Micro CHP Market Segmentation:
Prime Mover Segment Analysis
The fuel cell segment is estimated to hold approximately 55% share of the global micro CHP market in the year 2035 by growing at a notable CAGR over the forecast period. Fuel cells offer clean energy generation with minimal environmental impact. They generate only hydrogen and heat as a byproduct. Further by integrating fuel cells into micro CHP systems, the overall environmental impact can be reduced, contributing to cleaner and more sustainable energy generation. Furthermore, the rising demand for hydrogen energy will also drive the demand for fuel cell. The world's need for hydrogen increased by 5% to 94 Mt in 2021, owing mostly to increased activity in the chemical and refining industries. Furthermore, hydrogen usage in 2019 was 91 Mt. Micro CHP can play a significant role in hydrogen energy generation by utilizing hydrogen as a fuel source.
Fuel Segment Analysis
In 2035, the natural gas & LPG segment is likely to accumulate a significant share of around 40%. Owing to abundance and easy accessibility is increasing the use of natural gas and LPG in micro CHP systems. Moreover, natural gas is a highly energy-dense fuel, so when it is utilized in micro CJP systems, natural gas can be efficiently converted into electricity and heat, resulting in high overall energy efficiency. Micro CHP systems with natural gas fuel can achieve electrical effectiveness of over 30% and overall efficiencies exceeding 80%.
Our in-depth analysis of the global market includes the following segments:
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