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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Micro Combined Heat and Power Market Scope:

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.

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