Micro CHP Market Size By Capacity (< 2kW, 2 = 10kW, > 10 = 50kW), By Fuel (Natural Gas & LPG, Coal, Renewable Resources, Oil), By Prime Mover (Stirling Engine, Internal Combustion Engine, Fuel Cell), By Application (Residential {Space Heating/Cooling, Wat

Micro CHP Market Size By Capacity (< 2kW, 2 ≤ 10kW, > 10 ≤ 50kW), By Fuel (Natural Gas & LPG, Coal, Renewable Resources, Oil), By Prime Mover (Stirling Engine, Internal Combustion Engine, Fuel Cell), By 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

The micro CHP market will observe substantial growth in coming years owing to the increasing shift towards low carbon emission technologies. Micro CHP is defined as a group of technologies that produces electricity and usable heat. The technology was developed in order to optimize the amount of energy that can be harnessed when burning fuel to produce electricity, further increasing the efficacy of combustion process.

The main benefit of micro CHP technology is that it effectively uses a larger percentage of the energy stored in the fuel. Micro CHP boilers are responsible for not only producing heat for hot water and spaces, but also generate electricity that can be used to run electrical appliances in those spaces.

Micro CHP market is segmented in terms of capacity, fuel, technology, application, and regional landscape.

Based on capacity, the micro CHP market is classified into > 10 kW to ≤ 50kW, 2 kW to ≤ 10kW, and < 2kW. Among these, the > 10 kW to ≤ 50kW segment is projected to register tremendous gains over the forthcoming time period. Rapidly increasing power demand the across high-end commercial sector and the ongoing shift toward energy generation through renewable sources will drive the product demand.

With respect to fuel, the micro CHP market is categorized into oil, renewable resources, natural gas & LPG, and coal. Rising energy demand coupled with increasing installation of decentralized electricity networks throughout emerging economies is expected to drive the coal based micro CHP demand.

In 2019, the oil based micro CHP market valued at approximately $100 million and is likely to show similar growth trends over the forecast time period.

In terms of application, the overall micro CHP market is bifurcated into commercial, and residential sectors. Among these, the residential segment is likely to observe substantial growth. Ongoing demand for micro cogeneration units for providing cooking, space & water heating solutions across the Nordic countries will boost the industry scenario.

The use of micro combined heat and power (CHP) technologies in the residential sector has increased over time owing to the rising demand for energy efficiency and use of less polluting forms of energy. Due to their efficiency and productivity, micro CHP are responsible for substantially lowering the carbon dioxide emissions in the atmosphere.

From a regional frame of reference, strict government norms to limit greenhouse gas emission across North America, coupled with rising investments towards the region’s renewable infrastructure will augment the business outlook in the North America micro CHP market.

In fact, several efforts are being undertaken to integrate micro CHP in the region’s energy infrastructure. in 2018, the Ministry of Innovation, Science and Economic Development, Canada, and SAIT (Southern Alberta Institute of Technology) partnered for an energy efficiency trial. The trial included the utilization micro CHP technology for decreasing energy usage as well as costs in residential homes, boosting consumer efficiency.