Micro CHP Market size worth over $2 Bn by 2030

Micro CHP Market size is set to surpass USD 2 billion by 2030, according to a new research report by Global Market Insights Inc.

The micro combined heat and power industry growth is attributed to the rising demand for clean energy solutions along with ongoing growth in the renewable energy sector. The ongoing replacement of existing cogeneration units with advanced technological solutions in line with increasing installations of smart & innovative energy supply networks will stimulate the business dynamics. In addition, favorable government investments in the development of advanced infrastructures will sway the market demand.
 

The COVID-19 crisis has slightly influenced the industry with a continuous increase in infected cases and restrictions across several countries. The industry operations were influenced due to a delay in various projects and limited investments across the private & public sectors. However, with the slowdown in the number of infected cases, the industry is expected to recover on account of continuous product innovations along with stringent government policies on the energy sector development.
 

Rising demand for continuous power supply with favorable norms to reduce greenhouse gas emissions

2 kW to ≤ 10 kW capacity micro CHP market is poised to register significant growth owing to the ongoing requirement for reliable power supply across commercial & residential establishments. A paradigm shift toward the development of highly efficient energy generation systems along with an growing focus on renewable power supply will boost the industry outlook. Moreover, strong purchasing power parity, improved living standards, increasing individual disposable income, and continuous demographic changes will cater to the rising demand for effective energy generation.
 

Browse key industry insights spread across 410 pages with 748 market data tables & 30 figures & charts from the report, “Micro CHP Market Size By Capacity (< 2 kW, 2 kW to ≤ 10 kW, > 10 kW to ≤ 50 kW), By Fuel (Natural Gas & LPG, Coal, Renewable Resources, Oil), By Prime Mover (Stirling Engine, Internal Combustion Engine, Fuel Cell), By Application (Residential {Space Heating/Cooling, Water Heating, Cooking, Lighting}, Commercial {Educational Institute, Office Building, Healthcare Building}), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share, and Forecast, 2022 – 2030” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/micro-combined-heat-and-power-market
 

Increasing awareness toward extreme climatic conditions with rising applicability of renewable power sources

Renewable resources fueled micro CHP market is predicted to observe a 8% growth rate till 2030. Rising shift toward the acceptance of low carbon emission power generation units in line with strict government norms pertaining to the development of advanced cogeneration units will spur the industry dynamics. Additionally, favorable investments, across private & public sectors in infrastructure development along with an growing focus on the advancement of green technology will propel the industry landscape.
 

Extensive applicability of reduced carbon emission devices in the residential and commercial sectors with a rising focus on enhanced electricity savings will drive the business potential

Fuel cell micro CHP market is projected to grow on account of increasing consumer shift toward the high efficiency and reduced energy cost electricity generation systems. High operational feasibility, to fulfill electricity demand, and reduced heat-to-power ratio are some of the key features that will positively influence the product penetration. Furthermore, the benefit to save primary energy and enhanced energy security of these systems along with increasing awareness toward waste management will further augment the market growth.
 

Continuous replacement of traditional energy generation units with advanced systems will boost the industry scenario

The commercial application of micro CHP market size is expected to showcase substantial gains during the forecast period.  This growth is credited to the rising demand for decentralized power generation in line with rapid urbanization across emerging economies. Increasing inclination toward the adoption of efficient electricity and heat generation systems suitable for multi-family buildings & businesses will increase the business demand. In addition, the rising inclination to improve the air quality in line with a positive outlook toward sustainable electricity generation technologies will stimulate the market expansion.
 

Strict government norms owing to the development of advanced solutions to reduce carbon emissions across the European region

Europe micro CHP market share is estimated to rise due to the rising industrialization and urbanization along with stringent government measures and projects to promote green energy. The micro CHP project is an innovative project launched for the development of compact & efficient low-cost CHP units. Furthermore, favorable government incentives toward the adoption of low emission technologies will complement the product demand.
 

Strategic partnerships and collaborations with new product innovations will positively impact the industry trends

The major players operating across the market include YANMAR HOLDINGS Co., BDR Thermea Group, 2G Energy AG, Viessmann, Siemens, Veolia, Micro Turbine Technology B.V., AISIN CORPORATION, TEDOM a.s., EC POWER A/S, Vaillant Group, and Axiom Energy Group, LLC. Inorganic growth ventures, acquisitions, and mergers with continuous product innovations will foster the business landscape.