The global micro Combined Heat and Power (CHP) market is anticipated to reach a valuation of USD 1,306.5 million in 2023, with an expected rise to USD 2,522.5 million by 2033. This growth reflects a notable CAGR of 6.8% over the forecast period, driven by increasing demand for efficient energy solutions across residential and commercial sectors.
Market growth is being propelled by stringent climate-focused regulations, innovations in the energy sector, and the high efficiency of micro CHP systems that minimize fuel usage while maximizing energy output across applications. The micro CHP systems, generating both heat and power, are particularly influential in residential and commercial sectors that require enhanced energy efficiency and effective waste heat recovery.
Micro CHP systems, typically with capacities ranging from 10 to 50 kW, have gained traction for their dual functionality in heat and energy provision, especially across sectors like education, military, and healthcare. The demand for energy-efficient solutions has also spurred the adoption of m-CHP systems that surpass traditional power generation in efficiency, thus contributing to energy savings, reduced costs, and environmental benefits. Key fuel sources such as natural gas and LPG support a sustainable framework, with the added advantages of cost-efficiency, corrosion resistance, and eco-friendly performance projected to drive industry growth further.
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
Micro CHP Market by Capacity:
- Micro CHP less than 2kW
- Micro CHP from 2 kW to 10 kW
- Micro CHP from 10 kW to 50 kW
Micro CHP Market 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
Micro CHP Market 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
Micro CHP Market 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
Micro CHP Market 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
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