CHICAGO, May 13, 2024
/PRNewswire/ -- Micro Combined Heat and Power Market in
terms of revenue was estimated to be worth $3.1 billion in 2024 and is poised to reach
$4.8 billion by 2029, growing at a
CAGR of 9.4% from 2024 to 2029 according to a new report by
MarketsandMarkets™.
The demand for Micro combined heat and power (MCHP) is growing
due to its efficiency in generating electricity and capturing waste
heat for heating or cooling purposes, reducing energy costs and
emissions. It offers benefits like increased energy efficiency,
lower operational costs, and enhanced grid resilience. MCHP systems
are used in various sectors like commercial, and residential
complexes to meet energy needs sustainably.
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Browse in-depth TOC on "Micro Combined Heat and Power
Market"
203 - Tables
64 - Figures
215 -
Pages
Micro Combined Heat and Power Market Scope:
Report
Coverage
|
Details
|
Market Revenue in
2024
|
$3.1 billion
|
Estimated Value by
2029
|
$4.8 billion
|
Growth Rate
|
Poised to grow at a
CAGR of 9.4%
|
Market Size Available
for
|
2021–2029
|
Forecast
Period
|
2024–2029
|
Forecast
Units
|
Value (USD
Million/Billion)
|
Report
Coverage
|
Revenue Forecast,
Competitive Landscape, Growth Factors, and Trends
|
Segments
Covered
|
Capacity, type,
technology, Application, and region
|
Geographies
Covered
|
Asia Pacific, North
America, Europe, Rest of the World
|
Report
Highlights
|
Updated financial
information / product portfolio of players
|
Key Market
Opportunities
|
Replacement of boiler
with Micro CHP system
|
Key Market
Drivers
|
Government programs and
incentives to promote Micro CHP
|
Residential, by Application, is expected to grow by the
largest segment during the forecast period.
Based on application, the Micro Combined Heat and Power Market
has been segmented into residential and commercial. The residential
segment of Micro CHP market is expected to grow the largest due to
rising environmental awareness among homeowners, promoting
sustainable and energy-efficient solutions. Micro CHP systems, by
generating heat and electricity simultaneously, enhance energy
efficiency and reduce reliance on traditional power sources,
appealing to environmentally conscious consumers. Technological
advancements have made these systems more accessible and
affordable, further driving their adoption. Moreover, government
incentives and regulatory support aimed at clean energy adoption
provide additional impetus for homeowners to invest in Micro CHP
systems.
The < 5 kW segment by Capacity is expected to grow fastest
during the forecast period.
This report segments the Micro Combined Heat and Power Market
based on capacity into <5Kw, 5-10kW, 10-50kW. The <5kW
segment is expected to grow as the fastest in the Micro Combined
Heat and Power Market due to advancements in technology that have
resulted in more efficient and cost-effective smaller-scale units.
These systems are tailored to meet the energy demands of
residential and small commercial buildings, catering to a growing
trend towards decentralized energy generation.
Government incentives and policies further support this growth by
promoting small-scale renewable and efficient energy technologies.
Additionally, the flexibility and on-site energy generation
capabilities of <5kW Micro CHP systems make them highly
appealing to users seeking to reduce transmission losses and
improve overall energy efficiency, driving their accelerated
adoption.
Europe is expected to be the
second largest growing region in the Micro Combined Heat and Power
Market.
Europe is expected to be the
second largest growing region in Micro Combined Heat and Power
Market during the forecast period. The Europe region has been subdivided into five
key countries: Germany, UK,
Italy, Netherlands and Rest of Europe. Rest of Europe includes Belgium, Denmark, and Spain.
The Micro Combined Heat and Power Market is flourishing in the
Europe due to strong emphasis on
sustainability and energy efficiency, promoting the adoption of
Micro CHP systems. The region's well-established market
infrastructure for renewable energy technologies, coupled with
supportive government policies, incentives, and subsidies, further
fuels market growth.
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Key Market Players of Micro Combined Heat and
Power Industry:
Some of the major players in the Micro Combined Heat and
Power Market are AISIN CORPORATION (Japan), 2G Energy (Germany), BOSCH INDUSTRIEKESSEL GMBH
(Germany), KyungDong Navien
(South Korea), and YANMAR HOLDINGS
CO., LTD. (Japan). The major
strategies adopted by these players include sales contracts,
product launches, investments, collaborations, partnerships, and
expansions.
