The Asia-Pacific micro-CHP market is expected to be one of the fastest growing regions, likely to register a CAGR of 7% through 2032. Stirling engine-based micro-CHP will reign in master, with an 8% CAGR growth through 2032. As industries around the world seek to optimize energy consumption and production, investments in micro-CHP systems are increasing dramatically.
NEWARK, Del., August 5, 2022 /PRNewswire/ — The global micro-CHP market is expected to grow at a pace 7.2% CAGR between 2022 and 2032, totaling approximately 2 billion US dollars, according to a study recently published by Future Market Insights. From 2022, the market is expected to be valued at 1 billion US dollars.
With strict governance in reducing extreme climatic conditions, implemented through technological variations in the energy sector, coupled with high efficiency, reduced fuel consumption and increased power manifestations in applications, will fuel the industry growth.
Heat generation in residential and commercial sectors to accelerate energy efficient systems with waste heat generation is the ubiquitous driving force of the micro CHP system. Another driving consequence of the micro-CHP market is the reduction in maintenance and operations undertaken.
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Between 10 and 50 kW of capacity, micro-CHP is considered the rising technology initiative that combines both heat generation and sustenance with energy efficiency that facilitates streamlined market estimates. Sustained generation of heat in schools, military units and hospitals, led by technology, is contributing to the continued growth of the industry.
A recent push online with energy efficient products and fervent use of locally produced energy resources is on the anvil. Micro-CHP (m-CHP) systems offer higher efficiency than typical conventional electricity generation, making them greater contributors to reduced environmental leakage, energy savings and drastic reduction of overall heating and electricity costs. Balancing with natural gas and LPG as the main heat source, the micro-CHP industry is looking forward to a sustainable ecosystem. Features such as environmental friendliness, cost effectiveness and anti-corrosion production will prove to fuel the growth of the industry.
Key insights from market research
- Industry size of Stirling engine-based micro-CHP expected to observe CAGR above 8% through 2032
- From 2017 to 2021, the demand for micro-CHP has experienced a notable expansion, with a CAGR of 6.7%
- By fuel, sales of micro oil-fired cogeneration systems will proliferate at a CAGR of 6.7% through 2032
- Gas-fired micro-CHP to gain increasing popularity, expected to grow at a CAGR of 6.5%
- North America represent more than 2/5e revenue from the global micro-CHP market in 2022
- Asia Pacific to be one of the most promising markets, registering a CAGR in value of 7%
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“With a growing injection of capital from the private and public sectors and a favorable climate for continued technological upgrades, supported by strong governance in reducing climate extremes, the work remains in unison to drive growth on the micro-CHP market,” notes the IMF analyst.
The major players operating in the Micro CHP industry are relying on strategic partnerships, contracts, mergers and acquisitions, which will positively influence the market trend. Besides, the offering of new product lines also keeps the players in a good position. Here are some notable examples:
- As a leading manufacturer of high-efficiency heating systems and renewable energy, Viessmann’s offerings featured include a full range of heating solutions designed for today that meet the energy challenges of tomorrow. All of our products are future proof 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 environmental impact.
- To provide micro-cogeneration (micro-heat and electricity combined), Axiom Energy Group generates heat and draws electricity on site. In addition, these systems are used to heat homes, commercial buildings and to heat swimming pools. Producing electricity on site saves money. Axiom’s micro cogeneration systems are powered by a liquid-cooled internal combustion (IC) engine with an operating fuel such as propane or natural gas.
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Key segments covered in the Micro CHP industry report
Micro CHP Market by Capacity:
- Micro CHP less than 2kW
- Micro cogeneration from 2 kW to 10 kW
- Micro cogeneration from 10 kW to 50 kW
Micro-cogeneration market by fuel:
- Micro cogeneration powered by natural gas and LPG
- Coal-fired micro cogeneration
- Micro-CHP powered by renewable resources
- Micro oil cogeneration
- Other fuel-powered micro CHP
Micro-CHP market by Prime Mover:
- Micro cogeneration based on the Stirling engine
- Micro cogeneration based on an internal combustion engine
- Fuel cell-based micro-CHP
- Other Micro CHP based on Prime Mover
Microcogeneration Market by Application:
- Micro cogeneration for residential applications
- Space heating/cooling
- Water heating
- Micro cogeneration for commercial applications
- Educational institutes
- Office buildings
- Health buildings
Microcogeneration Market by Region:
- North America micro-CHP market
- Micro-CHP market in Latin America
- European micro-CHP market
- East Asia micro-CHP market
- Micro-CHP market in South Asia
- Micro-CHP market in Oceania
- Middle East and the micro cogeneration market in Africa
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More information available
FMI, in its new offering, presents an unbiased analysis of the global micro-cogeneration market, presenting historical analysis from 2017 to 2021 and forecast statistics for the period 2022-2032.
The study provides an in-depth analysis of the market on the basis of capacity (less than 2 KW, 2-10 KW and 10-50 KW), fuel (natural gas and LPG, coal, renewable resources, petroleum) and engine main (Stirling engine, internal combustion engine, fuel cell and others) in seven major regions (North America, Latin America, Europe, East Asia, South AsiaOceania and Middle East & Africa).
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Future Market Insights (ESOMAR certified market research organization and member of the Greater New York Chamber of Commerce) provides detailed insights into the driving factors that increase the demand in the market. It reveals opportunities that will drive market growth in various segments based on source, application, sales channel, and end-use over the next 10 years.
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