The global micro CHP (Combined Heat and Power) market is expected to grow at a CAGR of 6.8% from 2023 to 2033, reaching a total valuation of approximately USD 2,522.5 million by 2033, up from USD 1,306.5 million in 2023, according to a recent study by Future Market Insights.
Market growth is being driven by stringent regulations aimed at reducing extreme climate conditions, advancements in energy sector technology, and the high efficiency of micro CHP systems. These systems are known for their lower fuel consumption and increased power output, making them an attractive choice for various applications.
The growing demand for energy-efficient systems in residential and commercial sectors, along with waste heat generation, is a major driving factor for the micro CHP market. Additionally, the reduced maintenance and operational costs associated with these systems further support market expansion.
Micro CHP systems with capacities ranging from 10 to 50 kW are increasingly being adopted, combining heat generation with energy efficiency to support steady market growth. The use of micro CHP systems in settings such as schools, military units, and hospitals has been bolstered by technological advancements.
The market is also benefiting from a surge in demand for energy-efficient products and the use of domestically generated energy resources. Micro-cogeneration (m-CHP) systems, which offer greater efficiency than traditional power generation methods, contribute significantly to energy savings, cost reduction, and environmental protection. The industry’s focus on sustainability, driven by the use of natural gas and LPG as primary heat sources, is expected to further fuel its growth, with additional benefits such as environmental friendliness and cost-efficiency.
Key Takeaways from the Market Study
- Stirling engine-based micro CHP industry size is projected to observe over 8% CAGR through 2032
- From 2017 to 2021, demand for micro CHP experienced noteworthy expansion, clocking a CAGR of 6.7%
- By fuel, oil-fuelled micro CHP systems sales to proliferate at a 6.7% CAGR until 2032
- Gas-fuelled micro CHP to acquire surging popularity, forecast to grow at a 6.5% CAGR
- North America to account for more than 2/5th of global micro CHP market revenue in 2022
- Asia Pacific to be one of the most promising markets, recording a 7% value CAGR
Competitive Landscape
Major players operating across the micro CHP industry rely on strategic partnerships, contracts, mergers, and acquisitions, which will positively influence the market trend. Besides, offering new product lines also keeps players in good stead. Some notable examples are as follows:
As a principal manufacturer of high-efficiency heating and renewable energy systems, Viessmann offers on display comprise a complete range of heating solutions designed for today, that meet the energy challenges of tomorrow. All of our products are designed with the future in target, and built to last so you can enjoy many years of worry-free home comfort. Viessmann also offers mobile and smart home solutions to add control and convenience, so you can save time and money and help reduce the environmental effect.
For providing micro CHP (micro combined heat and power), Axiom Energy Group generates heat and derives electricity on site. Plus, these systems are used in heating homes, commercial buildings and for heating pools. Generating electricity on site helps save money. Micro CHP systems of Axiom are powered up by a liquid cooled internal combustion (IC) engine with operating fuel as propane or natural gas.
Key Segments Covered in the Micro CHP Industry Report
By Capacity:
- Micro CHP less than 2kW
- Micro CHP from 2 kW to 10 kW
- Micro CHP from 10 kW to 50 kW
By Fuel:
- Natural Gas & LPG-powered Micro CHP
- Coal-powered Micro CHP
- Renewable Resources-powered Micro CHP
- Oil-powered Micro CHP
- Other Fuel-powered Micro CHP
By Prime Mover:
- Stirling Engine-based Micro CHP
- Internal Combustion Engine-based Micro CHP
- Fuel Cell-based Micro CHP
- Other Prime Mover-based Micro CHP
By Application:
- Micro CHP for Residential Applications
- Space Heating/Cooling
- Water Heating
- Cooking
- Lighting
- Others
- Micro CHP for Commercial Applications
- Educational Institutes
- Office Buildings
- Healthcare Buildings
- Others
By Region:
- North America Micro CHP Market
- Latin America Micro CHP Market
- Europe Micro CHP Market
- East Asia Micro CHP Market
- South Asia Micro CHP Market
- Oceania Micro CHP Market
- Middle East & Africa Micro CHP Market
Report Preview: https://www.futuremarketinsights.com/reports/micro-chp-market
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-347-918-3531
For Sales Enquiries: sales@futuremarketinsights.com
Website: https://www.futuremarketinsights.com
LinkedIn| Twitter| Blogs | YouTube