Selbyville, Delaware, July 28, 2020 (GLOBE NEWSWIRE) --
Global micro CHP market value is set to cross USD 1.5 Billion by 2026, as reported in the latest study by Global Market Insights, Inc. Rising captive power generation demand along with increasing investment toward renewable infrastructure development across the emerging economies will fuel the business outlook.
Favourable government CHP & net metering policies providing financial assistance, subsidies, tax reduction and incentive will complement the business scenario. For instance, in 2019 the U.S. government launched New Jersey Clean Program offering USD1/W net metering incentive for CHP units with a capacity below 50 kW. In addition, paradigm shift toward renewable energy generation coupled with increasing power demand across the high-end commercial sector will augment the > 10 kW to ≤ 50kW capacity micro CHP industry.
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Fuel cell based micro combined heat and power (CHP) market is estimated to surpass USD 900 million by 2026. Enhanced product lifecycle, high reliability and increased energy efficiency are prominent features which will strengthen the product landscape. In addition, ongoing technological enhancement to minimize maintenance & operational cost and improve product applicability across extreme weather conditions will complement the product portfolio.
Major findings of micro CHP market report include:
- Growing micro cogeneration system demand across the power generation plants owing to high reliability, low fuel consumption and improved energy efficiency.
- Increasing investments toward renewable technologies and smart systems will further drive the industry growth.
- Major players functional across the micro CHP market are BDR Thermea, General Electric, Yanmar, Marathon Engine Systems, 2G Energy AG.
- Favourable government policies and regulations towards installation of low carbon emission CHP systems will complement the business scenario.
- Ongoing technological advancements toward CHP prime mover followed by increased operational performance and lower installation & maintenance cost will propel the product penetration.
Browse key industry insights spread across 308 pages with 500 market data tables & 39 figures & charts from the report, “Micro CHP Market Statistics By Fuel (Natural Gas & LPG, Coal, Renewable Resources, Oil), Capacity (< 2 kW, 2 ≤ 10 kW, > 10 ≤ 50 kW), Prime Mover (Stirling Engine, Internal Combustion Engine, Fuel Cell), Application (Residential {Space Heating/Cooling, Water Heating, Cooking, Lighting}, Commercial {Educational Institute, Office Building, Healthcare Building}) Industry Analysis Report, Regional Outlook, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/micro-combined-heat-and-power-market
Europe micro CHP market will witness impetus on account of ongoing replacement & refurbishment of conventional cogeneration technologies with advanced and cost-effective units. For instance, European Union in 2017 launched a public & private funded project ‘PACE’ to install over 2500 FC micro CHP units across various European countries by 2021. Growing investments by leading regional players toward deployment of cogeneration plants across the residential sector will positively sway the industry dynamics.
Impact of COVID-19 on the industry may affect the cogeneration deployment programs till 2nd half of 2020. However, rising electricity demand followed by focused installation targets will fuel the business scenario. In addition, major companies are adopting resourceful and creative approaches to recruit employees with an aim to encounter their production needs.
Toc of this report @ https://www.gminsights.com/toc/detail/micro-combined-heat-and-power-market
Browse Related Reports:
Combined Heat And Power (CHP) Industry Statistics By Capacity (1 kW – 0.5 MW, 0.5MW - 5MW, Above 5 MW), Technology (Combined Cycle, Steam Turbine, Gas Turbine , Reciprocating Engine), Fuel (Natural Gas, Coal, Biomass), End Use (Residential [Space Heating/Cooling, Water Heating, Cooking, Lighting], Commercial [Educational Institution, District Energy, Office Building, Government/Military], Industrial [Chemical, Petroleum Refining, Food, Paper, Primary Metals]), Industry Analysis Report, Regional Outlook, Price Trends, Competitive Market Share & Forecast, 2020 – 2026
https://www.gminsights.com/industry-analysis/combined-heat-and-power-CHP-market
About Global Market Insights
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.