The rising demand for residential energy solutions is a key driver of growth in the micro combined heat & power market. As homeowners seek greater control over energy costs and reliability, Micro CHP systems offer an efficient solution by generating both heat and electricity from a single energy source. This growing interest in energy independence and cost savings propels the adoption of Micro CHP technologies in residential settings.
WILMINGTON, Del., Aug. 28, 2024 /PRNewswire/ -- Allied Market Research published a report, titled, "Micro Combined Heat & Power Market by Capacity (UP to 2 KW, 2 KW to 10 KW and 10 to 50 KW), Fuel Type (Coal, Renewable Resources, Oil and Natural Gas & LPG), Prime Mover (Stirling Engine, Internal Combustion Engine and Fuel Cell), and Application (Residential and Commercial): Global Opportunity Analysis and Industry Forecast, 2024-2029". According to the report, the micro combined heat & power market was valued at $3.4 billion in 2023, and is estimated to reach $6.5 billion by 2029, growing at a CAGR of 11.3% from 2024 to 2029.
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Prime determinants of growth
The global micro combined heat & power market is experiencing growth due to several factors such as the increasing demand for energy efficiency and sustainability in residential and small commercial applications. However, the high initial installation costs and the complexity of integrating these systems into existing infrastructure hinder market growth to some extent. Moreover, the ongoing development of innovative technologies and supportive policies presents additional opportunities for the micro combined heat & power market.
Report coverage and details:
Report Coverage | Details |
Forecast Period | 2024-2029 |
Base Year | 2023 |
Market Size in 2023 | $3.4 billion |
Market Size in 2029 | $6.5 billion |
CAGR | 11.3 % |
No. of Pages in Report | 350 |
Segments Covered | Capacity, Fuel Type, Prime Mover, Application and Region. |
Drivers |
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Opportunity |
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Restraint |
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The 10 to 50 KW segment is expected to maintain its dominance by 2029
By capacity, the 10 to 50 KW segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The increasing demand for 10 to 50 kW capacity in the micro combined heat & power market is driven by several factors. Rising energy costs and the need for energy efficiency are pushing homeowners and small businesses to adopt micro CHP systems for their ability to simultaneously generate electricity and heat, reducing overall energy bills. Technological advancements have made these systems more efficient and affordable, while government incentives and regulatory support encourage their adoption. Additionally, growing environmental awareness and the shift towards decentralized energy solutions further boost demand.
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The natural gas & LPG segment is anticipated to maintain its dominance by 2029
By fuel type, the natural gas & LPG segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The increasing demand for natural gas and LPG in the micro combined heat & power (micro CHP) market is driven by several factors. The shift towards cleaner energy sources is a major influence, as natural gas and LPG produce fewer emissions compared to traditional fuels. Additionally, their high energy efficiency and cost-effectiveness make them attractive for residential and commercial applications. Government incentives and subsidies for low-emission technologies further boost adoption. These factors collectively contribute to the growing preference for natural gas and LPG in micro CHP systems.
The internal combustion engine segment is likely to maintain its dominance by 2029
By prime mover, the internal combustion engine segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The increasing demand for internal combustion engines in the micro combined heat & power (micro CHP) market is driven by their efficiency and versatility. Internal combustion engines offer reliable and efficient power generation while simultaneously providing heating, making them suitable for residential and small commercial applications. Advances in engine technology have improved performance and reduced emissions, enhancing their appeal. Additionally, rising energy costs and a focus on energy efficiency are prompting consumers to adopt Micro CHP systems, further boosting demand for these engines.
The residential segment is expected to maintain its dominance by 2029
By application, the residential segment held the highest market share in 2023 and is likely to retain its dominance throughout the forecast period. The increasing demand for micro combined heat & power (micro CHP) systems in residential applications is driven by several key factors. Growing concerns about energy efficiency and rising energy costs are prompting homeowners to seek cost-effective solutions. Micro CHP systems offer a dual benefit by generating electricity and providing heat, thus reducing overall energy bills. Technological advancements have made these systems more efficient and affordable, further boosting their appeal. Additionally, government incentives and environmental regulations favoring renewable energy sources are accelerating the adoption of Micro CHP systems in homes.
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Asia-Pacific is likely to experience the fastest growth throughout the forecast period
Based on region, Asia-Pacific is the fastest-growing region in terms of revenue in 2023. The increasing demand for the micro combined heat & power (micro CHP) market in the Asia-Pacific region is driven by several factors. Rapid urbanization and industrial growth have intensified the need for efficient energy solutions. Government incentives and subsidies aimed at reducing carbon emissions further boost adoption. Additionally, rising energy costs and a growing emphasis on energy security prompt businesses and households to seek reliable, cost-effective energy solutions. The region's focus on sustainability and energy efficiency aligns with the benefits provided by Micro CHP systems, fueling market growth.
Leading Market Players: -
- YANMAR HOLDINGS Co., Ltd.
- General Electric
- Siemens AG
- 2G Energy AG
- Axiom Energy Group, LLC.
- SAMAD POWER LTD
- EC POWER A/S
- Honda Motor Co., Ltd.
- BDR Thermea Group
- Vaillant Group
The report provides a detailed analysis of these key players in the global micro-combined heat & power market. These players have adopted different strategies such as new product launches, collaborations, expansion, joint ventures, agreements, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
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