Aisin Corporation
12.7 2G Energy AG
12.8 Solid Power
12.9 Vaillant Group
12.10 EC Power A/S
12.11 Honda Power
12.12 Biomass Engineering Limited
12.13 Helbio S.A
12.14 Navien Inc
12.15 Total Energy Systems
12.16 Yanmar Energy System Co., Ltd

List of Tables
1 Global Micro Combined Heat and Power (CHP) Market Outlook, By Region (2020-2028) ($MN)
2 Global Micro Combined Heat and Power (CHP) Market Outlook, By Capacity (2020-2028) ($MN)
3 Global Micro Combined Heat and Power (CHP) Market Outlook, By Up to 2 kW (2020-2028) ($MN)
4 Global Micro Combined Heat and Power (CHP) Market Outlook, By 2 – 10 kW (2020-2028) ($MN)
5 Global Micro Combined Heat and Power (CHP) Market Outlook, By 10 – 50 kW (2020-2028) ($MN)
6 Global Micro Combined Heat and Power (CHP) Market Outlook, By Prime Mover (2020-2028) ($MN)
7 Global Micro Combined Heat and Power (CHP) Market Outlook, By Stirling Engine (2020-2028) ($MN)
8 Global Micro Combined Heat and Power (CHP) Market Outlook, By Internal Combustion (IC) Engine (2020-2028) ($MN)
9 Global Micro Combined Heat and Power (CHP) Market Outlook, By Fuel Cell (2020-2028) ($MN)
10 Global Micro Combined Heat and Power (CHP) Market Outlook, By Other Prime Movers (2020-2028) ($MN)
11 Global Micro Combined Heat and Power (CHP) Market Outlook, By Fuel (2020-2028) ($MN)
12 Global Micro Combined Heat and Power (CHP) Market Outlook, By Hydrogen (2020-2028) ($MN)
13 Global Micro Combined Heat and Power (CHP) Market Outlook, By Natural Gas (2020-2028) ($MN)
14 Global Micro Combined Heat and Power (CHP) Market Outlook, By Renewable Resources (2020-2028) ($MN)
15 Global Micro Combined Heat and Power (CHP) Market Outlook, By LPG (2020-2028) ($MN)
16 Global Micro Combined Heat and Power (CHP) Market Outlook, By Oil (2020-2028) ($MN)
17 Global Micro Combined Heat and Power (CHP) Market Outlook, By Coal (2020-2028) ($MN)
18 Global Micro Combined Heat and Power (CHP) Market Outlook, By Biogas (2020-2028) ($MN)
19 Global Micro Combined Heat and Power (CHP) Market Outlook, By Technology (2020-2028) ($MN)
20 Global Micro Combined Heat and Power (CHP) Market Outlook, By Current Technologies (2020-2028) ($MN)
21 Global Micro Combined Heat and Power (CHP) Market Outlook, By Micro Turbine (2020-2028) ($MN)
22 Global Micro Combined Heat and Power (CHP) Market Outlook, By External Combustion Engine (2020-2028) ($MN)
23 Global Micro Combined Heat and Power (CHP) Market Outlook, By Related Technologies (2020-2028) ($MN)
24 Global Micro Combined Heat and Power (CHP) Market Outlook, By Energy Storage (2020-2028) ($MN)
25 Global Micro Combined Heat and Power (CHP) Market Outlook, By Smart Grid (2020-2028) ($MN)
26 Global Micro Combined Heat and Power (CHP) Market Outlook, By Load Management (2020-2028) ($MN)
27 Global Micro Combined Heat and Power (CHP) Market Outlook, By Complementary Devices (2020-2028) ($MN)
28 Global Micro Combined Heat and Power (CHP) Market Outlook, By Absorption chillers (2020-2028) ($MN)
29 Global Micro Combined Heat and Power (CHP) Market Outlook, By Desiccant devices (2020-2028) ($MN)
30 Global Micro Combined Heat and Power (CHP) Market Outlook, By Heat exchangers (2020-2028) ($MN)
31 Global Micro Combined Heat and Power (CHP) Market Outlook, By Buffer tanks (2020-2028) ($MN)
32 Global Micro Combined Heat and Power (CHP) Market Outlook, By Micro Chip Fuel Input (2020-2028) ($MN)
33 Global Micro Combined Heat and Power (CHP) Market Outlook, By Advanced Technologies (2020-2028) ($MN)
34 Global Micro Combined Heat and Power (CHP) Market Outlook, By Thermo-ionic (2020-2028) ($MN)
35 Global Micro Combined Heat and Power (CHP) Market Outlook, By Thermo-voltaic (2020-2028) ($MN)
36 Global Micro Combined Heat and Power (CHP) Market Outlook, By Application (2020-2028) ($MN)
37 Global Micro Combined Heat and Power (CHP) Market Outlook, By Commercial (2020-2028) ($MN)
38 Global Micro Combined Heat and Power (CHP) Market Outlook, By Healthcare buildings (2020-2028) ($MN)
39 Global Micro Combined Heat and Power (CHP) Market Outlook, By Educational institutes (2020-2028) ($MN)
40 Global Micro Combined Heat and Power (CHP) Market Outlook, By Office buildings (2020-2028) ($MN)
41 Global Micro Combined Heat and Power (CHP) Market Outlook, By Other Commercials (2020-2028) ($MN)
42 Global Micro Combined Heat and Power (CHP) Market Outlook, By Residential (2020-2028) ($MN)
43 Global Micro Combined Heat and Power (CHP) Market Outlook, By Space heating/cooling (2020-2028) ($MN)
44 Global Micro Combined Heat and Power (CHP) Market Outlook, By Cooking (2020-2028) ($MN)
45 Global Micro Combined Heat and Power (CHP) Market Outlook, By Water heating (2020-2028) ($MN)
46 Global Micro Combined Heat and Power (CHP) Market Outlook, By Lighting (2020-2028) ($MN)
47 Global Micro Combined Heat and Power (CHP) Market Outlook, By EV Charging (2020-2028) ($MN)
48 Global Micro Combined Heat and Power (CHP) Market Outlook, By Other Residentials (2020-2028) ($MN)

Note: Tables for North America, Europe, Asia Pacific, South America and Middle East & Africa Regions are also represented in the same manner as above.

List of Figures

RESEARCH METHODOLOGY


Research Methodology

We at Stratistics opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.

Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.

Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.

Data Mining

The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.

Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.

Data Analysis

From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:

  • Product Lifecycle Analysis
  • Competitor analysis
  • Risk analysis
  • Porters Analysis
  • PESTEL Analysis
  • SWOT Analysis

The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.


Data Validation

The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.

We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.

The data validation involves the primary research from the industry experts belonging to:

  • Leading Companies
  • Suppliers & Distributors
  • Manufacturers
  • Consumers
  • Industry/Strategic Consultants

Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.


For more details about research methodology, kindly write to us at info@strategymrc.com

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