The micro CHP market is projected to experience significant growth in the coming years. The market size is anticipated to reach USD 1,306.5 million in 2023 and is estimated to rise to USD 2,522.5 million by 2033, with a compound annual growth rate (CAGR) of 6.8% during the forecast period.
The need for efficient and environment-friendly heat and power generation has led to the adoption of micro CHP units, which simultaneously generate heat and power and reduce primary energy consumption.
The government’s focus on reducing carbon emissions and improving energy efficiency, along with investments in smart city infrastructure, are also contributing to market growth. Moreover, increasing focus on reducing carbon footprints and generating hot water in residential premises further drives the growth of the residential segment.
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Micro CHP systems have gained momentum across various industries due to their high efficiency, low operating costs, and the ability to produce both heat and electricity. They offer superior thermal energy generation efficiency compared to conventional systems. However, the high cost of equipment and installation can pose a restraint to market growth.
Key Takeaways:
- Micro CHP systems with a capacity of less than 2 kW have captured a significant value share of 45.0% in the market. These systems offer improved energy efficiency, reduced consumption, and lower utility bills.
- Oil-fueled micro-CHP is projected to expand at a CAGR of 6.7% due to urbanization, industrial growth, and technological advancements.
- Stirling engine-based micro-CHP is estimated to register a CAGR of 8% by 2033, driven by low maintenance, reduced noise levels, and minimal carbon emissions.
- Residential applications of micro-CHP systems hold a remarkable value share of 60.4%, driven by the demand for energy efficiency and cost savings.
- North America held 41% of the total micro-CHP revenue share in 2022, driven by investments from public and private entities.
- Asia Pacific region is projected to experience a CAGR of 7% in the micro-CHP market, supported by technological advancements, government funding, and smart city initiatives.
- Japan’s market is predicted to expand at a rate of 6.4% due to government policies promoting sustainability and renewable energy utilization.
Key Developments:
In March 2019, Total Energy Systems, a provider of critical power solutions in the upper Midwest, has been designated as an authorized distributor for Gridiron onsite power production systems. Gridiron’s products include the Power Plant H24 tiny combined heat and power unit, which works on renewable natural gas, natural gas, or propane.
- Viessmann, the United Kingdom-based firm, debuted the Vitovalor CHP mini-CHP series in 2014. Vitovalor has sold over 10,000 units combined with Vitovalor fuel cell technology globally as of today.
- Yanmar Energy Systems, an energy solution supplier in Japan with European headquarters in the Netherlands, launched the premium Yanmar CP25EU CHP system in March 2019. This innovative high-performance micro-cogeneration unit was created in close collaboration with RMB/Energie, a German producer of high-performance cogeneration systems. The new device might also be known as the neoTower M+ in the RMB/Energie family.
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Applications
Integrated micro-CHP system solutions offer a comprehensive approach, addressing energy conservation, pollution reduction, and providing reliable energy for homeowners. Implementing micro-CHP systems in residential settings brings advantages to users, manufacturers, suppliers, and the country as a whole. Homeowners benefit from a cost-effective and dependable energy source, creating a stable home environment. These systems also contribute to reducing fossil fuel use and lowering pollutant and CO2 emissions in power generation, while positively impacting the economy and job market. Compared to traditional home energy systems, micro-CHP systems optimize energy use through heat recovery.
The growing emphasis on reducing carbon footprints is driving market growth in this segment. Increasing recognition of micro-CHP systems for residential hot water generation further supports the growth of the residential segment. As a result, micro-CHP systems can be seen as essential household appliances that efficiently manage all energy needs.