How Micro Combined Heat and Power Market will Grow at Highest CAGR

The rising demand for heat and power across the globe is driving the global micro combined heat and power market, says Fortune Business Insights in a report, titled “Micro Combined Heat and Power Market Size, Share and Global Trend by Prime Mover (IC Engine, Stirling Engine, Fuel Cell) Fuel (Natural Gas and LPG, Coal, Renewable Resources, Oil) Application (Residential, Commercial) Capacity (Up to 2kW, 2kW to 10kW, 10kW to 50kW) and Geography Forecast till 2025.” The adoption of alternative conventional power in residential and commercial sectors is fostering the growth of the micro combined heat and power market.

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The notable players include Marathon Engine Systems, Yanmar, Vaillant Group, Viessmann, Aisin Seiki, General Electric, Siemens, Atlas Copco, Samad Power Ltd., Entropea Labs, Atlantic Power Corporation, and Aegis Energy Services, LLC

“Deployment of Fuel Cell Micro-Cogeneration in Japan Will Stimulate Growth”

Japan, a world-leading country in energy and technology, deployed Fuel Cell Micro-Cogeneration. Around 270,000 active units were installed and out of which, 235,000 of the active units have been installed under the ENE-FARM program. The utilization of the Fuel Cell Micro-Cogeneration is likely to surge demand among other regions for the deployment of the same; the use of hydrogen in Fuel Cell Micro-Cogeneration as an energy source to maximize efficiencies which will in turn boost micro combined heat and power shares. Furthermore, the trial launch of Fuel Cell Micro-Cogeneration units in France is also predicted to promote micro combined heat and power growth.

For instance, in 2018, the French Hydrogen Plan announced the launch of a demonstration trial in France with 50 Fuel Cell Micro-Cogeneration units. ADEME, the French Environment and Energy Management Agency, and GRDF, the French gas distribution company, coordinate this ambitious project. The objective of this project is to deploy Fuel Cell Micro-Cogeneration in real-life environments across the country. The focus of countries for deploying Fuel Cell Micro-Cogeneration is predicted to upsurge the global micro combined heat and power revenue.

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“Adoption of Alternative Congenital Power in Residential Sector Will Boost Growth”

The adoption of alternative conventional power in residential and commercial sectors due to the increment in energy demand is predicted to contribute growth to the global micro combined heat and power market. In regards to capacity, Micro CHP is most suitable for domestic purposes where power necessity is below 2kW whereas 10kW to 50kW micro CHP plants find its major application in industrial and commercial sectors. Further, the increasing demand for heat and power across the globe in various industries is impelling companies to develop advanced technology that will assist in the production of sustainable energy. This factor is supporting the growth of the global micro combined heat and power market.

“Increasing Demand for Heat Energy Will Create Growth Opportunities in North America and Europe”

Geographically, the global micro combined heat and power market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America followed by Europe are predicted to dominate the global micro combined heat and power market. The extreme weather condition in North America and Europe is a factor leading towards high demand for heat energy. The adoption of technology in North America and Europe along with the growing demand for heat and power in an efficient way are promoting the micro combined heat and power growth. In addition, the development and easy installation of micro CHP for domestic purposes is also fueling demand in the region. The Asia Pacific is likely to witness growth during the forecast period owing to different sectors that will drive the market for micro combined heat and power market.

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