Global Micro Combined Heat and Power (micro-CHP) Market 2019-2023| Growing Need for Clean Energy Fuel to Boost Growth | Technavio

The global micro combined heat and power (micro CHP) market is expected to post a CAGR of more than 23% during the period 2019-2023, according to the latest market research report by Technavio.

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The global micro combined heat and power (micro CHP) market is expected to post a CAGR of more than  ...

The global micro combined heat and power (micro CHP) market is expected to post a CAGR of more than 23% during the period 2019-2023 (Graphic: Business Wire)

Micro CHP systems are growing in popularity across the world as they can achieve efficiency by more than 90%. These systems have the potential to fulfill the demand for heating space or water and cooling in buildings, as well as provide electricity to supplement the grid supply. Moreover, the mode of operation of micro-CHP systems support the grid integration of various renewable energy sources, which can be intermittent and variable. Hence, micro-CHP helps in balancing renewables by generating power close to the point of consumption. Further, micro CHP systems eliminate the need for developing new T&D infrastructure by avoiding T&D losses, thereby reducing grid congestion during high electricity demand.

As per Technavio, the growing need for clean energy fuel will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global micro CHP market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.

Global micro CHP market: Growing need for clean energy fuel

With the rising global population and a proportionate increase in urbanization, there has been a significant increase in the demand for electricity. This has increased CO2 emissions resulting in several initiatives that are being undertaken to reduce emissions. These initiatives are encouraging countries to opt for environment-friendly power generation technologies. This is leading to the increasing adoption of micro CHP for fulfilling the demand for heat and electricity. Micro-CHP systems can employ biogas, natural gas, and fuel cells for power and heat generation, which are considered as clean energy sources. Micro-CHP systems can provide concurrent production of electricity and useful thermal heat for heating and cooling applications using a single source of energy.

“To increase the adoption of micro CHP for improving the efficiencies of power generating systems and reducing GHG emissions, government agencies across the world are introducing several regulations. For instance, the government in Germany introduced several regulations for supporting alternative and more efficient energy generation sources. Such initiatives undertaken by government agencies will boost the adoption of micro CHP systems during the forecast period,” says a senior research analyst at Technavio.

Global micro CHP market: Segmentation analysis

This market research report segments the global micro CHP market by technology (fuel cells, and engines) and geographic regions (APAC, and ROW).

The fuel cells segment held the largest micro CHP market share in 2018. The growth of this segment is mainly driven by the environmental benefits and initiatives to commercialize the fuel cell micro-CHP.

The APAC region led the market in 2018, followed by ROW. The market growth in APAC can be attributed to the increasing demand for clean power, favorable government regulations, and government initiatives to increase the adoption of micro-CHP in the region.

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Market Segmentation

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