(MENAFN- GlobeNewsWire - Nasdaq) The increasing focus on carbon emissions reduction and opting for sustainable energy sources while being cost-effective is tremendously propelling the growth of the micro-CHP market.
New York, USA, Nov. 13, 2024 (GLOBE NEWSWIRE) -- Micro Combined Heat and Power market Overview:
The micro combined heat and power market size was evaluated at USD 3.43 billion in 2023. The market is expected to increase from USD 3.76 billion in 2024 to USD 7.86 billion by 2032, showcasing a CAGR of 9.7% between 2024–2032.
Market Introduction:
A micro combined heat and power system or micro-CHP is a technique used in individual homes or building to produce both heat and electricity at the same time, using the same energy source. In most cases, the main focused outcome of the micro-CHP system is heating along with the generation of some amount of electricity. For domestic appliances, in most cases, the ratio of heat generation to electricity generation is 6:1.
The difference between a traditional boiler and a micro-CHP is the fact that a micro-CHP system can generate electricity while a traditional boiler cannot. Generally, mains gas or Liquified Petroleum Gas (LPG) is used to power domestic micro-CHP systems. However, some of the other models used nowadays are fueled by oil or bio-liquids such as bio-diesel.
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Report Features:
Market Data: In-depth analysis of annual sales and micro combined heat and power market forecast in USD million from 2024 to 2032. Regional Analysis: Detailed insights into all the key market regions, including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. Company Profiles: Coverage of major companies in the micro combined heat and power market, including Axiom Energy Group, BDR Thermea Group, Centrica Business Solutions UK & Ireland, Honda Motor Co. Ltd., Siemens, 2G Energy AG, and GreenWatt Canada. Customization: Get customized reports as per your requirements with respect to countries, regions, and segmentation.
Key Players and Market Developments:
Axiom Energy Group, BDR Thermea Group, Centrica Business Solutions UK & Ireland, Honda Motor Co. Ltd., Siemens, 2G Energy AG, GE Power, Dalkia Aegis, EDF Group, Micro Turbine Technology B.V, Samad Power, and GreenWatt Canada are key players in micro combined heat and power market. These players compete for their market share through various innovations and strategically planned partnerships. Some of the latest industry developments are:
In February 2024, DTGen and TEDOM established a partnership for the supply of combined heat and power (CHP) equipment and expanding their footprint globally. In October 2023, Fortum inaugurated a biomass-fueled combined heat and power plant in Jelgava, Latvia, with an investment of approximately $75 million. The plant is designed to meet 85% of the district's heat demand, supplying electricity and heat to both residents and businesses.
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Market Growth Drivers:
Rising Demand for Sustainable Energy:
The growing shift towards reduction of carbon footprint and improvement in energy efficiency by implication of sustainable energy solutions is due to the heightened concerned about climate change and environmental impact. By simultaneously generating heat and electricity, micro-CHP aligns nicely with a sustainable approach, and thus, there is an increase in the growth of micro combined heat and power market.
Increasing Awareness About Greenhouse Gas Emissions:
The adoption of micro-CHP is getting a boost due to a number of government initiatives that aim for the reduction of emission of greenhouse gases. Micro-CHP systems provide an effective way to produce power and heat while reducing carbon footprints at the same time, which complies with regulatory requirements and business sustainability objectives.
Increasing Commitment from Private Sector Players:
The initiatives issued by different governments to reduce the achieve lower carbon emissions or being carbon neutral, coupled with private sector players' enhanced commitment to gain a lower or zero carbon emission, are also proving to be a great factor in increasing demands of micro-CHP.
Regional Analysis:
Asia Pacific:
Asia Pacific accounted for the largest revenue share of the market in 2023 as a result of rising demand for combined heat and power devices among residents and companies. Also, the work of companies on cost-effective options for business operation optimization is boosting the demand for micro-CHP.
North America:
North America is predicted to showcase the highest CAGR in the micro combined heat and power market during 2024–2032, thanks to the growing measures to minimize carbon emissions by government and private organizations. The increasing research initiatives to create highly energy efficient and performing micro combined heat and power systems are boosting the market.
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Market Segmentation:
By Fuel Outlook (USD Billion, 2019–2032)
Natural Gas & LPG Coal Hydrogen Renewable Resources Oil
By Prime Mover Outlook (USD Billion, 2019–2032)
Stirling Engine Internal Combustion Engine Fuel Cell Other
By Capacity Outlook (USD Billion, 2019–2032)
UP to 2 KW 2 KW to 10 KW 10 to 50 KW
By Application Outlook (USD Billion, 2019–2032)
By Regional Outlook (Revenue – USD Billion, 2020–2034)
North America Europe Germany France UK Italy Spain Netherlands Russia Rest of Europe
Asia Pacific China Japan India Malaysia South Korea Indonesia Australia Vietnam Rest of Asia Pacific
Middle East & Africa Saudi Arabia UAE Israel South Africa Rest of Middle East & Africa
Latin America Mexico Brazil Argentina Rest of Latin America
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