Micro CHP Market revenue to cross USD 2 Bn by 2030: Global Market Insights Inc.
Major micro CHP market players include YANMAR HOLDINGS Co., BDR Thermea Group, 2G Energy AG, Viessmann, Siemens, Veolia, Micro Turbine Technology B.V., and others.
SELBYVILLE, Del., June 15, 2022 /PRNewswire/ -- The micro CHP market size is expected to record a valuation of USD 2 billion by 2030, according to the most recent study by Global Market Insights Inc. Modern technological advancements and new product development using modern electricity generation technologies along with surging demand for sustainable power solutions will augment the business landscape.
Stringent government norms and policies to reduce the extreme climatic conditions along with continuous technological developments in the power sector will propel the industry dynamics. Increasing acceptance of high efficiency, low fuel consumption, increased operability, and upgraded power generation devices across the end-users will boost the industry growth. Additionally, rising adoption of renewable powered sources in line with reduced dependency on coal fired sources will further enhance the industry potential.
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The COVID-19 outbreak has impacted the micro CHP market owing to reduced workforce along with a halt in the industrial operations. However, with continuous development in the energy sector in line with new product innovations will positively recover the industry strength. Furthermore, favorable incentives and policies with technological advancement will complement the market growth.
< 2 kW capacity micro CHP market is estimated to attain a 8% growth rate till 2030. Rising growth in the renewable energy sector in line with government focus on the development of efficient & reliable cogeneration units will stimulate the business trend. In addition, a positive outlook toward extreme climatic conditions and energy security along with stringent government mandates will positively influence the industry landscape.
Oil fueled micro CHP market share is anticipated to upsurge on account of continuous urbanization and rapid industrial growth along with ongoing technological advancements to reduce operational and maintenance costs. Increasing awareness toward waste management in line with rising applicability of efficient fuel sources to decrease electricity bills will further accelerate the business potential. Moreover, rising applications of sustainable fuel sources in line with the benefit to provide enhanced power grid stability using these units will spur the market scenario.
Stirling engine based micro CHP market is projected to register a CAGR of over 8% by 2030. Low maintenance, reduced vibrations & noise, increased flexibility, low operational costs, less noise levels & minimal carbon emissions are some of the key features which will foster the product adoption. Increasing deployment of highly efficient power generation units across the residential & commercial sectors with a robust application of advanced technologies across the commercial establishments will thrust the industry outlook.
North America micro CHP market share is slated to rise due to the rising public and private sector investments by leading manufacturers toward R&D sector to deploy feasible power generation systems. Furthermore, ongoing government incentives and funds for the development of clean infrastructure along with growing focus for the development of high operability & low-power range systems.
Prominent players operating in 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.
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Some of the key findings of the micro CHP market report include:
- Growing consumer focus toward cost-effective power generation systems with favorable investments in private and public sectors will drive the market expansion.
- The ongoing replacement of conventional electricity generation systems along with advanced units for the growth of renewable energy establishments will sway the industry scenario.
- Growing requirement for space heating along with the renewable energy sector expansion will proliferate the industry trend.
Table of Contents (ToC) of the report
Chapter 3 Micro CHP Market Insights
3.1 Industry segmentation
3.2 Industry ecosystem analysis
3.3 Innovations & technology landscape
3.3.1 EC Power A/S
3.3.2 BDR Thermea Group
3.3.3 2G Energy AG
3.3.4 Yanmar
3.3.5 Veolia
3.3.6 Other innovations
3.4 Regulatory landscape
3.5 COVID- 19 impact on the industry outlook
3.6 Industry impact forces
3.6.1 Growth drivers
3.6.1.1 North America
3.6.1.1.1 Stringent emission norms
3.6.1.1.2 Reducing dependency on conventional coal fired plant
3.6.1.2 Europe
3.6.1.2.1 Growth in the renewable energy sector
3.6.1.2.2 Increasing demand for space heating
3.6.1.3 Asia Pacific
3.6.1.3.1 Increasing industrialization and urbanization
3.6.1.3.2 Increasing clean energy demand
3.6.2 Industry pitfalls & challenges
3.6.2.1 High upfront Cost
3.7 Growth potential analysis
3.8 Porter's Analysis
3.9 Competitive landscape, 2021
3.10 PESTLE Analysis
Browse Complete Table of Contents (ToC) @ https://www.gminsights.com/toc/detail/micro-combined-heat-and-power-market
About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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Global Market Insights Inc.
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SOURCE Global Market Insights Inc.
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