Micro Combined Heat and Power Market Projected to Reach USD 3,870 million, at a 13.5% CAGR by 2030 – Report by Market Research Future (MRFR)
Micro CHP Market Growth Boost by Rising Technology Advancements for High Focus on Carbon Reduction from Power Generating Systems
New York, US, May 30, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Report by MRFR/Market Research Future (MRFR), “Micro Combined Heat and Power Market Information by Capacity, Fuel, Prime Mover, Application, and Region - Forecast till 2030", The micro combined heat and power market can anticipate touching USD 3,870 million by 2030 at a rate of 13.5% from 2022 to 2030.
*Micro Combined Heat and Power Market Overview*
Cogeneration facilities are also referred to as micro CHPs. In a single integrated system, this one generates both thermal energy and electricity. These technologies reduce greenhouse gas emissions, assure efficient power generation, and require less fuel to produce energy. Furthermore, it will advance due to favorable regulations and technical developments. The market is also fostered by the rise in micro CHP demand and the desire for sustainable energy. The demand for CHP is also increasing as a result of the increased use of fossil fuels and other industrial operations, and the adoption of these types of units across a wide range of applications will help the worldwide micro CHP market grow.
*Market Competitive Landscape:*
The renowned firms in the market for micro CHP include
· Honda India Power Products Ltd. (Japan)
· Vaillant Group (Germany)
· Yanmar Holdings Co. (Japan)
· Ceres Power Holdings Plc (UK)
· Qnergy (US)
· Aisin Corporation (Japan)
· BDR Thermea Group (Europe)
· Centrica Plc (Canada)
· Viessmann Group (Germany)
· Dantherm Power (Europe)
· Enginuity Power Systems (US)
· Solid Power (US)
· Among others.
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Micro Combined Heat and Power Market COVID 19 Analysis*
The manufacturing industry has been threatened by the COVID-19 epidemic. The extraordinary measures adopted to stop the virus' spread have made it difficult for several sectors to maintain favorable working conditions. The implementation of severe regulations including nationwide lockdowns to stop the virus's spread has resulted in a major loss of uptime for industries. With a smaller workforce and fewer industrial processes, the COVID-19 outbreak has had little impact on this sector of the economy. A decrease in the number of infected cases, however, led to an uptick in industrial activity.
Additionally, ongoing investments made by the private and public sectors in clean energy sources around the world will accelerate the market's expansion. After the epidemic, the market demand is anticipated to improve since there will be a greater desire for achieving net-zero carbon emission and renewable energy targets. For instance, several governments throughout the world have established a goal of achieving net-zero carbon emissions, and they are attempting to do so by concentrating on and increasing their investment in sustainable energy production. As a result, many nations like Japan, the US, and European nations are expected to find CHPs to be an appealing cogeneration technology, which has resulted in nominal market growth over the past several years.
*Report Scope:*
*Report Metrics* *Details*
Market Size 2030 2030: USD 3,870 Million
CAGR during 2022-2030 13.5% CAGR
Base Year 2021
Forecast 2022-2030
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered Capacity, Fuel, Prime Mover, Application, and Region
Key Market Opportunities Support from governments through incentives and subsidies
Key Market Drivers Need for cost-efficient and competitive energy systems • High focus on carbon reduction from power generating systems
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Micro Combined Heat and Power Market USP Covered:*
*Market Drivers:*
The energy needed for cooling, heating, and power consumption accounts for about 28% of global CO2 emissions, according to the World Green Building Council (WGBC). Due to its energy-efficient design, micro-type CHP systems are therefore employed to lower CO2 emissions from buildings. There is no transmission loss, and the gadget adds to the power the buildings receive from the grid, which helps to lower electricity expenses.
Overall, compared to grid electricity, CHP systems provide energy at a substantially lower cost. within the circumstance. The average combustion rate of a source that is connected to the grid, according to Yanmar, a North American maker of micro-CHP systems, is 33%. In contrast, the device utilizes as much as 87% of the fuel. As governments, energy providers, corporations, and consumers work to cut greenhouse gas emissions while also being environmentally friendly, the systems anticipate a wider range of uses. In the years to come, this might increase the demand for the goods.
Fossil fuels are regarded as a crucial energy source for the production of electricity. Natural gas generated 40% of the country's electricity in 2020, with coal coming in third place with around 19% of the country's total electrical production. These fossil fuels emit greenhouse gases (GHG) into the atmosphere. Greenhouse gases cause climate change by trapping heat and are a major factor in respiratory illnesses brought on by smog and air pollution. They also have a wide range of negative effects on the environment and human health. The use of cogeneration can cut CO2 emissions by up to 30% compared to the traditional generation through boilers and power plants, which is why micro-CHP is becoming more widely accepted in the power generation industry.
As they are frequently utilized to meet the heating and power needs of commercial and residential buildings, it plays a crucial role in the energy sector. In order to further stimulate the market, the government is also planning to adopt renewable energy. For instance, the European Climate Act was passed in 2021 with the goal of bringing greenhouse gas (GHG) emissions in Europe down to zero by the year 2050. By lowering greenhouse gas emissions to the environment, it can assist the area in achieving the zero-emission target by 2050.
*Market Restraints: *
Stirling engines, reciprocating internal combustion engines, and several micro CHP systems all require extensive maintenance and are very expensive. Micro combined heat and power market expansion may be hampered by expensive installation and maintenance costs. Consumers in developing nations do not willing to shell out a lot of money to maintain their goods. The running costs of the product go up as a result of these factors.
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Micro Combined Heat and Power Market Segmentation*
*By Capacity *
The micro combined heat and power market has been divided into three sub-segments based on capacity: up to 2 KW, 2 KW to 10 KW, and 10 to 50 KW. The micro combined heat and power market has been divided into natural gas and LPG, coal, renewable resources, and oil on the basis of fuel.
*By Prime Mover *
The micro combined heat and power market has been divided into three groups based on the primary mover: fuel cells, internal combustion engines, and Stirling engines.
*By Application *
The micro combined heat and power market has been divided into residential and commercial segments based on application.
*Micro Combined Heat and Power Market Regional Insights*
The United States, Canada, and Mexico make up North America. Due to a rise in the development of renewable energy sources and government programs to support the production of electricity through cogeneration or CHP, it is one of the most significant regions in the combined heat and power market. Over the past five years, the micro-combined heat and power (MCHP) market in the area has been dominated by commercial end users, and this trend is anticipated to continue over the projection period.
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https://www.marketresearchfuture.com/checkout?currency=one_user-USD&report_id=1109Asia-Pacific nations are growing quickly in terms of manufacturing and services provided. The world's top producers of carbon dioxide include nations like China and India. However, the rise has also raised emission rates. The demand for lower carbon emissions and the rise in energy efficiency are two of the key factors anticipated to propel the growth of (MCHP) which is micro combined heat and power market in Asia-Pacific.
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