Pune, India, Feb. 10, 2022 (GLOBE NEWSWIRE) -- The Global Micro Combined Heat and Power (CHP) Market size is anticipated to hit USD 9.39 billion by 2028 and exhibit a CAGR of 13.5% during the forecast period. The exponentially rising energy demand in developing economies is expected to be a key factor driving the market growth. Fortune Business InsightsTM has presented this information in its report titled, “Micro Combined Heat and Power (CHP) Market, 2021-2028”. The market size stood at USD 3.41 billion in 2020 and USD 3.87 billion in 2021.
Additionally, the rising investments toward new clean energy initiatives and the increasing inclination toward low carbon energy generation to control greenhouse gas emissions are expected to fuel the market growth significantly.
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Companies in Micro Combined Heat and Power (CHP) Market
- Yanmar (Japan)
- GE Power (U.S.)
- Siemens (Germany)
- Dalkia Aegis, EDF Group (U.S.)
- 2G Energy AG (Germany)
- Samad Power (U.K.)
- Vaillant Group (Germany)
- Viessmann (Germany)
- Axiom Energy Group (U.S.)
- Micro Turbine Technology B.V. (Netherlands)
- Centrica Business Solutions U.K. & Ireland (U.K.)
- BDR Thermea Group (Netherlands)
- M-TriGen, Inc. (U.S.)
- EC POWER (Denmark)
- TEDOM a.s. (Czech Republic)
- Honda Motor Co., Ltd. (Japan)
- GreenWatt Canada (Canada)
Report Scope & Segmentation
| Report Coverage | Details |
| Forecast Period | 2021 to 2028 |
| Forecast Period 2021 to 2028 CAGR | 13.5% |
| 2028 Value Projection | USD 9.39 Billion |
| Base Year | 2020 |
| Market Size in 2021 | USD 3.87 Billion |
| Historical Data for | 2017 to 2019 |
| No. of Pages | 240 |
| Segments covered | Application, Capacity, Prime Mover, Fuel, Region |
| Growth Drivers | Rising Energy Demand in Developing Nations to Fuel Market Growth |
| Asia Pacific to Hold the Lion’s Share | |
| Key Players Emphasize New Products to Amplify their Revenues |
COVID-19 Impact-
COVID-19 Pandemic to Usher Unparalleled Challenges Leading to Limited Market Growth
The market has experienced a moderate impact of the coronavirus pandemic. Job losses due to frequent layoffs by companies have resulted in fiscal deficits for customers, which negatively impacted the market growth. However, financial benefits plans, and clean energy initiatives introduced by several governments have helped the market experience a limited impact of the pandemic. This also created job opportunities and is helping the market to grow.
To get to know more about the short-term and long-term impact of COVID-19 on this market,
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Segments-
Application, Capacity, Prime Mover, Fuel, and Region are studied for the Market
On the basis of application, the market is bifurcated into commercial and residential. On the basis of capacity, the market is trifurcated into 10-50 kW, 2-10 kW, and up to 2 kW. On the basis of prime mover, the market is fragmented into fuel cell, Stirling engine, IC engine, and others. On the basis of fuel, the market is segmented into renewable resources, hydrogen, natural gas, and others. Geographically, the market is classified into Europe, Asia Pacific, North America, and the rest of the world.
Report Coverage-
- It provides a comprehensive market assessment.
- It assimilates key market drivers and restraints.
- It profiles the rankings of key market players accordingly.
- It includes key market developments and information on different market segments.
- It assesses the COVID-19 pandemic’s impact on the market.
Drivers & Restraints-
Rising Energy Demand in Developing Nations to Fuel Market Growth
The demand for power and heat is continuously increasing due to rising urbanization and the expansion of several industries. The systems employed offer cost-competitive energy to attain economies’ targets. This is likely to favor the micro combined heat and power (CHP) market growth.
The rising emphasis on producing low carbon fuel-powered offerings to fulfill the transition of energy by key players is anticipated to stimulate market growth. Moreover, the growing focus of companies on various inorganic and organic expansion plans to amplify product’s potential is likely to fuel the market growth.
Lastly, the rising energy demand in developing nations due to the expansion of several industries and soaring urbanization is expected to fuel the market growth. However, high capital cost requirements may hinder the market growth.
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Regional Insights-
Asia Pacific to Hold the Lion’s Share
Asia Pacific is anticipated to dominate the micro combined heat and power (CHP) market share. The rising investments to install micro combined heat and power (CHP) solutions in Japan are anticipated to be the key factor driving the region’s market growth.
North America is projected to experience substantial growth in the coming years. The increasing emphasis of governments to improve energy efficiency is expected to boost the region’s market growth.
Europe is expected to witness considerable growth in the global market. The increasing efforts across France, Italy, the U.K., and Germany to improve environment and deploy clean energy sources are expected to boost the region’s market growth.
Competitive Landscape-
Key Players Emphasize New Products to Amplify their Revenues
The market comprises numerous key players that deliver products at several scales. The key players emphasize new product launches to amplify their market positions. They also emphasize acqusitions, mergers, collaborations, and other such strategies to bolster their market presence. For instance, in June 2021, 2G Energy AG acquired HJS Motoren GmbH to elevate its revenues by synergizing the two companies’ workforces.
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Table of Contents
- Introduction
- Research Scope
- Market Segmentation
- Research Methodology
- Definitions and Assumptions
- Executive Summary
- Market Dynamics
- Market Drivers
- Market Restraints
- Market Opportunities
- Key Insights
- Key Emerging Trends – For Major Countries
- Latest Technological Advancement
- Key Developments: Merger, Acquisition, Partnership, etc.
- Regulatory Landscape
- Porter Five Forces Analysis
- Qualitative Analysis – Impact of COVID-19
- Impact of COVID-19 on the Micro Combined Heat and Power (CHP) Market
- Steps Taken by the Government to Overcome the Impact
- Key Developments by the Industry Players in Response to COVID-19
- Potential Opportunities and Challenges due to COVID-19 Outbreak
- Global Micro Combined Heat and Power (CHP) Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Market Analysis, Insights and Forecast – By Capacity
- Up to 2 kW
- 2 – 10 kW
- 10 – 50 kW
- Market Analysis, Insights and Forecast – By Prime Mover
- IC Engine
- Stirling Engine
- Fuel Cell
- Others
- Market Analysis, Insights and Forecast – By Fuel
- Natural Gas
- Hydrogen
- Renewable Resources
- Others
- Market Analysis, Insights and Forecast – By Region
- North America
- Europe
- Asia Pacific
- Rest of the World
- North America Micro Combined Heat and Power (CHP) Market Analysis (MW, USD Billion), Insights and Forecast, 2017-2028
- Key Findings / Summary
- Market Analysis, Insights and Forecast – By Application
- Residential
- Commercial
- Market Analysis, Insights and Forecast – By Capacity
- Up to 2 kW
- 2 – 10 kW
- 10 – 50 kW
- Market Analysis, Insights and Forecast – By Prime Mover
- IC Engine
- Stirling Engine
- Fuel Cell
- Others
- Market Analysis, Insights and Forecast – By Fuel
- Natural Gas
- Hydrogen
- Renewable Resources
- Others
- Market Analysis, Insights and Forecast – By Country
- U.S. Market Analysis, Insights and Forecast – By Application
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- Residential
- Commercial
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- Canada Market Analysis, Insights and Forecast – By Application
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- Residential
- Commercial
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