Dublin, May 23, 2024 (GLOBE NEWSWIRE) -- The "Global Micro Combined Heat and Power Market by Technology (IC Engine, PEMFC, Rankine Cycle Engine, Stirling Engine, SOFC), Type (Engine, Fuel Cell), Application (Residential, Commercial), Capacity (<5kW, 5-10kW, 10-50kW) and Region - Forecast to 2029" report has been added to ResearchAndMarkets.com's offering.
The global micro combined heat and power market is projected to reach USD 4.8 billion by 2029 from an estimated USD 3.1 billion in 2024, at a CAGR of 9.4% during the forecast period. The increasing demand for Micro combined heat and power is driven by their efficient utilization of heat, reduced carbon emissions, simultaneous electricity and heating demand and increasing reliance on electric heating.
Commercial segment expected to emerge as the second fastest segment, based on application
Based on Application, the Micro combined heat and power market has been segmented into Residential and Commercial. This segment is increasing due to offering a unique approach to energy generation for small to medium-sized businesses. These systems provide both electricity and usable heat, making them ideal for applications with consistent demands for both.
5KW-10 KW expected to be the second largest segment of the micro combined heat and power market, by capacity
Based on Capacity, the Micro combined heat and power market has been segmented into < 5 KW, 5 KW-10KW and 10 KW - 50 KW. The 5 KW - 10 KW segment is the second largest segment in the Micro combined heat and power market because of the demand from Commercial sector. The segment consists of MCHP plants mainly with IC engines such as gas and diesel engines as prime movers. The demand for diesel power engines in this MCHP segment comes from Smaller Commercial plants, and captive generation.
Asia-Pacific expected to be the fastest region in the micro combined heat and power market
Asia-Pacific is expected to be the fastest region for Micro combined heat and power (MCHP) systems market between 2024-2029 due to its strong emphasis on energy efficiency, renewable energy integration, and climate goals. In the Asia-Pacific region, characterized by rapid urbanization, growing energy demand, and increasing environmental concerns, Micro CHP products hold potential as efficient and sustainable solutions.
Research Coverage
The report defines, describes, and forecasts the global Micro combined heat and power market, by capacity, type, technology, application and region. It also offers a detailed qualitative and quantitative analysis of the market. The report provides a comprehensive review of the major market drivers, restraints, opportunities, and challenges. It also covers various important aspects of the market. These include an analysis of the competitive landscape, market dynamics, market estimates, in terms of value, and future trends in the Micro combined heat and power market.
The micro combined heat and power market is dominated by some major players that have a wide regional presence. The leading players in the market are AISIN CORPORATION (Japan), 2G Energy (Germany), BOSCH INDUSTRIEKESSEL GMBH (Germany), KyungDong Navien (South Korea), and YANMAR HOLDINGS CO. LTD. (Japan).
Key Attributes
| Report Attribute | Details |
| No. of Pages | 207 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $3.1 Billion |
| Forecasted Market Value (USD) by 2029 | $4.8 Billion |
| Compound Annual Growth Rate | 9.4% |
| Regions Covered | Global |
Premium Insights
- Rapid Urbanization and Population Growth to Provide Lucrative Opportunities for Players in Micro Combined Heat and Power Market
- Asia-Pacific to Register Highest CAGR During Forecast Period
- Internal Combustion (IC) Engines and Japan to Hold Largest Shares of Asia-Pacific Micro Combined Heat and Power Market in 2024
- 11-50 kW Capacity to Account for Largest Market Share in 2029
- Internal Combustion (IC) Engines to Hold Largest Market Share in 2029
- Engine-based Type to Account for Larger Market Share Than Fuel Cell-based Type in 2029
- Residential Application to Hold Larger Market Share in 2029
Market Dynamics
- Drivers
- Government-Led Initiatives to Curb Greenhouse Gas Emissions
- Adoption of Natural Gas as Cost-Effective and Environment-Friendly Alternative to Heating Oils
- Restraints
- Lack of Financial Support for Micro CHP Installation
- Opportunities
- Rising Need to Replace Inefficient Boilers
- Higher Efficiency of Micro CHP Systems Than Traditional Units
- Challenges
- Limited Adoption of Fossil Fuel-based Micro CHP Systems
Case Study Analysis
- Micro CHP Systems Enable Eco-Friendly Power and Heat Generation in Apartment Building in New York
- Tata Chemicals Installs CHP System to Ensure Lower Carbon Intensity of Electricity Production Than Combined-Cycle Gas Turbine
- Researchers in Iran Employ Simulation Software in CHP System for Small-Scale Applications
Technology Analysis
- Key Technologies
- Biogas-based Micro CHP Systems
- Adjacent Technologies
- Hybrid CHP Systems
Companies Featured
- BDR Thermea Group
- Aisin Corporation
- 2G Energy AG
- Bosch Industriekessel GmbH
- Yanmar Holdings Co. Ltd.
- Viessmann
- Kyungdong Navien
- Azelio
- EC Power A/S
- Tedom
- Lochinvar
- Sener
- Dalkia
- Panasonic Holdings Corporation
- Indop D.O.O.
- Asja Ambiente Italia S.p.A.
- Axiom Energy Group, LLC
- Helbio SA
- Winno Energy
- Solydera S.p.A.
- Gridiron
- Simons Green Energy
- Biogas CHP
- Enexor Energy LLC
- Reset
- MTT B.V.
For more information about this report visit https://www.researchandmarkets.com/r/4f73qh
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