Micro Combined Heat and Power (CHP) Market to Upsurge Gradually Due to Rising Need for Renewable Energy Sources

The global micro combined heat and power (CHP) market size is projected to display robust growth by reaching USD 8.16 billion by 2029. Fortune Business Insights™ in its report titled “Micro Combined Heat and Power (CHP) Market Size, Share & COVID-19 Impact Analysis, By Capacity (Up to 2 kW, 2 – 10 kW, and 10 – 50 kW), By Prime Mover (IC Engine, Stirling Engine, Fuel Cell, and Others), By Fuel (Natural Gas, Hydrogen, Renewable Resources, and Others), By Application (Residential and Commercial), and Regional Forecast, 2022-2029” observes that the market size in 2021 stood at USD 3.62 billion and reached USD 3.92 billion in 2022. The market is expected to witness a strong CAGR of 11.0% during 2022-2029. Growing environmental problems and increasing number of industrial activities is projected to drive market growth. Rise for the need for renewable resources of energy sources for the generation of energy to expand market development.

During COVID-19, Halt of Production Activities Affected Market Growth

The COVID-19 pandemic caused a stoppage in a number of industries, which caused a loss in the market. Lockdown had a limited impact on this market because production activities were halted.

Yanmar Energy System Co., Ltd. and 2G Energietechnik GmbH (2G) for Decarbonization to Set Progress for Market Expansion

In March 2021, Yanmar Holdings’ subsidiary Yanmar Energy System Co., Ltd. signed an agreement with 2G Energietechnik GmbH (2G). The agreement is for the sale of gas cogeneration systems of 2G for the decarbonization of Yanmar. Yanmar has signed a contract with 2G. In March 2021, Yanmar established the Carbon Neutral Business Promotion Office in Japan and Germany for focusing on the early commercialization of new fuels, such as hydrogen, to achieve decarbonization in Japan and abroad. The agreement is expected to create the commercial demand for micro CHP globally.

Government Initiatives to Propel Market Improvement 

Government policies and initiatives along with technological developments are anticipated to drive micro combined heat and power (CHP) market growth. Micro CHP is technology that is used to generate heat and electricity which used to burn fuel for production of the electricity. The Government of Japan and the industry announced the ENE-FARM deployment program for residential fuel cell micro CHP systems. With this program, by 2021, Japan will the goal of 400,000 units in the country.

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New Product Launches by the Market Players to Drive Market Share

Key players in the market have opted for new product launches. For example, Dalkia Aegis EDF Group is a full-service provider of combined heat and power using clean and highly efficient natural gas engines. The company is expected to have a strong presence for a long time which is anticipated to strengthen market growth.

Key Industry Development

• March 2019: Viessman, a U.K.-based company launched its micro CHP series Vitovalor CHP in 2014. Presently, it has sales over 10,000 units in combination with Vitovalor fuel cell technology globally.    

List of Key Companies Profiled in the Market Report:

• 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 UK & Ireland (U.K.)
• BDR Thermea Group (Netherlands)
• M-TriGen, Inc
• EC POWER (Denmark)
• TEDOM a.s. (Czech Republic)
• Honda Motor Co., Ltd (Japan)
• GreenWatt Canada (Canada)

Further Report Findings

• The market in Asia Pacific stood at USD 3.15 billion in 2021 due to due to production of both heat and power and reliable delivery of energy in the future.
• Japan is one of the dominant countries and China and South Korea are also expected to contribute to market development.
• Asia Pacific is expected to have considerable growth in the market due increasing both heat and power.

Table of Segmentation