The Micro Combined Heat and Power Market Size is valued at USD 3.06 Bn in 2023 and is predicted to reach USD 5.94 Bn by the year 2031 at an 8.9% CAGR during the forecast period for 2024-2031.
mCHP stands for micro combined heat and power system technology; that is an emerging energy solution, generating electricity and useful heat simultaneously from a single energy source. The most sought-after applications of this technology are residential and light commercial sectors where both heat and electricity demand overlap in many cases. With proper waste heat recovery, efficiencies surpass 80% and can reach up to 90%, whereas in individual heating and electricity supplying systems, the efficiency is only around 50%. They can be run on several fuels including natural gas, propane, and biofuels, making it flexible and adaptable for different environments.
Not only does this involve the lowering of energy cost and reduction in carbon emission, but also provides energy security, which is resolute power in the case of grid outages. Their capability to be integrated with renewable sources like solar or wind becomes ideal for sustainable microgrid solutions. At present, low-carbon and energy-efficient technologies have high market driving capacity, as well as government regulations focusing on reducing carbon footprints. Maintaining the specific cost savings and environmental objectives, both consumers and policymakers endorse these mCHP systems.
Competitive Landscape
Some of the Key Players in Micro Combined Heat and Power Market:
- BDR Thermea Group
- Simons Green Energy
- YANMAR HOLDINGS CO., LTD.
- EC POWER A/S
- TEDOM
- Axiom Energy Group, LLC.
- KyungDong Navien
- HELBIO S.A.
- Bosch Industriekessel GmbH
- Dalkia
- G Energy, Inc.
- Winno Energy Oy
- Lochinvar
- Azelio
- AISIN CORPORATION
Market Segmentation:
The micro combined heat and power market is segmented by application, type, and technology. By application, the market is segmented into residential, and commercial. By type, market is categorized into engine-based, fuel cell-based. By technology, market is categorized into Internal Combustion Engine, PEMFC, Rankine Cycle Engine, Stirling Engine, SOFC.
Engine-Based is Expected to Drive the Micro Combined Heat and Power Market
Currently, the market shares of engine-based segment is holding the largest share due to considerations like cost-effectiveness, fuel flexibility, and constant improvements in technology. Usually, these systems are costlier to install and maintain than their alternatives that are based on the usage of fuel cells but remain an attractive choice for the consumers. They can also operate on a variety of fuels, including natural gas, propane, diesel, and biofuels. This permits consumers to choose, based on availability, the most economical and environmentally friendly supply option. Continuing developments in engine technology enhance efficiency and emissions performance, providing another spur to the competitiveness of engine-based mCHP systems. By capturing waste heat, these systems can realize efficiencies greater than 80% and are much higher than the 50% typical in separate heating and electricity systems.
The PEMFC segment is Growing at the Highest Rate in the Micro Combined Heat and Power Market.
The PEMFC segment is gaining immense growth in the microCHP market due to its high efficiency, environmental advantages, and government policies. Working at moderate temperature 50-100°C, the PEMFC system can attain electrical efficiency as high as 45%. That can be further upgraded if waste heat is used for heating, thus making it suitable for residential use. Their lower emission of greenhouse gases also aligns with international goals for sustainability, not to mention the lower carbon footprint to which society is striving. Additionally, certain government initiatives and plans to advance fuel cell technology have provided momentum for the partial refunding of the costs of installation of PEMFC-based mCHP systems, making the units more feasible and spurring greater usage and adoption.
Regionally, Asia-Pacific Led the Micro Combined Heat and Power Market.
The Asia-Pacific region has been a key leader in the mCHP market due to strong demand for efficient energy solutions as countries like Japan, China, and South Korea experience rapid urbanization and industrialization. Favorable policies, tax credits, grants, and subsidies have been proved by the regional countries' respective governments to promote the adoption of mCHP. Continuous technological advancement in the development of internal combustion engines, as well as fuel cells, will continue to drive improvements in the efficiency and reliability of mCHP systems. In addition, perceived environmental issues are increasing pressures to lower greenhouse gas emissions, which is making mCHP systems popular since heat and electricity are produced from one fuel source, giving a better average efficiency rating.
Micro Combined Heat and Power Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 3.06 Bn |
|
Revenue Forecast In 2031 |
USD 5.94 Bn |
|
Growth Rate CAGR |
CAGR of 8.9% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Application, By Type, By Technology and By Region |
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Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South Korea; Southeast Asia |
|
Competitive Landscape |
BDR Thermea Group, Simons Green Energy, YANMAR HOLDINGS CO., LTD., EC POWER A/S, TEDOM, Axiom Energy Group, LLC., KyungDong Navien, HELBIO S.A., Bosch Industriekessel GmbH, Dalkia, G Energy, Inc., Winno Energy Oy, Lochinvar, Azelio, AISIN CORPORATION |
|
Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Geographic competitive landscape. |
|
Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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