The micro combined heat and power market is expected to register a CAGR of 12.20% during the forecast period.
MRFR recognizes the following companies as the key players in the global micro combined heat and power market— Honda India Power Products Ltd. (Japan), Vaillant Group (Germany), Yanmar Holdings Co. (Japan), Ceres Power Holdings Plc (UK), Qnergy (US), Aisin Corporation (Japan), BDR Thermea Group (Europe), Centrica Plc (Canada), Viessmann Group (Germany), Dantherm Power (Europe), Enginuity Power Systems (US), and Solid Power (US).
Market Highlights
The global micro combined heat and power market is expected to register a CAGR of 12.20% during the forecast period and is expected to hit USD 9,718.9 million by 2027.
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The global micro combined heat and power market is expected to grow substantially during the forecast period owing to the growing need for cost-efficient and competitive energy systems and high focus on carbon reduction from power generating systems. Moreover, support from the government through incentives and subsidies is expected to create an opportunity for the players operating in the global micro combined heat and power industry. However, challenges in implementing MCHP projects due to lack of infrastructure are expected to restrain the growth of this market during the forecast period.
Segment Analysis
The global market is mainly segmented into capacity, fuel, prime mover, and application. On the basis of capacity, the micro combined heat and power market has been sub-segmented into up to 2 KW, 2 KW to 10 KW, and 10 to 50 KW. On the basis of fuel, the micro combined heat and power market has been sub-segmented into natural gas & LPG, coal, renewable resources, and oil. On the basis of prime mover, the micro combined heat and power market has been segmented into stirling engine, internal combustion engine and fuel cell. On the basis of application, the market has been segmented into residential and commercial.
Regional Analysis
The global micro combined heat and power market has been segmented on the basis of region into Americas, Europe, Asia-Pacific, Middle East & Africa and South America. The North American market is further divided into the US, Canada, Mexico. The European micro combined heat and power market has been segmented into Germany, France, the UK, Italy, Russia, and the rest of Europe. The micro combined heat and power market in Asia-Pacific has been segmented into China, India, Japan, South Korea, and the rest of Asia-Pacific. The Middle East & Africa micro combined heat and power market includes UAE, Saudi Arabia, South Africa, UAE, and Rest of Middle East & Africa. The South American market is further divided into Brazil, Argentina, and Rest of South America.
North America is one of the most prominent regions in the combined heat and power market, owing to an increase in the development of renewable energy sources and government initiatives to promote generating electricity via cogeneration or CHP. The commercial end users have been dominating the micro combined heat and power (MCHP) market in the region in the last five years, which is expected to dominate the market during the forecast period. For instance, in the US, California and Alaska have substantial installations of MCHP, which are expected to grow during the forecast period, primarily due to the rising demand for heat and power in the region.
Countries in Asia-Pacific are developing at a very fast rate in terms of manufacturing output and services offered. However, the growth has also increased the emission rates, and countries such as China and India are among the highest carbon-dioxide producer in the world. Some of the major factors expected to drive the growth of the micro combined heat and power (MCHP) market in Asia-Pacific include the growing demand for reduced carbon emissions and the increasing need for energy efficiency.
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Key Findings of the Study
- The global micro combined heat and power market is expected to reach USD 9,718.9 million by 2027 at a CAGR of 12.520% during the forecast period.
- The Asia-Pacific region accounted for the largest share of 10% in the global market in 2020, which is majorly attributed to high focus on carbon reduction from power generating systems.
- Based on capacity, the up to 2 KW segment is expected to register a CAGR of 77% during the forecast period.
- Based on fuel, the natural gas & LPG segment dominated the market with a share of 64.85% in 2020.
- Based on prime mover, the stirling engine segment is anticipated to reach USD 4,141.5 million during the forecast period.
- Based on application, the residential segment accounted for the largest market share of 61.26% in the global market in 2020.
- Some of the key players operating in the market are Honda India Power Products Ltd. (Japan), Vaillant Group (Germany), Yanmar Holdings Co. (Japan), Ceres Power Holdings Plc (UK), Qnergy (US), Aisin Corporation (Japan), BDR Thermea Group (Europe), Centrica Plc (Canada), Viessmann Group (Germany), Dantherm Power (Europe), Enginuity Power Systems (US), and Solid Power (US) among others.
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