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.
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.
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 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.
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.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 3.06 Bn |
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Revenue Forecast In 2031 |
USD 5.94 Bn |
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Growth Rate CAGR |
CAGR of 8.9% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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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 |
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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 |
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Customization Scope |
Free customization report with the procurement of the report, Modifications to the regional and segment scope. Geographic competitive landscape. |
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Pricing and Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global Micro Combined Heat and Power Market Snapshot
Chapter 4. Global Micro Combined Heat and Power Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Porter's Five Forces Analysis
4.7. Incremental Opportunity Analysis (US$ MN), 2024-2031
4.8. Global Micro Combined Heat and Power Market Penetration & Growth Prospect Mapping (US$ Mn), 2023-2031
4.9. Competitive Landscape & Market Share Analysis, By Key Player (2023)
4.10. Use/impact of AI on Micro Combined Heat and Power Industry Trends
Chapter 5. Micro Combined Heat and Power Market Segmentation 1: By Application, Estimates & Trend Analysis
5.1. Market Share by Application, 2023 & 2031
5.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Application:
5.2.1. Residential
5.2.2. Commercial
Chapter 6. Micro Combined Heat and Power Market Segmentation 2: By Type, Estimates & Trend Analysis
6.1. Market Share by Type, 2023 & 2031
6.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Types:
6.2.1. Engine-Based
6.2.2. Fuel Cell-Based
Chapter 7. Micro Combined Heat and Power Market Segmentation 3: By Technology, Estimates & Trend Analysis
7.1. Market Share by Technology, 2023 & 2031
7.2. Market Size (Value US$ Mn) & Forecasts and Trend Analyses, 2019 to 2031 for the following Technologys:
7.2.1. Internal Combustion Engine
7.2.2. PEMFC
7.2.3. Rankine Cycle Engine
7.2.4. Stirling Engine
7.2.5. SOFC
Chapter 8. Micro Combined Heat and Power Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. Global Micro Combined Heat and Power Market, Regional Snapshot 2023 & 2031
8.2. North America
8.2.1. North America Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
8.2.1.1. US
8.2.1.2. Canada
8.2.2. North America Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.2.3. North America Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Type, 2019-2031
8.2.4. North America Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2019-2031
8.3. Europe
8.3.1. Europe Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
8.3.1.1. Germany
8.3.1.2. U.K.
8.3.1.3. France
8.3.1.4. Italy
8.3.1.5. Spain
8.3.1.6. Rest of Europe
8.3.2. Europe Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.3.3. Europe Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Type, 2019-2031
8.3.4. Europe Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2019-2031
8.4. Asia Pacific
8.4.1. Asia Pacific Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
8.4.1.1. India
8.4.1.2. China
8.4.1.3. Japan
8.4.1.4. Australia
8.4.1.5. South Korea
8.4.1.6. Hong Kong
8.4.1.7. Southeast Asia
8.4.1.8. Rest of Asia Pacific
8.4.2. Asia Pacific Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.4.3. Asia Pacific Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts By Type, 2019-2031
8.4.4. Asia Pacific Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2019-2031
8.5. Latin America
8.5.1. Latin America Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Country, 2019-2031
8.5.1.1. Brazil
8.5.1.2. Mexico
8.5.1.3. Rest of Latin America
8.5.2. Latin America Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.5.3. Latin America Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Type, 2019-2031
8.5.4. Latin America Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2019-2031
8.6. Middle East & Africa
8.6.1. Middle East & Africa Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by country, 2019-2031
8.6.1.1. GCC Countries
8.6.1.2. Israel
8.6.1.3. South Africa
8.6.1.4. Rest of Middle East and Africa
8.6.2. Middle East & Africa Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Application, 2019-2031
8.6.3. Middle East & Africa Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Type, 2019-2031
8.6.4. Middle East & Africa Micro Combined Heat and Power Market Revenue (US$ Million) Estimates and Forecasts by Technology, 2019-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. BDR Thermea Group
9.2.1.1. Business Overview
9.2.1.2. Key Product/Service Offerings
9.2.1.3. Financial Performance
9.2.1.4. Geographical Presence
9.2.1.5. Recent Developments with Business Strategy
9.2.2. Simons Green Energy
9.2.3. YANMAR HOLDINGS CO., LTD.
9.2.4. EC POWER A/S
9.2.5. TEDOM
9.2.6. Axiom Energy Group, LLC.
9.2.7. KyungDong Navien
9.2.8. HELBIO S.A.
9.2.9. Bosch Industriekessel GmbH
9.2.10. Dalkia
9.2.11. G Energy, Inc.
9.2.12. Winno Energy Oy
9.2.13. Lochinvar
9.2.14. Azelio
9.2.15. AISIN CORPORATION
9.2.16. Other Prominent Players
Micro Combined Heat and Power Market by Application
Micro Combined Heat and Power Market by Type
Micro Combined Heat and Power Market by Technology
Micro Combined Heat and Power Market by Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
