Micro CHP Market Size

Micro CHP Market size is poised to cross USD 2 Billion by the end of 2035, growing at a CAGR of 7% during the forecast period, i.e., 2023 – 2035. In the year 2022, the industry size of micro CHP was surpassed around USD 1 Billion. Owing to the surging need for clean and sustainable power, the demand for micro CHP is rising and thus driving market growth. Global renewable electricity capacity is expected to more than double from 2020 levels by 2026, reaching over 4 800 GW - comparable to the current total worldwide electrical production from fossil fuels and nuclear together. Micro CHP plays a significant role in the utilization of clean energy. These systems offer an efficient and environmentally friendly way to generate heat and electricity simultaneously, thereby reducing greenhouse gas emissions and improving energy efficiency.

Moreover, Micro CHP systems have seen several technological advancements in recent years. This advancement is bringing new opportunities for the market and new ways to use the micro CHP system. For instance, the hybrid micro CHP system, integrates multiple heat and power generation technologies, such as fuel cells, internal combustion engines, and others. it improves load matching and enhances system flexibility.

Frequently Asked Questions (FAQ)

Rising demand for clean sources of power, rising construction, and growing need for heating systems for the spaces are the major factors driving the market growth.

The market size of micro CHP is anticipated to attain a CAGR of approximately 7% over the forecast period, i.e., 2023 â€“ 2035.

The major players in the market are YANMAR HOLDINGS Co., Ltd., General Electric, 2G Energy AG, SAMAD POWER LTD., Vaillant Group, Viessmann Manufacturing Company Inc., Axiom Energy Group, LLC., Micro Turbine Technology B.V., Alkaline Fuel Cell Power Corp., and BDR Thermea Group

The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue generating capacity as well as the new products being launched into the market by the company.

The market is segmented by application, fuel, capacity prime mover, and by region.

The fuel cell segment is anticipated to garner the largest market size by the end of 2035 and display significant growth opportunities.

Unawareness about the benefits of the micro CHP, and its more expensive than other systems are estimated to be the growth hindering factors for the market expansion.

The market in the Asia Pacific region is projected to hold the largest market share by the end of 2035 and provide more business opportunities in the future.

Micro CHP Market Size