Recent Developments of Micro Combined Heat and
Power Industry:
- In September 2023, BDR Thermea
Group acquired 25 percent stake to strengthen its strategic
partnerships with G.I. Holding, expanding its offering of energy
transition solutions for commercial and industrial customers.
- In June 2021, Toyota City and
AISIN are partnering to promote household co-generation systems
(ENE-FARM) with IoT technology. This Japan-first project uses IoT to measure CO2
reduction and sell credits to local companies, creating a green
economic cycle.
- In August 2023, 2G Energy expands
its core cogeneration business by acquiring Dutch heat pump
manufacturer NRGTEQ, adding an innovative division to its
portfolio. This move aligns with the growing political emphasis on
electrifying the heating sector, showcasing 2G Energy's commitment
to diverse and sustainable energy solutions.
- In October 2018, Bosch acquired
ADS-TEC Energy for pooling its activities in the electric storage
market. Bosch Thermotechnology acquires a 39% stake in ADS-TEC
Energy. One of the drivers that facilitated this acquisition is the
development of new products & solutions in integrating
renewable energy & electromobility with the heat sector.
The primary interviews conducted for this report can be
categorized as follows:
- By Company Type: Tier 1- 65%, Tier 2- 24%, and Tier 3- 11%
- By Designation: C-Level- 30%, Director Levels- 25%, and Others-
45%
- By Region: North America- 27%,
Europe- 20%, Asia Pacific- 33%, the Middle East & Africa- 8%, and South America- 12%
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Micro Combined Heat and Power Market - Key Benefits of
Buying the Report:
The report defines, describes, and forecasts the global Micro
Combined Heat and Power Market, by capacity, type, technology,
application and region. It also offers a detailed qualitative and
quantitative analysis of the market. The report provides a
comprehensive review of the major market drivers, restraints,
opportunities, and challenges. It also covers various important
aspects of the market. These include an analysis of the competitive
landscape, market dynamics, market estimates, in terms of value,
and future trends in the Micro Combined Heat and Power Market.
The report provides insights on the following
pointers:
- Analysis of major drivers (Government programs and incentives
to promote MCHP), restraints (Economic feasibility of MCHP
systems), opportunities (Rise in deployment of micro-CHP systems),
challenges (Greenhouse emissions regulations in various countries
could be a barrier for new CHP's running on fossil fuels)
influencing the Micro Combined Heat and Power Market.
- Product Development/ Innovation: Players involved in the Micro
Combined Heat and Power Market are investing in research and
development activities and are coming up with new products in order
to maintain their competitive edge in the market. 2G Energy
expanded its aura series with two engines, namely, aura 408 and
aura 412. Aura 408 has an electrical output of 280 kW. Aura 412 has
an electrical output of 420 kW.
- Market Development: The global Micro Combined Heat and Power
Market is experiencing robust development due to the supportive
policies and incentives from governments and regulatory bodies.
Measures such as feed-in tariffs, tax credits, and renewable energy
targets encourage investment in MCHP projects and create a
favorable market environment for manufacturers and developers.
- Market Diversification: BDR Thermea group, a prominent provider
of Engine based CHP systems worldwide, has bolstered its smart
indoor climate solutions portfolio by acquiring a majority stake in
Eurevia, a prominent French developer of ducted heating and cooling
systems.
- Competitive Assessment: In-depth assessment of market shares,
growth strategies, and service offerings of leading players like
AISIN CORPORATION (Japan), 2G
Energy (Germany), BOSCH
INDUSTRIEKESSEL GMBH (Germany),
KyungDong Navien (South Korea),
and YANMAR HOLDINGS CO., LTD. (Japan) among others in the Micro Combined Heat
and Power Market.
Related Reports:
Fuel Cell Market - Global Forecasts to 2028
Power Plant Boiler Market - Global Forecasts
to 2025
Get access to the latest updates on Micro Combined Heat and
Power Companies and Micro Combined Heat and Power Industry
Growth
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